Machine Vision Market by Component (Hardware, Software and Services), Product (PC Based and Smart Camera Based), Application, End User and Geography - Global Industry Analysis, Opportunities and Forecast up to 2026

The global machine vision market size was valued at $10.33 billion in 2020, and is projected to reach $16.76 billion by 2026, growing at a CAGR of 8.4% during the forecast period.

• The machine vision market is expected to witness significant growth in the future due to growing demand for quality inspection and automation in different industrial verticals, government initiatives to support smart factories across the globe and increasing need for vision-guided robotic systems.

• Additionally, the growing demand for better inspection and increased automation are two significant influencing elements that are paving the way for machine vision technology to become more widely used. Furthermore, the demand for enhanced quality control among customers and producers, as well as government regulations requiring compliance with specified requirements, is projected to propel machine vision technology adoption..

• However, lack of flexible machine vision solutions is restraining the market growth.

• On the contrary, rise in manufacturing of hybrid and electric cars and growing demand for artificial intelligence (AI) in machine vision are creating opportunities to expand the market growth in the foreseeable future.

Machine vision, also known as vision system or industrial vision, is a technology that is used to monitor various machinery operations. It generally includes of a variety of cameras that are put over the machines based on the requirements in order to ensure that the entire process is monitored properly. These cameras are permanently installed to execute the tasks of capturing, interpreting, and transmitting signals in accordance with the requirements. The perfect coordination of software and hardware is how machine vision technology works. Machine vision is now giving various benefits to businesses, including improved quality, increased productivity, cheaper production costs, reduced floor space, more production flexibility, and lower capital equipment costs, among others.

By End User, Automotive Segment is Projected to Strong Presence in the Global Market

Automotive segment is expected to have a huge demand in the forecast period. Machine vision is widely utilized in the automobile sector for inspections such as presence-absence checks, error proofing, assembly verification, and final inspection. In addition, MV systems are employed in the measure, gauge, and guide applications for dimensional gauging, robotic guiding, and testing automation. As a result, demand for automated imaging is high across the automotive industry, and it is expected to continue to rise gradually in the future years.

By Geography, Asia Pacific Region to Grow at a Highest CAGR

Asia Pacific is estimated to witness the significant growth rate in the foreseeable future. This may be attributed to the attractive potential in the Asia Pacific region for automotive, packaging, pharmaceutical, and other industrial uses. China, Japan, and South Korea are likely to be the largest contributors to the APAC market. Increased manufacturing operations are primarily responsible for China's economic growth, whilst India's growing need for Industry 4.0 and improved manufacturing processes to increase automation across numerous applications is contributing to AI's phenomenal rise in computer vision in APAC.

Some of the key players profiled in the Report:
• Allied Vision
• Bosch Rexroth
• Cognex Corporation
• Intel Corporation
• ISRA Vision AG
• Keyence Corporation
• Microsoft
• National Instruments
• Omron Corporation
• Sick AG
• Sony Corporation
• Teledyne Technologies
• Texas Instruments
• TKH Group
• Ametek Inc.
• Basler

 What Can be Explored with this Research Report:
• Understand the key trends that will drive the market, challenges it faces in the current market scenario.
• Identify growth opportunities.
• Porter’s five force analysis.
• In-depth analysis of market segments, and regions/countries predicted to observed promising growth.
• Historical and forecast size of the market in terms of revenue (USD Million).
• Company profiling with key products and solution offerings, key financial information, SWOT analysis, and business strategies adopted.

Market Segmentation:

The research report includes in-depth coverage of the industry analysis with size, share, and forecast for the below segments:

Market by, Component
• Hardware
• Software
• Services

Market by, