What is the Market Size for Machine Vision Industry?
According to the latest report by IMARC Group, titled “Machine Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global machine vision market size reached US$ 12.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 19.7 Billion by 2028, exhibiting a growth rate (CAGR) of 9.3% during 2023-2028.
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What is Machine Vision System?
A machine vision system is a technology that provides imaging-based automatic inspection and analyses of a product, depending on the different quality and safety parameters. It represents the ability of a computer to monitor and inspect work performance by employing video cameras, digital signal processing, and analog-to-digital conversion. It provides additional safety and operational advantages by reducing manual involvement in the production process. As a result, it assists in minimizing human contamination in clean rooms and protects workers from potentially dangerous environments. Additionally, it works through the precise coordination of the software and hardware and is widely adopted by numerous industries, including food manufacturing, autonomous vehicles, security, packaging, and logistics.
Global Machine Vision Market Drivers:
A significant development in machine vision systems is driving the global market. Moreover, the increasing adoption of vision-guided robots across the industrial sector, as it provides continuous observance, less programming, and accurate results, is contributing to the market. In line with this, the rising demand for superior inspection and automation solution that assists in discovering errors, impurities, and functional problems is acting as another growth-inducing factor. Apart from this, continuous technological advancements in electronics products, such as the miniaturization of components, improvement in the power efficiency of imaging sensors, and higher efficiency of digital signal processors (DSP), are providing a boost to the demand. Furthermore, the increasing demand for improved quality control by consumers and manufacturers, coupled with several government regulations to abide by the prescribed specifications, is creating a positive market outlook.
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Global Machine Vision Market Demand Analysis:
Furthermore, the growing adoption of machine vision technology across the automotive, food and beverage, pharmaceutical and chemical, and packaging sectors, as it helps in providing improved detection of objects, enhanced analysis, monitoring tolerance, and accurate component measuring, is supporting the demand across the globe. The market is further driven by the integration of the internet of things (IoT) with machine vision as it exhibits substantial growth in productivity, refining, product quality, reducing waste, and enhancing manufacturing flexibility. Moreover, several major companies are heavily investing in research and development (R&D) activities to develop new machine vision technologies and applications, thereby strengthening the market. Other factors, including rising demand for non-destructive testing, continuous innovation in 3D machines, and rapid growth in e-commerce and logistics, are also influencing the market.
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Key Market Segmentation:
Top Companies In Global Machine Vision Market:
- Cognex Corporation
- Basler AG
- Omron Corporation
- National Instruments Corporation
- Keyence Corporation
- Sony Corporation
- Teledyne Technologies, Inc.
- Texas Instruments, Inc
- Allied Vision Technologies GmbH
- Intel Corporation
- Baumer Optronic GmbH
- Jai A/S.
Breakup by Product:
- Vision Systems
- Cameras
- Others
Breakup by Component:
- Hardware
- Software
Breakup by Application:
- Positioning
- Identification
- Verification
- Measurement
- Flaw Detection
- Others
Breakup by Industry:
- Electronics and Semiconductor
- Automotive
- Medical and Pharmaceutical
- Food, Packaging and Printing
- Security and Surveillance
- Intelligent Traffic System
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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