Global Machine Vision Market to Reach US$ 19.7 Billion by 2028, Fueled by the Advent of Industry 4.0

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. Machine vision, also known as industrial vision, refers to a technologically advanced substitute for human visual sense and judgment capabilities for observing different machinery processes. It employs digital cameras, analog-to-digital conversion, digital signal consumer electronics, and image processing to automatically extract and analyze information from digital images. Machine vision complements manual assessments and enables automatic inspection, quality control, robotic guidance, and process control in various industrial applications. It can also inspect hundreds or even thousands of parts per minute and provides more consistent and reliable inspection results. Apart from this, machine vision improves productivity, increases production flexibility, lowers production capital, reduces floor space, and cuts capital equipment costs. As a result, it is extensively employed by manufacturers to automate their repetitive production tasks and enhance speed and product quality.

Global Machine Vision Market Trends:

The advent of the fourth industrial revolution (Industry 4.0) and the industrial internet of things (IIoT) have impelled significant advancements in productivity, manufacturing flexibility, and product quality that help eliminate waste and lower operational costs. This, in turn, is primarily driving the machine vision market growth. In addition to this, the growing demand for better quality control by consumers and manufacturers, combined with the implementation of stringent government regulations stipulating certain product specifications and standards, is favoring the market growth. Concurrently, the widespread product adoption due to its ability to observe, detect, and examine difficult and unreliable situations that might be challenging for manual inspection during the various production processes is positively influencing the market growth. Moreover, expanding miniaturization of electronic devices is propelling the need for an advanced system that can effortlessly inspect object details that might be too complex and small to be viewed by the human eye, which is contributing to the market growth. Furthermore, the introduction of three-dimension (3D) machine vision, which allows precise measurement and inspection of complex 3D free-formed surfaces, is aiding in market expansion. Besides this, the large-scale employment of vision-guided robotic systems across the automotive, food and beverage (F&B), pharmaceutical, chemical, and packaging sectors are presenting remunerative opportunities for market growth. Looking forward, the market value is projected to reach US$ 19.7 Billion by 2028, expanding at a CAGR of 9.3% during 2023-2028.

Market Summary:

• Based on the product, the market is segregated into vision systems, cameras, and others.
• On the basis of the component, the market has been bifurcated into hardware and software.
• Based on the application, the market has been divided into positioning, identification, verification, measurement, flaw detection, and others.
• On the basis of the industry, the market has been categorized into electronics and semiconductors, automotive, medical and pharmaceutical, food, packaging and printing, security and surveillance, intelligent traffic system, and others.
• On a regional basis, the market has been segmented into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America.
• The competitive landscape of the market has also been examined, with some of the key players being 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 and Jai A/S.

Report Scope:

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