The global machine vision market size is predicted to be worth USD 17.71 billion by 2028 from USD 12.63 billion in 2023, growing at a CAGR of 7% from 2023 to 2028.
Machine Vision Market Drivers:
Smart cameras frequently assist a machine vision system by digitizing and sending frames for analysis by a computer. A single image sensor is incorporated into a smart camera. They're frequently made to order for specific applications that require a small footprint due to space constraints. Smart cameras are used for a variety of automated tasks, whether as part of a larger machine vision system or as standalone image processors. Because they are cost-effective and very simple to operate, smart cameras are regarded as an ideal solution for streamlining automation procedures or integrating vision systems into manufacturing operations. Smart cameras are in high demand in industrial production because they are frequently used for inspection and quality assurance.
Machine Vision Market Restraints:
Scanners can be used to survey Internet of Things (IoT) devices, allowing for easy vulnerability hacking. Usernames and passwords that are not changed from the factory defaults can act as software flaws that can be found through reverse engineering. Cyberattacks are becoming more vulnerable as individuals become more reliant on the internet and IoT devices like AI-integrated gadgets. Manufacturers can profit from AI machine vision and automation, but they must remain vigilant about cyber security principles. Downloading and installing the most recent software and updates, as well as educating employees on the latest cybersecurity safeguards, are all part of cyber defense.
Machine Vision Market Opportunities:
The machine vision market has recently undergone substantial changes as a result of vision-guided robotics systems. In the automotive and consumer electronics industries, the usage of industrial robots for automation has exploded. As a result, there is a growing demand for machine vision systems that may be used in conjunction with vision-guided robot controllers. Machine vision systems boost robot efficiency by allowing them to see and adapt to their surroundings. For example, when multiple automobile models are being constructed on a single assembly line, vision-guided robotics systems can recognize the scenario and ensure appropriate vehicle assembly. When a robot is applying adhesive beading, a machine vision system can guarantee that there are no gaps. Even without a protective fence, a vision-guided robot can operate side-by-side with humans in a shared office because it avoids collisions.
Machine Vision Market Challenges:
Robotic vision technology is continuously evolving, with new technologies and solutions appearing on the market at a breakneck pace to make solving automation challenges easier. The robotic vision market has seen the development of more improved sensors in terms of both smaller pixels and larger sensors, software platforms that are becoming more precise, and lighting that is becoming brighter and more efficient just in the last decade. The high expense of robotic vision research and development, as well as a lack of user understanding of the quickly expanding robotic vision technology, are important concerns that are expected to stymie the market.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2022 to 2028 |
Base Year |
2022 |
Forecast Period |
2023 to 2028 |
CAGR |
7% |
Segments Covered |
By Component, Type, Application, Industry Vertical and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
Market Leaders Profiled |
Cognex Corporation, Teledyne Technologies, Inc., Keyence Corporation, National Instruments Corporation, Texas Instruments, Inc., Basler AG, Baumer Optronic GmbH, Sick AG, Omron Corporation, Allied Vision Technologies GmbH, Intel Corporation, Jai A/S, Canon Inc., Datalogic S.p.A, Microscan Systems, Inc., Adept Technology, IDS Imaging Development Systems GmbH, Machine Vision Technology |
This research report on the global machine vision market has been segmented and sub-segmented into the following categories.
Machine Vision Market - By Component:
The smart camera-based machine vision system is predicted to grow at a faster rate during the foreseen period as smart camera-based machine vision systems are cost-effective, compact, and versatile since it's easier to implement changes in these systems supported by revised regulations and standards. Additionally, with the advancements in smart camera technology and IoT, which may easily be integrated with these cameras, the penetration of smart camera-based machine vision systems is probably going to extend within the next few years.
Machine Vision Market - By Type:
Machine Vision Market - By Application:
Machine Vision Market - By Industry Vertical:
Automotive is the most prominent industry vertical in the global machine vision market, which is likely to expand at a notable growth rate in the coming years. The increasing production of vehicles around the world to meet the growing needs of the population in both developed and developing regions is anticipated to create massive growth potential for the machine vision market in the future.
Machine Vision Market – By Region:
The Asia Pacific machine vision market is predicted to carry a serious market share during the forecast period as countries in the region, like China, Japan, India, and South Korea, have a number of prominent manufacturing facilities wherein automation of production processes has been considered as the highest priority. Also, strong competition among consumer electronics companies in the Asia Pacific is probably going to spice up the adoption of machine vision systems within the region over the next few years.
KEY MARKET PLAYERS:
Cognex Corporation, Teledyne Technologies, Inc., Keyence Corporation, National Instruments Corporation, Texas Instruments, Inc., Basler AG, Baumer Optronic GmbH, Sick AG, Omron Corporation, Allied Vision Technologies GmbH, Intel Corporation, Jai A/S, Canon Inc., Datalogic S.p.A, Microscan Systems, Inc., Adept Technology, IDS Imaging Development Systems GmbH and Machine Vision Technology are some of the major players in the global machine vision market.
RECENT HAPPENINGS IN THE MARKET:
FAQ's
The global machine vision market was valued at USD 11.8 billion in 2022.
The global machine vision market is anticipated to grow at a CAGR of 7% from 2023 to 2028.
By 2026, APAC is predicted to have the greatest CAGR. The APAC market will most certainly be dominated by China, Japan, and South Korea. Increased industrial operations, which are primarily contributing to China's economic development, are also contributing to APAC's phenomenal rise of machine vision.
Asia Pacific is expected to develop at the fastest rate between 2023 and 2028.
Cognex Corporation (US), Keyence (Japan), Teledyne DALSA (US), TKH Group (Germany), and Basler (Germany) dominated the AI in computer vision market (Germany). The main approach pursued by leading companies in this industry is product development.
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