Global Machine Vision (MV) Market Insights Forecasts to 2032.
- The Global Machine Vision (MV) Market Size was valued at USD 18.53 Billion in 2023.
- The Market is Growing at a CAGR of 11.4% from 2023 to 2032.
- The Worldwide Machine Vision (MV) Market Size is expected to reach USD 54.9 Billion by 2032.
- North America is expected to grow the fastest during the forecast period.
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The Global Machine Vision (MV) Market Size is expected to reach USD 54.9 Billion by 2032, at a CAGR of 11.4% during the forecast period 2023 to 2032.
Machine vision, often known as computer vision, is an artificial intelligence (AI) field that instructs systems to interpret and comprehend the visual environment. Machines can properly recognize and classify items exploiting digital images from cameras and videos and deep learning models, and subsequently react to what they "see." Machine vision has been employed in a wide range of applications, such as manufacturing facilities for inspection and quality assurance, self-driving cars for identifying objects and routing, agriculture for crop monitoring and harvesting, healthcare for image-based diagnosis, security systems for surveillance, and numerous others. In manufacturing, machine vision is frequently employed to increase manufacturing productivity and eliminate errors. This can involve duties such as evaluating products for flaws or directing robots in a manufacturing process. Machine vision is an essential component of augmented reality (AR) technology. It enables digital data to engage in real time with the physical world, improving users' sense of their surroundings. Automobiles with self-driving technology employ machine vision to detect pedestrians, other vehicles, traffic signs, and many other objects. The technology assists these vehicles in understanding their environment and navigating securely. Machine vision capabilities are expected to grow further as technology progresses and more advanced algorithms become available. The Machine Vision (MV) Market is expected to expand significantly as more sectors grasp the advantageous features of these systems as well as technological advances.
Global Machine Vision (MV) Market Report Coverage
|Market Size in 2023:||USD 18.53 Billion|
|Forecast Period 2023-2032 CAGR:||11.4%|
|2032 Value Projection:||USD 54.9 Billion|
|Historical Data for:||2019-2022|
|No. of Pages:||200|
|Tables, Charts & Figures:||120|
|Segments covered:||By Component, By Product, By Application, By End-Use, By Region and COVID-19 Impact Analysis.|
|Companies Covered:||Sick AG, Tordivel AS, Sony Corporation, Cognex Corporation, Keyence, Teledyne Technologies, TKH GROUP, Basler, OMRON Corporation, Allied Vision Technologies GmbH, NATIONAL INSTRUMENTS CORP., Intel Corporation, Microscan Systems, Inc., ViDi Systems SA, Texas Instrument and other key venders.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The worldwide Machine Vision (MV) Market was experiencing significant revenue growth as a result of increased usage of automation technologies across different verticals. Machine vision technology is utilized for automated assessment and evaluation in many industries, including automotive, pharmaceutical, packaging, and electronics. Machine vision is being used in the automotive and electronics industries for applications such as driver assistance, driverless vehicles, PCB inspection, and component assembly, which has boosted the market for these products. In addition, machine vision has established uses for medical imaging, diagnosis, and analysis, which has contributed to the expansion of the healthcare market.
Furthermore, the advancement of machine learning, artificial intelligence (AI), and deep learning technologies has significantly improved the functionality of machine vision systems, thereby rendering them increasingly adaptable and efficient These advances have allowed for more complex object detection, segmentation, and comprehension, broadening the scope of machine vision applications. Additionally, the incorporation of machine vision with IIoT devices enables real-time decision-making in companies, enhancing operational efficiency.
By Component Insights
The hardware segment is dominating the market with the largest revenue share over the forecast period.
On the basis of components, the global machine mission (MV) market is segmented into service, software, and hardware. Among these, the hardware segment is dominating the market with the largest revenue share of 58.6% over the forecast period. Hardware components comprise several objects such as cameras, sensors, processors, frame grabbers, LED lighting, and optics. Cameras held the largest revenue share, which is attributed to the increasing demand for CMOS imaging sensors. Based on the hardware components used in the machine vision systems, the hardware segment has been further segregated into the camera, frame grabber, optics, LED lighting, and processor sub-segments.
By Product Insights
The smart camera based segment is witnessing significant CAGR growth over the forecast period.
On the basis of product, the global machine mission (MV) market is segmented into PC based, smart camera based, and others. Among these, the smart camera based segment is witnessing significant CAGR growth over the forecast period. A smart camera is a sophisticated camera that, in addition to taking photos, can perform supplemental features such as autofocus, auto-brightness, and so on. In a small/compact body, a smart camera-based system comprises an imager to capture images, an intelligent processor that analyzes and processes images, and input and output capabilities. In addition, powerful processors with faster analytical capabilities than PC-based cameras are being coupled with smart cameras in machine vision systems.
By Application Insights
The quality assurance & inspection segment is expected to hold the largest share of the Global Machine Vision (MV) Market during the forecast period.
