Global Machine Vision Market Overview

The Global Machine Vision Market size is expected to grow from USD 43.97 billion in 2023 to USD 148.5 billion by 2032, at a CAGR of 14.48% during the forecast period (2024-2032).

Machine vision is referred to as vision system or industrial vision, is a technology used for monitoring all types of machinery processes. It usually consists of different cameras which are installed over the machines depending upon the need so that the entire process can undergo proper vigilance. These cameras are fixed to perform the task of capturing and interpreting along with providing a signal as per the requirements. In addition, machine vision technology works by the precise coordination of software, hardware, and services. Machine vision is currently offering numerous benefits to organizations such as improving quality, rising productivity, decreasing floor space, declining production costs, increasing production flexibility, lowering capital equipment costs, and others. Moreover, as per the Automated Imaging Association (AIA), machine vision bounded all industrial and non-industrial applications in which a combination of hardware and software provide operational guidance to devices in the implementation of their functions based on the capture and processing of images.

Though industrial computer vision uses several of the same algorithms and approaches as academic/educational and governmental/military applications of computer vision, constraints are different. Furthermore, a machine vision system for part identification and identification reads barcodes (1-D), data matrix codes (2-D), direct part marks (DPM), and characters printed on parts, labels, and packages. An optical character recognition (OCR) system reads alphanumeric characters without earlier knowledge, whereas an optical character verification (OCV) system authenticates the presence of a character string. Additionally, machine vision systems can determine parts by locating a unique pattern or identifying items based on shape, or size color. An increase in demand for industrial applications and growth in demand for vision-guided robotics systems are the key factors that enhance the global machine vision system market growth during the forecast period.

Market Dynamics And Factors For The Machine Vision Market

Drivers:

The growing demand for quality inspection and automation in different industrial verticals is probably to turn the market for machine vision. In addition, the requirement for vision-guided robotic systems over the automotive, food and beverage, pharmaceutical and chemical, and packaging segments is anticipated to accelerate the machine vision market growth. The surge in demand for application-oriented machine vision (MV) systems is also anticipated to improve the adoption of the technology over the forecast period. MV systems involve the ability of a computer to observe, inspect, and scrutinize the work performance by utilizing one or more video cameras, digital signal processing, and analog to digital conversion. The captured data is then transferred to the computer to analyze and offer the desired output. Resolution and sensitivity are two important aspects of any MV system. Resolution is responsible for differentiating between objects whereas sensitivity is the machine's ability to detect objects or weak impulses despite dim lights or invisible wavelengths. The intensifying requirement for superior inspection and rising automation are the major impacting factors paving the way for the notable adoption of machine vision technology. Moreover, the need for increased quality control among consumers and manufacturers, coupled with the government regulations to abide by the prescribed specifications, is anticipated to propel the adoption of machine vision technology. The technology is reaching significant traction over food and packaging, automotive, pharmaceutical, and other industrial verticals due to abilities such as advanced detection of objects, improved analysis, monitoring tolerance, and accurate component measuring. All these factors are anticipated to boost the machine vision market growth over the forecast period.

Restraints:

Inadequate efficient system operators owing to the lack of training is probably to occlude the smooth growth of the machine vision market. Furthermore, aiding the risk of cyber-attacks on industrial machine robots and devices. Usernames and passwords unchanged from the factory defaults can also work as threats or glitches in the software, which can be identified through reverse engineering. The rising reliance on connectivity and IoT devices such as AI implanted devices increases vulnerability to cyberattacks.

Opportunities:

An increase in demand for AI and growth in adoption of industry 4.0 is anticipated to create lucrative machine vision system market opportunities globally in the upcoming years.

Market Segmentation

Segmentation Analysis of Machine Vision Market:

Based on the Offering, the hardware segment is anticipated to dominate the machine vision market over the forecast period. Hardware components comprise many objects such as cameras, optics/lenses, LED lightings, frame grabbers, and processors. Cameras captured the maximum share in 2020, which is attributed to the rising demand for CMOS imaging sensors. This, in turn, is expected to result in the growth of the hardware sub-segment.

Based on the Product, PC based segment is expected to capture maximum machine vision market share over the forecast period. PC-based systems dominate the market as PC-based machine vision systems have higher processing power than smart camera-based systems and can handle complex operations relatively quickly. Also, unlike smart camera-based systems, PC-based machine vision systems are highly scalable, and one can swap the components easily.

Based on the Application, the market has been classified into quality assurance and inspection, positioning and guidance, measurement, and identification. The systems are highly utilized for scanning and identifying labels, texts, and barcodes, especially in the packaging sector. This automates packaging activities, thereby saving time, avoiding human errors, and rising efficiency. The technology is frequently used in the consumer goods, pharmaceutical, and packaging sectors. The adoption of technology in these sectors has resulted in reduced counterfeit products to a large extent, eventually driving the overall machine vision market.

Based on the End-Use Industry, the automotive segment is expected to register the largest machine vision market share during the forecast period. The automotive industry is the higher adopter of machine vision systems globally and is expected to expand at a steady growth rate over the forecast period. Machine vision in the automotive industry is highly used for inspection purposes, which include presence-absence checking, error proofing, assembly verification, and final inspection.

Regional Analysis of Machine Vision Market:

The Asia Pacific region is expected to observe considerable growth over the forecasted period. This can be approved to the lucrative opportunities in pharmaceutical, automotive, packaging, and other industrial applications in the Asia Pacific region. Economies such as China, Japan, and South Korea are anticipated to be the major contributors to the market in APAC. Increased manufacturing operations contribute mainly to the economic development in China, while the growing demand to incorporate Industry 4.0 and developed production techniques for rising automation across different applications in India is contributing to the extreme growth of machine vision in APAC. Additionally, vigorous competition among consumer electronics companies in APAC is probably to improve the adoption of machine vision systems in the region.

Players Covered in Machine Vision market are :

• Cognex Corporation (US)
• Basler AG (Germany)
• Omron Corporation (Japan)
• National Instrument Corporation (US)
• Keyence Corporation (Japan)
• Teledyne Technologies (US)
• Sick AG (Germany)
• TKH Group (Netherlands)
• Sony Corporation (Japan)
• Texas Instruments Incorporated (US)
• Intel Corporation (US)
• Atlas Copco (Sweden)
• Microsoft (US)

Key Industry Developments In The Machine Vision Market

• In November 2023, Oxford Metrics acquired Industrial Vision Systems Ltd. (IVS), a developer of machine vision software and systems, for $9.9 million. IVS's noncontact vision systems, powered by AI deep learning, are used for automated production processes for high-precision quality control, inspection, guidance, identification, measurement, tracking, and counting. This acquisition will expand Oxford Metrics' smart sensing capabilities into the manufacturing industry.
• In October 2023, Smart Vision Lights launched the JWL150-DO Lightgistics Series light with Hidden Strobe technology, which delivers strobe-like lighting without the disorientation caused by traditional LED strobe lights. This technology helps high-speed machine vision systems capture clear images without affecting workers. Additionally, Lightgistics lights feature Dual OverDriveTM technology for accurate barcode reading and OCR in challenging applications.

Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2:Executive Summary

Chapter 3:Growth Opportunities By Segment
 3.1 By Offering
 3.2 By Product
 3.3 By Application
 3.4 By End-Use Industry

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Machine Vision Market by Offering
 5.1 Machine Vision Market Overview Snapshot and Growth Engine
 5.2 Machine Vision Market Overview
 5.3 Hardware
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2017 - 2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Hardware: Grographic Segmentation
 5.4 Software
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2017 - 2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Software: Grographic Segmentation
 5.5 Services
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size (2017 - 2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Services: Grographic Segmentation

Chapter 6: Machine Vision Market by Product
 6.1 Machine Vision Market Overview Snapshot and Growth Engine
 6.2 Machine Vision Market Overview
 6.3 PC Based
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2017 - 2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 PC Based: Grographic Segmentation
 6.4 Smart Camera Based
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2017 - 2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Smart Camera Based: Grographic Segmentation

