The ‘Global Machine Vision Market Size, Growth, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global machine vision market, assessing the market on the basis of its segments like offering, product, application, end-use industry, and region.
Machine Vision Market Share, Size, Trends, Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 10.09 billion
- Forecast CAGR (2023-2028): 7.80%
- Forecast Market Size (2028): USD 15.93 billion
Machine vision systems are useful for monitoring workplaces where machines are extensively used, accordingly, the increasing demand for machines is propelling the global machine vision market growth. In industrial settings, machines vision aids in process control, robotic guiding, and autonomous inspection. The complexity of industrial production and manufacturing processes is expanding daily, making it harder and less reliable for the human eye to precisely identify, observe, and assess production processes which can be accomplished with machine vision.
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In industrial processes machine vision is being widely adopted and is largely replacing manual inspection and measurements, due to the growing demand for accurate and reliable inspection and monitoring, which is bolstering the global machine vision market. Manufacturing companies all around the world, particularly those involved in high precision production, are investing in machine vision systems to streamline monitoring.
The significant advantages of machine vision systems include improved process control, less machine downtime, and enhanced productivity. Additionally, it is anticipated that the government rules requiring producers and consumers to adhere to the established requirements, together with greater quality control by both parties, would accelerate the use of machine vision technology, which, in turn, will surge the machine vision market growth.
Industry Definition and Major Segments
Machine vision is a technology that allows for the rapid examination of data by computers and industrial machinery along with the ability to recognise, classify, and track items. Applications for this technology range from visual inspection to part location, measurement and fault identification.
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Based on offering, the market is divided into:
- Hardware
- Software
- Services
On the basis of product, the market is bifurcated into:
- PC Based
- Smart Camera Based
By application, the market is segmented into:
- Quality Assurance and Inspection
- Positioning and Guidance
- Measurement
- Identification
Based on end-use industry, the market is categorised into:
- Automotive
- Pharmaceuticals and Chemicals
- Electronics and Semiconductor
- Pulp and Paper
- Printing and Labelling
- Food and Beverage
- Glass and Metals
- Postal and Logistics
- Others
On the basis of region, the market is divided into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
The adoption and application of advanced technologies, in the wake of developments like Industry 4.0 and the Industrial Internet of Things (IIoT), is one of the key trends fuelling the machine vision market expansion. The use of machine vision is also being fuelled by the digital transformation of numerous industrial sectors, along with the rising integration of cutting-edge technologies like analytics, the internet of things (IoT), machine learning (MI), cloud computing, and artificial intelligence (AI).
The increasing need for automation and quality inspection across a range of industrial verticals is anticipated to boost the global market for machine vision. The need for vision-guided robotic systems in packaging, automotive, chemical, food and beverage, and pharmaceutical industries is also predicted to fuel market growth. The use of the technology is also expected to increase throughout the forecast period due to the growth in demand for application-oriented machine vision systems.
In addition, the increasing demand for enhanced inspection and rising automation is further boosting the growth of the market. The global machine vision market is also being supported by the growing emphasis on the creation of smart factories outfitted with computer vision-enabled hardware, embedded software, advanced sensors, and robots to boost real-time decision-making, productivity, and automation.
Key Market Players
The major players in the global machine vision market report are Allied Vision Technologies GmbH, Omron Corporation, Basler AG, Cognex Corporation, Keyence Corporation, National Instruments Corporation, Sick AG, Atlas Copco, Tordivel AS, and Teledyne DALSA, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.
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