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  • Machine Vision Market Growth & Analysis | 2023-28

    Machine Vision Market Growth & Analysis | 2023-28

    Machine Vision Market Growth & Analysis | 2023-28
    Report code - SRCG172 Delivery - 2 Weeks
    Machine Vision Market Size, Share, Trend, Forecast, & Industry Analysis: 2023-2028
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    Market Insights

    The global machine vision market is estimated to grow from USD 12.06 billion in 2022 to USD 18.28 billion by 2028 at a CAGR of 7.10% during the forecast period.

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    What is machine vision?

    Machine vision, also known as computer vision, is a field of artificial intelligence (AI) that focuses on enabling computers and machines to understand and interpret visual information from digital images or videos. It involves the development of algorithms and techniques that allow machines to extract meaningful data and insights from visual inputs, similar to how humans perceive and understand visual information.

    The goal of machine vision is to replicate human vision capabilities and provide machines with the ability to "see" and comprehend their surroundings. This technology allows computers to analyze, interpret, and make decisions based on visual data, opening up a wide range of applications in various industries.

     Global Machine Vision Market Report Overview

    Market Size in 2028

    USD 18.28 billion

    Market Size in 2021

    USD 12.06 billion

    Market Growth (2023-2028)

    CAGR of 7.10%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Key Players

    Some of the major players in the machine vision market are-

    • Omron Corporation
    • ISRA Vision
    • Cognex Corporation
    • Basler AG
    • Keyence National Instruments
    • Sony Corporation
    • Teledyne Technologies
    • Texas Instruments
    • Intel Corporation
    • Sick AG

    Market Dynamics

    In recent years, several factors have contributed to the machine vision market’s rapid growth. The key factors driving the machine vision market's growth are listed below:

    Surge in demand for vision-guided robotics system

    The increasing use of industrial robots in the automotive and consumer electronics sectors has led to a need for the integration of machine vision systems with vision-guided robot controllers. These systems can automate processes such as quality assurance, product measurement, positioning, and predictive maintenance, ensuring safety and efficiency in shared workspaces.

    The surge in demand for artificial intelligence (AI)

    Artificial intelligence-based machine vision systems improve manufacturing productivity by detecting and comparing defects with high variability. They maximize asset utilization, minimize downtime, and enhance machine efficiency. Al-based systems learn from past experiences, creating market growth opportunities.

     

    RESTRAINING FACTORS

    Unavailability of Skilled Professionals Across Industries

    Machine vision systems improve manufacturing efficiency and delivery speed but require significant financial investment in operator education and training. Implementing these systems requires specialized equipment knowledge, but this limitation is expected to be overcome through ongoing R&D and industry adoption.

    Increasing risk of cyberattacks on industrial machine robots and devices

    Cyber threats, including data and account hacking, can significantly impact the performance of industrial robots, particularly AI machine vision and computer vision. These attacks can compromise accuracy, safety, and integrity, leading to potential loss of monetary value and restraining market growth.

    Insufficient user awareness about rapidly changing machine vision technology

    Machine vision technology, incorporating AI-based solutions, is rapidly evolving, necessitating extensive training for employees. However, this increases training costs and time, and inadequate training can lead to inaccurate results, posing challenges for market growth.

    Segment Analysis

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    Machine Vision Market :By Deployment Type

    The market is segmented into general machine vision systems and robotic cells. The general machine vision system segment held the larger share of the market in 2022, whereas the mechanical cell segment is expected to experience faster growth during the forecast period. Robotic cells are cost-effective and can handle the increasing number of product variants, which is driving the growth of the segment.

    Machine Vision Market :By Component Type

    The market is segmented into hardware and software. Hardware segment share of more than 55% in 2022 and is expected to experience faster growth during the forecast period. The market for the software segment is expected to experience steadier growth during the same period owing to the training and deep learning of the technology.

    Machine Vision Market: By Product Type

    The market is segmented as PC-based machine vision systems and smart cameras-based machine vision systems. PC-based segment shared more than 55% in 2022. Smart camera-based systems are projected to exhibit the fastest CAGR of nearly 8% during the forecast period. The growth of the smart cameras-based machine vision market segment is attributed to its advantages, such as cost-effectiveness, compact size, and flexibility, and the increasing adoption of cameras in 3D imaging.

