Key Market Overview:
Machine vision market is estimated to reach over USD 15.15 Billion by 2030 from a value of USD 8.89 Billion in 2022, growing at a CAGR of 7.24% from 2022 to 2030.
Machine vision refers to the ability of a computer or machine to observe, inspect and scrutinize work by the installation of hardware and software components such as cameras and image processing software. The field of machine vision combines computer science, engineering, and physics to develop systems that perform tasks such as object recognition, image analysis, and quality control. Machine vision has numerous applications across a wide range of industries, including manufacturing, healthcare, transportation, security, and more. In the medical field, machine vision is used for image analysis in areas such as diagnosis, treatment planning, and image-guided surgery.
The continuous advancements in technology, such as the development of more advanced sensors and image processing algorithms, are increasing the capabilities and efficiency of machine vision systems, leading to increased demand for such systems. For instance, in January 2021, Cognex Corporation, leader in industrial machine vision, launched In-Sight 3D-L4000 embedded vision system featuring a smart camera along with 3-D laser technology allowing quick, accurate, and cost-effective inspection of automated products. This vision system is used to inspect products for defects, for quality control, and to guide robots in the assembly process. Therefore, the growing importance of quality control in manufacturing and other industries is propelling the growth of the machine vision market.
|Market Size in 2030 (USD Billion)
|1-Dimension, 2-Dimension, and 3-Dimension Vision System
|Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]
North America [United States, Canada, Mexico]
Middle East & Africa [GCC, North Africa, South Africa]
South America [Brazil, Argentina, Columbia, Chile, Peru]
|Cognex Corporation, Basler AG, Omron Corporation, Keyence, National Instruments, Sony Corporation, Teledyne Technologies, Texas Instruments, Intel Corporation, ISRA Vision, Sick AG, FLIR Systems, USS Vision, Bosch Rexroth, Allied Vision
Advancement in technology such as IIoT (Industrial Internet of Things) in various industries such as manufacturing, healthcare, transportation, and others is driving the growth of the machine vision market. In manufacturing, machine vision is used to inspect and grade products, monitor production lines, and automate processes such as assembly and packaging driving the demand for machine vision in the market. Moreover, in transportation, machine vision is used for a variety of applications such as traffic management, and vehicle safety. Therefore, machine vision is witnessing high adoption in the sectors such as manufacturing, healthcare, food and beverages, and others owing to better efficiency, accuracy, and safety is further driving the market growth.
Machine vision systems require significant processing power to analyze images and make decisions in real time. In some applications, such as autonomous vehicles, machine vision systems need to process high-resolution images requiring powerful processors and large amounts of memory. Limited processing power affects the devices performance, accuracy, and reliability, limiting their adoption in certain applications thus restraining the market growth globally.
Widespread adoption of 5G networks along with the integration of the internet of things (IoT) and artificial intelligence (AI) into existing machine vision systems is expected to improve their accuracy and reliability. Such technologies will provide real-time data and enable new applications, such as predictive maintenance and remote monitoring. Furthermore, the development of autonomous systems, such as autonomous vehicles and drones is expected to create lucrative opportunities for the growth of machine vision systems in the market.
Machine Vision Market Segmentation:
Based on type, the market is segmented into 1-D vision systems, 2-D vision systems, and 3-D vision systems. The 2-D vision system accounted for the largest share of the market due to its ability to handle a wider range of inspections and its relatively lower cost compared to 3-D systems. 2-D systems use a 2-dimensional image to gather information about the object being inspected and are used for various applications such as pattern recognition, character recognition, and image analysis.
The 3-D vision system is anticipated to register the highest CAGR in the forecast period due to the need for more complex inspections and the desire for more accurate and comprehensive information about objects. 3-D vision systems are used for measuring the shape and size of objects that allows in providing more accurate and detailed analysis.
Based on the component, the market is segmented into hardware, software, and services. The hardware segment holds the major share of the market. Companies in this segment offer a wide range of products, including lights, image processing boards and smart cameras for applications such as image analysis and quality control. The growth of hardware segment is attributed increasing demand for automation and technological advancements high-resolution cameras and advanced lighting systems.
The services segment is expected to grow in the forecast period due to various services offered by the companies such as installation, software upgradation, and maintenance of machine vision systems. The services segment includes consulting services and training programs to help customers understand and use machine vision technology effectively.
Based on the system, the market is segmented into PC-based, smart camera, and others. PC-based machine vision systems accounted for the largest share of the market. PC-based machine vision systems are traditional machine vision systems that use a personal computer as the main processing unit. In these systems, images are captured using a camera and transferred to the PC for image processing and analysis. PC-based machine vision systems offer high processing power and flexibility, allowing for complex processing and analysis of images. On the other hand, smart camera systems are integrated machine vision systems that include both the camera and processing unit in a single compact unit. Smart camera systems are designed for simpler applications and have low costs in comparison to PC-based machine vision systems.
Based on the end-user, the market is segregated into automotive, manufacturing, healthcare, food & beverage, security & surveillance, and others. The automotive industry is the leading end-use segment due to the increasing demand for advanced driver assistance systems and quality control in the production of vehicles. Furthermore, machine vision systems are used in automated parking systems to guide vehicles into parking spaces.
The food & beverage industry is anticipated register the highest CAGR in the forecast period. Machine vision systems are used in the food and beverage industry to inspect and verify the quality of products, such as checking for defects, verifying the weight and size of products, and verifying product packaging. Machine vision systems are also used for monitoring and inspecting products for contaminants, such as bacteria, foreign objects, and broken packaging.
North America holds the largest share of the machine vision market in the year 2021 due to the strong presence of semiconductor industries in the region. The United States is the global leader in terms of technological advancements and research & development thereby increasing the demand for machine vision systems in the region. The U.S. government has launched a National Strategic Plan for Advanced Manufacturing, which aims to promote the development and adoption of advanced technologies, including machine vision systems.
The Asia-Pacific region is expected to be the fastest-growing region for machine vision, driven by the growth of the manufacturing industries in countries such as China, Japan, and South Korea. China and Japan are prominent countries due to the presence of major key players such as Omron Corporation, and Sony Corporation in the region.
Machine Vision Market Market Competitive Landscape:
Market players are investing in product innovation to remain competitive in the market. The data in this report is related to business collaborations, mergers and acquisitions, product innovations, and strategies adopted by competitors. Following are the major market players that comprise the latest market concentration–
• Cognex Corporation
• Basler AG
• Omron Corporation
• National Instruments
• Sony Corporation
• Teledyne Technologies
• Texas Instruments
• Intel Corporation
• ISRA Vision
• Sick AG
• FLIR Systems
• USS Vision
• Bosch Rexroth
• Allied Vision
• In August 2021, OMRON Corporation launched VT-S10 Series that uses imaging technology and artificial intelligence to automate the inspection process.
• In January 2021, Cognex Corporation, leader in industrial machine vision, launched In-Sight 3D-L4000 embedded vision system.