IMS Research estimates the world market for machine vision was worth nearly $2.9 billion in 2011. According to the just published world machine vision report, revenues grew more than 10 percent in 2011. The report goes on to explain the reasons why this level of growth is unlikely to be sustained during the forecast to 2016. "The main reason for the restricted growth of this industry is considered to be instability in many economies around the world, particularly those countries that have adopted the Euro," commented John Morse, author of the new report.
Morse continued:, "The machine vision industry recovered well after the last recession as shown by the results of IMS Research's free quarterly market tracker. However, revenue growth showed signs of slowing in the second half of 2011. Many manufacturers expressed caution about growth in 2012 and beyond."
The views of manufacturers echoed the findings of other recent IMS Research reports that present lower revenue forecasts than in previous editions. Generally, growth over the next five years will be less than previously forecast.
"It is not all bad news," added Morse. "Despite manufacturing estimated to account for more than 80 percent of machine vision revenues, there is a trend towards machine vision products being used outside the manufacturing environment. For example: high quality security and surveillance, traffic monitoring, and control and medical."
Machine vision manufacturers have always proven themselves to be very resourceful and this continues with new developments frequently being announced. These include new types of camera and communication technology which are necessary to meet customers' requirements for more information to be captured and transmitted at faster speeds. This commitment to continuous development is likely to ensure long-term prosperity for the machine vision market and keep it ahead of the game, particularly during times of economic uncertainty.