According to the latest report by IMARC Group, titled "Machine Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global machine vision market reached a value of US$ 11.1 Billion in 2021. Machine vision refers to a technology that is generally used for evaluating, inspecting and identifying defects. It involves the utilization of video cameras, digital signal processing (DSP) and analog-to-digital conversion (ADC) that assist in observing multiple machinery processes. It is extensively utilized in a vast array of applications, such as signature identification, electronic component analysis, material inspection, optical character recognition, medical image detection and pattern, handwriting and object recognition. As a result, it offers numerous benefits, including increased productivity and production flexibility and reduced floor space while minimizing production costs.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Machine Vision Market Trends:
The global market is primarily driven by continual technological advancements in the industrial sector. Coupled with the integration and implementation of the deep learning method with machine vision for providing assistance in the subjective decision-making process, this is creating a positive market outlook. Additionally, the widespread utilization of machine vision for correcting production line defects and reducing manual involvement in production processes across the manufacturing industry is further propelling the market growth. In line with this, the increasing adoption of machine vision methods for inventory control management, product tracking and traceability, and measuring and calibration in industrial plants are acting as another major growth-inducing factor. Moreover, the rising investments in infrastructural development projects are providing a boost to the demand for machine vision techniques for improving safety on construction sites. Other factors, including rapid industrialization, the growing safety concerns for the labor force and extensive research and development (R&D) activities conducted by key players, are also positively influencing the product demand. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 18.4 Billion by 2027, expanding at a CAGR of 9.7% during 2022-2027.
- On the basis of the product, the market has been segmented into vision systems, cameras and others.
- Based on the component, the market has been bifurcated into hardware and software.
- On the basis of the application, the market has been segregated into positioning, identification, verification, measurement, flaw detection and others.
- Based on the industry, the market has been classified into electronics and semiconductor, automotive, medical and pharmaceutical, food, packaging and printing, security and surveillance, intelligent traffic system, and others.
- On the basis of the regional insights, the market has been divided into Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include 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.
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