Global Machine Vision Market Is Anticipated To Grow Up To USD 83.83 Billion By 2028

Market Overview:
Global Machine Vision Market was valued at USD 33.71 billion in 2021 and is expected to reach USD 83.83 billion by the year 2028, at a CAGR of 13.9%.

The technology of machine vision, also known as vision system or industrial vision, is used to monitor all sorts of machinery processes. It typically consists of a variety of cameras that are positioned above the machines based on the requirements so that the entire process can be monitored appropriately. These cameras are set up to take pictures, understand what they see, and then send out the right signal. Additionally, the precise coordination of services, hardware, and software is how machine vision technology works.

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Market Dynamics:
Driver:
Machine Vision Market is being driven by the growing demand for quality inspection and automation in different industrial verticals. The necessity for vision-directed mechanical frameworks over the auto, food and drink, drug and synthetic, and bundling fragments is expected to speed up the machine vision market development. Over the forecast period, the technology's adoption is also anticipated to rise as a result of the rise in demand for application-oriented machine vision (MV) systems. The intensifying requirement for superior inspection and rising automation are the major impacting factors.

Opportunities:
Growth In the Adoption of Industry 4.0
Industry 4.0 is a digital transformation of the manufacturing industry, which aims to improve productivity, reduce costs, and increase flexibility by integrating advanced technologies such as artificial intelligence, the internet of things (IoT), and automation. Machine vision is a crucial component of Industry 4.0, as it enables the collection, analysis, and processing of visual information from machines and production processes. Machine vision systems use cameras, sensors, and software to capture and analyze images of production processes, detect defects or anomalies, and identify patterns or trends that can help improve quality control and production efficiency.

𝐒𝐭𝐮𝐝𝐲 𝐄𝐱𝐩𝐥𝐨𝐫𝐞:
•𝐌𝐚𝐫𝐤𝐞𝐭 𝐁𝐞𝐡𝐚𝐯𝐢𝐨𝐫/ 𝐋𝐞𝐯𝐞𝐥 𝐨𝐟 𝐑𝐢𝐬𝐤 𝐚𝐧𝐝 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲
•𝐄𝐧𝐝 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐁𝐞𝐡𝐚𝐯𝐢𝐨𝐫/ 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐀𝐬𝐬𝐞𝐬𝐬𝐦𝐞𝐧𝐭
•𝐄𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐑𝐞𝐜𝐨𝐯𝐞𝐫𝐲 𝐓𝐢𝐦𝐞𝐥𝐢𝐧𝐞

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Market Segmentation
Segmentation Analysis of Machine Vision Market:
Based on the Offering, the hardware segment is anticipated to dominate the machine vision market over the forecast period. Hardware components comprise many objects such as cameras, optics/lenses, LED lightings, frame grabbers, and processors. Cameras captured the maximum share in 2020, which is attributed to the rising demand for CMOS imaging sensors. This, in turn, is expected to result in the growth of the hardware sub-segment.
• Hardware
• Software
• Services

Based on the Product, PC based segment is expected to capture maximum machine vision market share over the forecast period. PC-based systems dominate the market as PC-based machine vision systems have higher processing power than smart camera-based systems and can handle complex operations relatively quickly. Also, unlike smart camera-based systems, PC-based machine vision systems are highly scalable, and one can swap the components easily.
• PC Based
• Smart Camera Based

Based on the Application, the market has been classified into quality assurance and inspection, positioning and guidance, measurement, and identification. The systems are highly utilized for scanning and identifying labels, texts, and barcodes, especially in the packaging sector. This automates packaging activities, thereby saving time, avoiding human errors, and rising efficiency. The technology is frequently used in the consumer goods, pharmaceutical, and packaging sectors. The adoption of technology in these sectors has resulted in reduced counterfeit products to a large extent, eventually driving the overall machine vision market.
• Positioning & Guidance
• Predictive Maintenance
• Quality Assurance & Inspection
• Measurement
• Identification

Based on the End-Use Industry, the automotive segment is expected to register the largest machine vision market share during the forecast period. The automotive industry is the higher adopter of machine vision systems globally and is expected to expand at a steady growth rate over the forecast period. Machine vision in the automotive industry is highly used for inspection purposes, which include presence-absence checking, error proofing, assembly verification, and final inspection.
• Automotive
• Food & Beverage
• Packaging & Bottling
• Pharmaceuticals & Chemicals
• Others

