Machine Vision Market Size (USD 29.96 billion by 2032) with 7.60% CAGR
Updated · Mar 02, 2023
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Published Via 11Press: The Machine Vision Market size is expected to be worth around USD 29.96 Bn by 2032 from USD 14.40 Bn in 2022, growing at a CAGR of 7.60% during the forecast period from 2022 to 2032.
The machine vision market is an industry that researches, develops, and applies technology that enables machines to perceive visual information from their environment. Machine vision systems typically use cameras, sensors, and software for data capture, analysis, and decision-making based on visual data.
Recently, the market for machine vision technology has seen a meteoric rise due to advances in artificial intelligence, computer vision, and deep learning algorithms. These innovations enable machines to process and interpret visual data with increasing precision, speed, and efficiency creating new opportunities across many industries.
Machine vision technology has numerous key applications in manufacturing, autonomous vehicles and robotics, medical imaging, and diagnostics, security systems, and surveillance. As these applications become more prevalent and new use cases emerge, the market for machine vision technology is expected to keep expanding.
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- The machine vision market is experiencing a meteoric rise due to advances in artificial intelligence, computer vision, and deep learning algorithms.
- Machine vision technology has many applications in manufacturing, from automated inspection and quality control to object detection and recognition in autonomous vehicles and robotics, medical imaging/diagnosis, security monitoring systems, and surveillance.
- The global machine vision market is anticipated to reach USD 29.96 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.60% during the forecast period.
- North America and Europe are currently the two largest markets for machine vision technology, but Asia-Pacific is expected to experience rapid growth over the coming years.
- Some of the leading players in machine vision include Allied Vision Technologies GmbH, Basler AG, Cognex Corporation, Keyence Corporation, LMI Technologies Inc, Microscan Systems, Inc, National Instruments Corporation, OMRON Corporation, Sick AG, Tordivel AS, ISRA Vision, Sick AG, FLIR Systems, Optotune AG, USS Vision, ViDi Systems SA, Bosch Rexroth, Euclid Labs, Intel Corporation, Sony Corporation
- Machine vision technology is seeing a meteoric rise in adoption due to factors such as an increasing need for automation and quality assurance, rising labor costs, and improved efficiency and productivity.
- The machine vision market faces numerous challenges, such as the difficulty and cost of implementation, a shortage of skilled personnel to operate and maintain the technology, and data privacy and security issues.
- North America is currently the leading market for machine vision technology, due to the presence of several prominent players and high adoption rates of automation and quality control technologies in industries such as automotive, electronics, and food and beverage. The United States leads this region’s contribution to machine vision sales in North America.
- Europe is the second-largest market for machine vision technology, with prominent players in countries like Germany, France, and the UK. This region’s machine vision market is being driven by the increased adoption of automation technologies in manufacturing as well as the rising demand for quality inspection and control services.
- The Asia-Pacific region is expected to witness the fastest growth in machine vision market share over the coming years due to the rising adoption of automation and robotics technologies in countries like China, Japan, and South Korea. Furthermore, this region boasts a large manufacturing base which will fuel demand for quality assurance and control services.
- The rest of the World Regions such as Latin America, the Middle East, and Africa are expected to witness significant growth in the machine vision market over the coming years due to the increasing adoption of automation and quality control technologies across industries like automotive, food & beverage, and pharmaceuticals.
- Overall, the machine vision market is expected to experience strong growth over the coming years due to rising demand for automation, quality assurance, and efficiency across industries. However, growth rates may differ based on factors such as technological advancements, government initiatives, and market competition in each region.
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Increasing Demand for Automation The growing need for automation across industries such as automotive, electronics and pharmaceuticals is a major driver of the machine vision market. Machine vision technology offers fast-paced, accurate inspection and quality control with consistent results, improving production efficiency while cutting costs. Rising Labor Costs The rising cost of labor in many regions has driven companies to invest in automation and machine vision technology to boost productivity and cut down on overhead expenses. Improving Quality Control Machine vision technology is increasingly being utilized in quality assurance processes within industries such as food and beverage, pharmaceuticals, and manufacturing to detect defects and guarantee consistent product quality.
Technological Advances Advancements in artificial intelligence, computer vision, and deep learning algorithms have enabled the creation of more advanced machine vision systems that are accurate, dependable, and efficient. Growing Demand for Medical Imaging and Diagnostics The healthcare industry is increasingly turning to machine vision technology for medical imaging and diagnostics, propelling growth in the machine vision market. Adoption of autonomous vehicles and robotics Machine vision technology is a crucial element in the development of autonomous vehicles and robots, which are expected to revolutionize several industries such as transportation, logistics, and manufacturing. Government Initiatives Governments around the world are investing in cutting-edge technologies like machine vision to boost efficiency and productivity in industries, as well as to foster the development of emerging technologies like autonomous vehicles and robotics.
