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

PRESS RELEASE

Published March 28, 2023

According to the latest report by IMARC Group, titled “Machine Vision Market Share: Global Industry Trends, 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.

Machine Vision Market Overview:

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.

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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.

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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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