Regional Analysis of Machine Vision Market:
The Asia Pacific region is expected to observe considerable growth over the forecasted period. This can be approved to the lucrative opportunities in pharmaceutical, automotive, packaging, and other industrial applications in the Asia Pacific region. Economies such as China, Japan, and South Korea are anticipated to be the major contributors to the market in APAC. Increased manufacturing operations contribute mainly to the economic development in China, while the growing demand to incorporate Industry 4.0 and developed production techniques for rising automation across different applications in India is contributing to the extreme growth of machine vision in APAC. Additionally, vigorous competition among consumer electronics companies in APAC is probably to improve the adoption of machine vision systems in the region.
• North America (U.S., Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
• Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
• Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Players Covered in Machine Vision market are:
• Sony Corporation (Japan)
• ISRA Vision (Germany)
• Basler AG (Germany)
• Intel Corporation (US)
• Omron Corporation (Japan)
• Keyence (Japan)
• National Instruments (US)
• Teledyne Technologies (US)
• Cognex Corporation (US)
• Texas Instruments (US)
• Sick AG (Germany)
• FLIR Systems (US) and other players.

Key Industry Developments In The Machine Vision Market
1. In March 2021, Cognex launched Cognex Edge Intelligence (EI) which is utilized to assist customers defense downtime and improves the productivity of manufacturing and logistics operations by offering its barcode reading performance monitoring and device management.

2. In March 2021, Cognex has introduced its latest product called DataMan 8700 Series which is the next generation of handheld barcode readers built on a completely newly designed platform. The device serves cutting-edge performance and is very easy to use with no tuning or operator training required prior.

Frequently Asked Questions:
1. What would be the forecast period in the Machine Vision Market research report?
2. Who are the key players in Machine Vision Market?
3. What are the segments of the Machine Vision Market?
4. What is the Machine Vision Market?
5. How big is the Machine Vision Market?

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Table Of Contents:
Chapter 1: Introduction
 1.1 Research Objectives
 1.2 Research Methodology
 1.3 Research Process
 1.4 Scope and Coverage
  1.4.1 Market Definition
  1.4.2 Key Questions Answered
 1.5 Market Segmentation

Chapter 2: Executive Summary

Chapter 3: Growth Opportunities by Segment
 3.1 By Offering
 3.2 By Product
 3.3 By Application
 3.4 By End-Use Industry

Chapter 4: Market Landscape
 4.1 Porter's Five Forces Analysis
  4.1.1 Bargaining Power of Supplier
  4.1.2 Threat of New Entrants
  4.1.3 Threat of Substitutes
  4.1.4 Competitive Rivalry
  4.1.5 Bargaining Power Among Buyers
 4.2 Industry Value Chain Analysis
 4.3 Market Dynamics
  4.3.1 Drivers
  4.3.2 Restraints
  4.3.3 Opportunities
  4.5.4 Challenges
 4.4 Pestle Analysis
 4.5 Technological Roadmap
 4.6 Regulatory Landscape
 4.7 SWOT Analysis
 4.8 Price Trend Analysis
 4.9 Patent Analysis
 4.10 Analysis of the Impact of Covid-19
  4.10.1 Impact on the Overall Market
  4.10.2 Impact on the Supply Chain
  4.10.3 Impact on the Key Manufacturers
  4.10.4 Impact on the Pricing

Chapter 5: Machine Vision Market by Offering
 5.1 Machine Vision Market Overview Snapshot and Growth Engine
 5.2 Machine Vision Market Overview
 5.3 Hardware
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size (2016-2028F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Hardware: Geographic Segmentation
 5.4 Software
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size (2016-2028F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Software: Geographic Segmentation
 5.5 Services
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size (2016-2028F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Services: Geographic Segmentation

Chapter 6: Machine Vision Market by Product
 6.1 Machine Vision Market Overview Snapshot and Growth Engine
 6.2 Machine Vision Market Overview
 6.3 PC Based
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size (2016-2028F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 PC Based: Geographic Segmentation
 6.4 Smart Camera Based
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size (2016-2028F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Smart Camera Based: Geographic Segmentation
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