    Machine Vision Market: By Application Type

    The market is segmented into automotive, electronics and semiconductor, consumer electronics, glass, metals, wood and paper, pharmaceutical, food and packaging, rubber and plastics, printing, machinery, solar panel manufacturing, and textile. The quality assurance & inspection segment held the largest share of >50% of the market in 2022, whereas the predictive maintenance segment is expected to experience the fastest growth during the forecast period.  Predictive maintenance is carried out when a particular item is in a degradation state and helps in reducing the cost as compared to other techniques.

    Machine Vision Market: By End-Use Industry Type

    The market is segmented as automotive, electronics and semiconductor, healthcare, food & packaging, and others automotive end-use industry held the largest revenue share of more than 15% in 2022, owing to the higher adoption of machine vision market as they provide improved accuracy in critical activities, such as bin picking and positioning of parts (doors and panels) for assembly. The segment is likely to lead the market during the forecast period as well.

    Machine Vision Market: By Region

    Asia Pacific shares more than 35% of the market in 2022. The growth of the region’s market can be attributed to the major countries, such as China, Japan, India, and South Korea, which have the largest manufacturing facilities, wherein automation of manufacturing processes has been considered the highest priority. The region’s rapid industrial expansion has been immensely contributing to the success and development of various innovations with the adoption of different technologies.

     

    To know which region offers the best opportunities, click here. 

    Segmentation

    This machine vision market report studies the market covering 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market. 

    The market is segmented into the following categories. 

    By Deployment Type:

    • General Machine Vision System 
    • Robotic Cell 

    By Component Type:

    • Hardware
      • (Component Type Analysis:  Cameras, Frame Grabbers, Optics, Led Lighting, and Processors)
    • Software
      • (Component Type Analysis: Application Specific and Deep Learning Software)

    By Product Type:

    • PC-based Machine Vision System 
    • Smart Cameras-based Machine Vision System 

    By Application Type:

    • Quality Assurance & Inspection 
    • Positioning & Guidance 
    • Measurement 
    • Identification 
    • Predictive Maintenance 

    By End-Use Industry Type:

    • Automotive 
    • Electronics and Semiconductor 
    • Consumer Electronics 
    • Glass 
    • Metals 
    • Wood and Paper 
    • Pharmaceutical 
    • Food and Packaging 
    • Rubber and Plastics 
    • Printing 
    • Machinery 
    • Solar Panel Manufacturing 
    • Textile 

    By Region:

    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest the of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides intelligence most comprehensively. The machine vision market report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

    What Deliverables will you get in this report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Global Machine Vision Market 

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    What are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Customization Options

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the product types by end-use industry type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Recent Developments

    On 2 October 2023, Advantech acquired BitFlow, a supplier of frame grabber technology for machine vision, in an all-cash transaction. The acquisition will enable BitFlow and Advantech to launch new 2D and 3D network devices for the industrial imaging market and AI vision sectors.

    On 5 October 2023, SiLC Technologies introduced four specialized Eyeonic Vision Systems, designed for vision detection across short distances to over 1,250 meters, using FMCW LiDAR technology, to meet diverse application needs in the AI-driven world.

    On 3 October 2023, igen Innovations installed machine vision solutions at Deloitte Canada's Smart Factory in Montreal, transforming manufacturing and warehousing through AI, sensors, robotics, IoT, big data, cloud, and edge applications.

    Frequently Asked Questions (FAQs)

    A machine vision system is a technology that provides imaging-based automatic inspection and analyses the product, depending on different parameters of quality and safety. It consists of back-end image processing hardware and software and digital cameras. The major components of the system are lighting, lens, image sensors, vision processing, and communication devices.

    Cognex Corporation, Basler AG, Omron Corporation, Keyence National Instruments, Sony Corporation, Teledyne Technologies, Texas Instruments, Intel Corporation, ISRA Vision, Sick AG, and FLIR Systems are among the key players in the machine vision market.

    Asia-pacific is expected to remain dominant in the machine vision market during the next five years.

    The smart cameras-based machine vision system segment is expected to experience faster growth in the market in the coming years.

    The major factors driving the growth of the market are the surge in demand for industrial automation or smart factories, vision-guided robotic systems, and their increasing application in the pharmaceutical and food packaging industries.

    The market is likely to grow at a CAGR of 7.10% during 2023-2028.

    The market was estimated at USD 12.06 Billion in 2022 and is likely to reach USD 18.28 Billion in 2028.

    The study period of this market report is 2017-28.