Is there any possibility to calculate the distance of an object which was placed before the OpenMV CAM M7 in all the three X,Y,Z directions ?

I got it working in 2d , so I think that you probably can do it in 3d. I first calibrated the area(took measurment of the area at known distances x,y,z) and then used the angle between the camera and the object to calculate x,y,z.

If you use the AprilTags then you get the full 6 DOF pose of a tag - i.e. x/y/z translation and x/y/z orientation.

Otherwise, you need to measure things by hand and work out the geometry. The camera is not a distance sensor, but, you can calculate the distance an object must be from the camera given itâ€™s size.