Chapter 7: Machine Vision Market by Application
 7.1 Machine Vision Market Overview Snapshot and Growth Engine
 7.2 Machine Vision Market Overview
 7.3 Positioning & Guidance
  7.3.1 Introduction and Market Overview
  7.3.2 Historic and Forecasted Market Size (2017 - 2032F)
  7.3.3 Key Market Trends, Growth Factors and Opportunities
  7.3.4 Positioning & Guidance: Grographic Segmentation
 7.4 Predictive Maintenance
  7.4.1 Introduction and Market Overview
  7.4.2 Historic and Forecasted Market Size (2017 - 2032F)
  7.4.3 Key Market Trends, Growth Factors and Opportunities
  7.4.4 Predictive Maintenance: Grographic Segmentation
 7.5 Quality Assurance & Inspection
  7.5.1 Introduction and Market Overview
  7.5.2 Historic and Forecasted Market Size (2017 - 2032F)
  7.5.3 Key Market Trends, Growth Factors and Opportunities
  7.5.4 Quality Assurance & Inspection: Grographic Segmentation
 7.6 Measurement
  7.6.1 Introduction and Market Overview
  7.6.2 Historic and Forecasted Market Size (2017 - 2032F)
  7.6.3 Key Market Trends, Growth Factors and Opportunities
  7.6.4 Measurement: Grographic Segmentation
 7.7 Identification
  7.7.1 Introduction and Market Overview
  7.7.2 Historic and Forecasted Market Size (2017 - 2032F)
  7.7.3 Key Market Trends, Growth Factors and Opportunities
  7.7.4 Identification: Grographic Segmentation

Chapter 8: Machine Vision Market by End-Use Industry
 8.1 Machine Vision Market Overview Snapshot and Growth Engine
 8.2 Machine Vision Market Overview
 8.3 Automotive
  8.3.1 Introduction and Market Overview
  8.3.2 Historic and Forecasted Market Size (2017 - 2032F)
  8.3.3 Key Market Trends, Growth Factors and Opportunities
  8.3.4 Automotive: Grographic Segmentation
 8.4 Food & Beverage
  8.4.1 Introduction and Market Overview
  8.4.2 Historic and Forecasted Market Size (2017 - 2032F)
  8.4.3 Key Market Trends, Growth Factors and Opportunities
  8.4.4 Food & Beverage: Grographic Segmentation
 8.5 Packaging & Bottling
  8.5.1 Introduction and Market Overview
  8.5.2 Historic and Forecasted Market Size (2017 - 2032F)
  8.5.3 Key Market Trends, Growth Factors and Opportunities
  8.5.4 Packaging & Bottling: Grographic Segmentation
 8.6 Pharmaceuticals & Chemicals
  8.6.1 Introduction and Market Overview
  8.6.2 Historic and Forecasted Market Size (2017 - 2032F)
  8.6.3 Key Market Trends, Growth Factors and Opportunities
  8.6.4 Pharmaceuticals & Chemicals: Grographic Segmentation
 8.7 Others
  8.7.1 Introduction and Market Overview
  8.7.2 Historic and Forecasted Market Size (2017 - 2032F)
  8.7.3 Key Market Trends, Growth Factors and Opportunities
  8.7.4 Others: Grographic Segmentation

Chapter 9: Company Profiles and Competitive Analysis
 9.1 Competitive Landscape
  9.1.1 Competitive Positioning
  9.1.2 Machine Vision Sales and Market Share By Players
  9.1.3 Industry BCG Matrix
  9.1.4 Ansoff Matrix
  9.1.5 Machine Vision Industry Concentration Ratio (CR5 and HHI)
  9.1.6 Top 5 Machine Vision Players Market Share
  9.1.7 Mergers and Acquisitions
  9.1.8 Business Strategies By Top Players
 9.2 SONY CORPORATION
  9.2.1 Company Overview
  9.2.2 Key Executives
  9.2.3 Company Snapshot
  9.2.4 Operating Business Segments
  9.2.5 Product Portfolio
  9.2.6 Business Performance
  9.2.7 Key Strategic Moves and Recent Developments
  9.2.8 SWOT Analysis
 9.3 ISRA VISION
 9.4 BASLER AG
 9.5 INTEL CORPORATION
 9.6 OMRON CORPORATION
 9.7 KEYENCE
 9.8 NATIONAL INSTRUMENTS
 9.9 TELEDYNE TECHNOLOGIES
 9.10 COGNEX CORPORATION
 9.11 TEXAS INSTRUMENTS
 9.12 SICK AG
 9.13 FLIR SYSTEMS
 9.14 OTHER MAJOR PLAYERS

