Machine Vision Market Analysis | 2023-2028

Market Insights

The machine vision market was estimated at USD 12.06 billion in 2022 and is likely to grow at a CAGR of 7.10% during 2023-2028 to reach USD 18.28 billion in 2028.

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Market Dynamics

Introduction

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.

Market Drivers

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 Factor 

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 to market growth.

Key Players

The following are the key players in the machine vision market:

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

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Deployment Type

"General machine vision system segment held the larger share of the market in 2022"

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.

By Component Type

"Hardware segment share of more than 55% in 2022"

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.

By Product Type

"PC-based segment shared more than 55% in 2022"

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.

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By Application Type

"Quality assurance & inspection segment held the largest share of >50% of the market in 2022"

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.

By End-Use Industry Type

"Automotive end-use industry held the largest revenue share of more than 15% in 2022"

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.

Regional Analysis

"Asia Pacific shares more than 35% of the market in 2022"

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.

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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.

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s machine vision market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• 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 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. 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 machine vision market is segmented into the following categories:

By Deployment Type 

• General Machine Vision Systems
• Robotic Cell

By Component Type 

• Hardware
• 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, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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.