Based on the application, the global machine mission (MV) market is classified into identification, measurement, positioning and guidance, quality assurance, inspection, and others. Among these, the quality assurance & inspection segment is expected to hold the largest share of the Machine Vision (MV) Market during the forecast period. These technologies have widespread application in the packaging industry for scanning and identifying labels, barcodes, and texts. This automates packing tasks, saving time, reducing human error, and enhancing efficiency. The deployment of machine vision technology in various industries has resulted in a significant reduction in counterfeit items, thus assisting the broader market to acquire leverage for greater use. Identification by machine imaging is also utilized in video surveillance, traffic monitoring, and number plate recognition for security purposes.
By End-Use Insights
The automotive segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of end-use, the global machine mission (MV) market is segmented into automotive, pharmaceuticals & chemicals, electronics & semiconductors, pulp & paper, printing & labeling, packaging, food & beverage, glass & metal, logistics, and others. Among these, the automotive segment is dominating the market with the largest revenue share of 57.2% over the forecast period. Machine vision has become popular in automobile manufacturing for inspection reasons such as presence-absence verification, mistake proofing, assembly identification, and final quality assurance. Furthermore, the MV system is utilized for dimensional gauging, robotic guidance, and testing automation, all of which fall under the category of measure, gauge, and guide applications. As a result, demand for automated imaging is important across the automotive industry and is expected to expand steadily during the projection period.
Asia Pacific dominates the market with the largest market share over the forecast period.
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Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. This substantial market share and geographical development can be attributed to the attractive potential in Asia Pacific automotive, packaging, pharmaceutical, and other manufacturing sectors. China and Japan are significant nations with the potential to provide many prospects for both developing and mature technology such as machine vision. The majority of manufacturing industries contribute to the regional economy's development and economic growth. Furthermore, the market for machine vision systems in Asia Pacific is likely to rise, owing predominantly to the growing popularity of robots and the significant implementation of AI, ML, and big data by manufacturing enterprises in China, Japan, and South Korea.
North America, on the contrary, is expected to grow the fastest during the forecast period. The rapid introduction of factory automation and the existence of a substantial percentage of suppliers with local origin are both expected to contribute to the regional market's anticipated significant development over the duration of the projection period. The North American region dominates this market as a result of the predominance of the semiconductor sector, which is essential for mv systems.
The Europe market is expected to register a substantial CAGR growth rate during the forecast period. It is due to significant advances in technological innovation and automation, both of which are required for machine vision systems. The need for quality assurance and automation within manufacturing facilities is also expected to play a vital influence in the region's market expansion.
List of Key Market Players
- Sick AG
- Tordivel AS
- Sony Corporation
- Cognex Corporation
- Teledyne Technologies
- TKH GROUP
- OMRON Corporation
- Allied Vision Technologies GmbH
- NATIONAL INSTRUMENTS CORP.
- Intel Corporation
- Microscan Systems, Inc.
- ViDi Systems SA
- Texas Instrument
Key Market Developments
- On January 2023, Zebra Technologies Corporation has launched a new Advanced Tier of its Machine Vision Specialization program for industrial automation and machine vision specialization partners worldwide. Through the acquisition of Matrox Imaging, the new Advanced Tier of the Machine Vision Specialization provides partners with access to Zebra's more advanced machine vision portfolio, including new highly specialized products and solutions. Machine vision specialization partners will also have access to some extra AuroraTM software features from Zebra.
- On January 2023, The TKH Vision Solution Center in Konstanz, Germany, has been officially opened by TKH Vision, a leading collection of machine vision companies and part of the TKH collection. The TKH Vision Solution Center will be a showcase and training facility for TKH Vision's integrated machine vision solutions.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Machine Vision (MV) Market based on the below-mentioned segments:
Machine Vision (MV) Market, Component Analysis
- Solution Management
- Barcode Reading
- Standard Algorithm
- Deep Learning Software
- Frame Grabber
- LED Lighting
Machine Vision (MV) Market, Product Analysis
- PC Based
- Smart Camera Based
Machine Vision (MV) Market, Application Analysis
- Positioning and Guidance
- Quality Assurance
Machine Vision (MV) Market, End-Use Analysis
- Pharmaceuticals & Chemicals
- Electronics & Semiconductor
- Pulp & Paper
- Printing & Labeling
- Food & Beverage
- Glass & Metal
Machine Vision (MV) Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
1. What is the market size of the Machine Vision (MV) Market?The Global Machine Vision (MV) Market is expected to grow from USD 18.53 billion in 2023 to USD 54.9 billion by 2032, at a CAGR of 11.4% during the forecast period 2023-2032.
2. Which are the key companies in the market?Sick AG, Tordivel AS, Sony Corporation, Cognex Corporation, Keyence, Teledyne Technologies, TKH GROUP, Basler, OMRON Corporation, Allied Vision Technologies GmbH, NATIONAL INSTRUMENTS CORP., Intel Corporation, Microscan Systems, Inc., ViDi Systems SA, Texas Instrument.
3. Which segment dominated the Machine Vision (MV) Market share?The automotive segment in end-use type dominated the Machine Vision (MV) Market in 2023 and accounted for a revenue share of over 57.2%.
4. Which region is dominating the Machine Vision (MV) Market?Asia Pacific is dominating the Machine Vision (MV) Market with more than 38.7% market share.
5. Which segment holds the largest market share of the Machine Vision (MV) Market?The hardware segment based on component type holds the maximum market share of the Machine Vision (MV) Market.
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