Chapter 10: Global Machine Vision Market Analysis, Insights and Forecast, 2017 - 2032
 10.1 Market Overview
 10.2 Historic and Forecasted Market Size By Offering
  10.2.1 Hardware
  10.2.2 Software
  10.2.3 Services
 10.3 Historic and Forecasted Market Size By Product
  10.3.1 PC Based
  10.3.2 Smart Camera Based
 10.4 Historic and Forecasted Market Size By Application
  10.4.1 Positioning & Guidance
  10.4.2 Predictive Maintenance
  10.4.3 Quality Assurance & Inspection
  10.4.4 Measurement
  10.4.5 Identification
 10.5 Historic and Forecasted Market Size By End-Use Industry
  10.5.1 Automotive
  10.5.2 Food & Beverage
  10.5.3 Packaging & Bottling
  10.5.4 Pharmaceuticals & Chemicals
  10.5.5 Others

Chapter 11: North America Machine Vision Market Analysis, Insights and Forecast, 2017 - 2032
 11.1 Key Market Trends, Growth Factors and Opportunities
 11.2 Impact of Covid-19
 11.3 Key Players
 11.4 Key Market Trends, Growth Factors and Opportunities
 11.4 Historic and Forecasted Market Size By Offering
  11.4.1 Hardware
  11.4.2 Software
  11.4.3 Services
 11.5 Historic and Forecasted Market Size By Product
  11.5.1 PC Based
  11.5.2 Smart Camera Based
 11.6 Historic and Forecasted Market Size By Application
  11.6.1 Positioning & Guidance
  11.6.2 Predictive Maintenance
  11.6.3 Quality Assurance & Inspection
  11.6.4 Measurement
  11.6.5 Identification
 11.7 Historic and Forecasted Market Size By End-Use Industry
  11.7.1 Automotive
  11.7.2 Food & Beverage
  11.7.3 Packaging & Bottling
  11.7.4 Pharmaceuticals & Chemicals
  11.7.5 Others
 11.8 Historic and Forecast Market Size by Country
  11.8.1 U.S.
  11.8.2 Canada
  11.8.3 Mexico

Chapter 12: Europe Machine Vision Market Analysis, Insights and Forecast, 2017 - 2032
 12.1 Key Market Trends, Growth Factors and Opportunities
 12.2 Impact of Covid-19
 12.3 Key Players
 12.4 Key Market Trends, Growth Factors and Opportunities
 12.4 Historic and Forecasted Market Size By Offering
  12.4.1 Hardware
  12.4.2 Software
  12.4.3 Services
 12.5 Historic and Forecasted Market Size By Product
  12.5.1 PC Based
  12.5.2 Smart Camera Based
 12.6 Historic and Forecasted Market Size By Application
  12.6.1 Positioning & Guidance
  12.6.2 Predictive Maintenance
  12.6.3 Quality Assurance & Inspection
  12.6.4 Measurement
  12.6.5 Identification
 12.7 Historic and Forecasted Market Size By End-Use Industry
  12.7.1 Automotive
  12.7.2 Food & Beverage
  12.7.3 Packaging & Bottling
  12.7.4 Pharmaceuticals & Chemicals
  12.7.5 Others
 12.8 Historic and Forecast Market Size by Country
  12.8.1 Germany
  12.8.2 U.K.
  12.8.3 France
  12.8.4 Italy
  12.8.5 Russia
  12.8.6 Spain
  12.8.7 Rest of Europe

