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The global machine vision market was valued at US$ 12.1 Billion in 2022.
We expect the global machine vision market to exhibit a CAGR of 9.3% during 2023-2028.
The rising awareness towards numerous benefits of machine vision to organizations, such as improving quality, increasing productivity, lowering production costs, reducing floor space, etc., is primarily driving the global machine vision market.
The sudden outbreak of the COVID-19 pandemic has led to the rising adoption of machine vision technology, on account of the increasing trend of machine-centric organizations, with minimal human intervention to combat the risk of the coronavirus infection.
Based on the product, the global machine vision market has been divided into vision systems, cameras, and others. Currently, vision systems exhibit a clear dominance in the market.
Based on the component, the global machine vision market can be categorized into hardware and software, where hardware currently accounts for the majority of the global market share.
Based on the application, the global machine vision market has been segmented into positioning, identification, verification, measurement, flaw detection, and others. Currently, flaw detection holds the largest market share.
Based on the industry, the global machine vision market can be bifurcated into electronics and semiconductor, automotive, medical and pharmaceutical, food, packaging and printing, security and surveillance, intelligent traffic system, and others. Among these, the electronics and semiconductor industry accounts for the majority of the total market share.
On a regional level, the market has been classified into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global machine vision market 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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