High implementation costs Machine vision technology can be complex and expensive to implement, which can be a significant barrier to adoption, especially for small and medium-sized businesses. Lack of skilled personnel The effective implementation and operation of machine vision systems require highly skilled personnel, which can be difficult to find and hire and can further increase implementation costs. Concerns around data privacy and security Machine vision technology involves the collection and analysis of large amounts of visual data, which can raise concerns around data privacy and security, especially in industries such as healthcare and finance.
Limited flexibility Machine vision systems can be highly specialized and may not be easily adaptable to changing needs, which can limit their usefulness and require additional investments to upgrade or replace them. Challenges in integrating with existing systems Integrating machine vision technology with existing systems can be challenging, especially in industries with legacy systems, which can further increase implementation costs and complexity.
High competition The machine vision market is highly competitive, with several leading players vying for market share, which can make it challenging for new entrants to establish themselves. Limited awareness and understanding There is still limited awareness and understanding of machine vision technology among some industries and potential customers, which can slow adoption and limit the market growth.
Emerging markets such as Asia-Pacific and Latin America present significant growth prospects for the machine vision market, due to an increasing demand for automation and quality control technologies in industries like automotive, electronics, and pharmaceuticals. Advancements in artificial intelligence and machine learning are propelling the development of more sophisticated machine vision systems, capable of performing more complex tasks with greater accuracy and consistency. The growing demand for 3D vision technology in industries such as automotive, aerospace, and manufacturing presents significant opportunities for the machine vision market, as it enables more detailed inspection and quality control processes.
Integration with Internet of Things (IoT) devices
Integrating machine vision systems with IoT devices can enhance their capabilities, providing real-time monitoring and control over production processes and equipment. As more industries adopt Industry 4.0 technologies such as cyber-physical systems, smart factories, and the Industrial Internet of Things (IIoT), machine vision vendors will have numerous opportunities to grow their businesses through increased efficiency, productivity, quality assurance assurance.
Expansion into New Industries
Machine vision technology is increasingly finding applications in sectors such as agriculture, mining and oil and gas, offering significant prospects for the machine vision market. Furthermore, mobile machine vision systems such as drones and robots offer further possibilities in inspection and quality control processes across numerous industries and environments.
Complexity and technical expertise Machine vision systems can be complex to set up and maintain, and require specialized technical expertise. This can limit adoption and increase implementation costs. Interoperability issues Machine vision systems may not be compatible with existing systems and infrastructure, which can make integration and implementation difficult. Cost Machine vision systems can be expensive, which can limit adoption, particularly in small and medium-sized enterprises.
Data privacy and security concerns Machine vision systems generate and analyze large amounts of data, which can raise privacy and security concerns, particularly in sensitive industries like healthcare and finance. Limited accuracy Machine vision systems may not always be accurate, particularly in complex environments or when faced with challenging lighting conditions.
Lack of standardization The lack of industry standards can make it difficult for customers to compare different machine vision solutions and can limit interoperability. Competition The machine vision market is highly competitive, with a large number of players vying for market share. This can lead to price pressure and reduced profitability for vendors.
- OMRON Corporation launched the “VT-S10 Series” new PCB examination system in August 2021. It uses artificial intelligence to automate high-precision inspections.
- PIXM May 2022: launch of a new computer vision system was a milestone. PIXM uses computer-vision yech to detect phishing attacks against mobile devices.
- September 2021 saw the launch of the TKh vision umbrella by TKh Group, which includes vision technology companies like Allied Vision and LMI Technologies.
Based on Type
- 1D Vision
- 2D Vision
- 3D Vision
Based on System
- PC Based
- Smart Camera Based
Based on End-Use
Market Key Players
- Allied Vision Technologies GmbH
- Basler AG
- Cognex Corporation
- Keyence Corporation
- LMI Technologies Inc.
- Microscan Systems, Inc.
- National Instruments Corporation
- OMRON Corporation
- Sick AG
- Tordivel AS
- ISRA Vision
- Sick AG
- FLIR Systems
- Optotune AG
- USS Vision
- ViDi Systems SA
- Bosch Rexroth
- Euclid Labs
- Intel Corporation
- Sony Corporation
|The market size value in 2022||USD 14.40 Bn|
|Revenue forecast by 2032||USD 29.96 Bn|
|Growth Rate||CAGR Of 7.60%|
|Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and the Rest of the World|
|Short-Term Projection Year||2028|
|Long-Term Projected Year||2032|
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The machine vision market is growing at a CAGR of 7.60%
Asia Pacific is growing at the highest CAGR over 2022- 2032.
North America holds the highest share in 2022.
Allied Vision Technologies GmbH, Basler AG, Cognex Corporation, Keyence Corporation, LMI Technologies Inc., Microscan Systems, Inc., National Instruments Corporation, OMRON Corporation, Sick AG, Tordivel AS, ISRA Vision, Sick AG, FLIR Systems, Optotune AG, USS Vision, ViDi Systems SA, Bosch Rexroth, Euclid Labs, Intel Corporation and Sony Corporation
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