Chapter 13: Asia-Pacific Machine Vision Market Analysis, Insights and Forecast, 2017 - 2032
 13.1 Key Market Trends, Growth Factors and Opportunities
 13.2 Impact of Covid-19
 13.3 Key Players
 13.4 Key Market Trends, Growth Factors and Opportunities
 13.4 Historic and Forecasted Market Size By Offering
  13.4.1 Hardware
  13.4.2 Software
  13.4.3 Services
 13.5 Historic and Forecasted Market Size By Product
  13.5.1 PC Based
  13.5.2 Smart Camera Based
 13.6 Historic and Forecasted Market Size By Application
  13.6.1 Positioning & Guidance
  13.6.2 Predictive Maintenance
  13.6.3 Quality Assurance & Inspection
  13.6.4 Measurement
  13.6.5 Identification
 13.7 Historic and Forecasted Market Size By End-Use Industry
  13.7.1 Automotive
  13.7.2 Food & Beverage
  13.7.3 Packaging & Bottling
  13.7.4 Pharmaceuticals & Chemicals
  13.7.5 Others
 13.8 Historic and Forecast Market Size by Country
  13.8.1 China
  13.8.2 India
  13.8.3 Japan
  13.8.4 Singapore
  13.8.5 Australia
  13.8.6 New Zealand
  13.8.7 Rest of APAC

Chapter 14: Middle East & Africa Machine Vision Market Analysis, Insights and Forecast, 2017 - 2032
 14.1 Key Market Trends, Growth Factors and Opportunities
 14.2 Impact of Covid-19
 14.3 Key Players
 14.4 Key Market Trends, Growth Factors and Opportunities
 14.4 Historic and Forecasted Market Size By Offering
  14.4.1 Hardware
  14.4.2 Software
  14.4.3 Services
 14.5 Historic and Forecasted Market Size By Product
  14.5.1 PC Based
  14.5.2 Smart Camera Based
 14.6 Historic and Forecasted Market Size By Application
  14.6.1 Positioning & Guidance
  14.6.2 Predictive Maintenance
  14.6.3 Quality Assurance & Inspection
  14.6.4 Measurement
  14.6.5 Identification
 14.7 Historic and Forecasted Market Size By End-Use Industry
  14.7.1 Automotive
  14.7.2 Food & Beverage
  14.7.3 Packaging & Bottling
  14.7.4 Pharmaceuticals & Chemicals
  14.7.5 Others
 14.8 Historic and Forecast Market Size by Country
  14.8.1 Turkey
  14.8.2 Saudi Arabia
  14.8.3 Iran
  14.8.4 UAE
  14.8.5 Africa
  14.8.6 Rest of MEA

Chapter 15: South America Machine Vision Market Analysis, Insights and Forecast, 2017 - 2032
 15.1 Key Market Trends, Growth Factors and Opportunities
 15.2 Impact of Covid-19
 15.3 Key Players
 15.4 Key Market Trends, Growth Factors and Opportunities
 15.4 Historic and Forecasted Market Size By Offering
  15.4.1 Hardware
  15.4.2 Software
  15.4.3 Services
 15.5 Historic and Forecasted Market Size By Product
  15.5.1 PC Based
  15.5.2 Smart Camera Based
 15.6 Historic and Forecasted Market Size By Application
  15.6.1 Positioning & Guidance
  15.6.2 Predictive Maintenance
  15.6.3 Quality Assurance & Inspection
  15.6.4 Measurement
  15.6.5 Identification
 15.7 Historic and Forecasted Market Size By End-Use Industry
  15.7.1 Automotive
  15.7.2 Food & Beverage
  15.7.3 Packaging & Bottling
  15.7.4 Pharmaceuticals & Chemicals
  15.7.5 Others
 15.8 Historic and Forecast Market Size by Country
  15.8.1 Brazil
  15.8.2 Argentina
  15.8.3 Rest of SA

Chapter 16 Investment Analysis

Chapter 17 Analyst Viewpoint and Conclusion