November 3, 2023

Machine Vision Market worth $18.4 billion by 2028 – Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 3, 2023 /PRNewswire/ — The global Machine vision market is expected to grow from USD 12.9 billion in 2023 to USD 18.4 billion by 2028, registering a CAGR of 7.3% according to a new report by MarketsandMarkets™. The growth of the machine vision market is propelled by rising demand for water and wastewater treatment, increasing use of machine visions in drug safety, and fiscal policy measures by regional financial institutions to boost the machine vision market.

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Browse in-depth TOC on “Machine Vision Market”
172 – Tables
69 – Figures
271 – Pages

Machine Vision Market Report Scope:

Report Coverage

Details

Market Revenue in 2023

$ 12.9 billion

Estimated Value by 2028

$ 18.4 billion

Growth Rate

Poised to grow at a CAGR of 7.3%

Market Size Available for

2019–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Component, Deployment, Product, Application, End-user Industry and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Complexities associated with integration of different components of machine vision systems and production lines at application sites

Key Market Opportunities

Integration of Industry 4.0 technologies into manufacturing processes

Key Market Drivers

Rising need for safety and enhancing product quality in industrial sector

General segment to hold the largest market share in the year 2022.

The machine vision industry is experiencing a surge in widespread deployment. This expansion is propelled by the convergence of cutting-edge technologies, a growing demand for automation, and the imperative for precision, quality assurance, and operational efficiency. Machine vision applications span across industries, driving remarkable growth and innovation in this dynamic sector.

Camera segment to record the highest CAGR during the forecast period.

The machine vision market has witnessed substantial growth in camera technology. High-resolution cameras with advanced features, such as higher frame rates, lower latency, and enhanced image processing capabilities, have become essential for applications like automation, robotics, and quality inspection. The demand for specialized cameras tailored to specific industry needs has also surged, contributing to the market’s expansion.

Smart Camera-based segment to record the highest CAGR during the forecast period.

The smart camera-based machine vision system is experiencing substantial growth. Its compact form factor, embedded processing capabilities, and seamless integration make it a preferred choice across industries. As automation and quality control requirements surge, smart camera systems are integral to improving efficiency and precision, fueling their rapid expansion.

Food & Packaging segment to record the highest CAGR during the forecast period.

The utilization of machine vision technology has witnessed substantial growth within the food and packaging sector. This advancement has revolutionized quality control and operational efficiency. Automated inspection systems have become indispensable, detecting imperfections, guaranteeing precise labeling, and ensuring product integrity. Consequently, manufacturing processes have become more streamlined, errors have significantly reduced, and compliance with rigorous industry regulations has improved, ultimately elevating product safety and customer contentment.

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Asia Pacific is expected to grow at the highest CAGR in the Machine vision market from 2023 to 2028.

The Machine Vision System industry in the Asia Pacific region has experienced a remarkable ascent, marked by a compelling synergy of technological innovation and cultural diversity. This burgeoning market boasts diverse applications across multiple sectors, ranging from electronics to agriculture. The rapid technological evolution in China, precision engineering prowess in Japan, and creative ingenuity in South Korea collectively shape a dynamic landscape propelling the exceptional growth of the Machine Vision System sector in this region.

Key players operating in the Machine vision companies include Cognex Corporation (US), Basler AG (Germany), Omron Corporation (Japan), National Instrument Corporation (US), Keyence Corporation (Japan), Teledyne Technologies (US), Sick AG (Germany), TKH Group (Netherland), Sony Corporation (Japan), Texas Instruments Incorporated (US), Intel Corporation (US), Atlas Copco (Sweden), Microsoft (US) and Others in the Machine vision market.

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