(Interact Analysis: London) -- After a slow year for the global machine vision market in 2023, a return to growth is expected in 2024, according to market intelligence specialist Interact Analysis. Despite global automation markets growth, 2023 was a challenging year for machine vision vendors, and total revenues declined from $6.5 billion in 2022 to $6.3 billion last year. In the wake of this, the market is forecast to record single-digit growth of around 1.4% in 2024.

While price pressures will persist for machine vision vendors in the first half of 2024, order books are expected to start refilling in the second half of the year. The machine vision market is anticipated to recover from 2025 onward, in line with Interact Analysis’ predictions for manufacturing and machinery production growth. Between 2022 and 2028, the machine vision market will grow by an estimated compound annual growth rate (CAGR) of 6.4%, with revenues increasing from $6.5 billion to $9.3 billion over the forecast period. The Asia-Pacific (APAC) region will be a big driver of this growth.

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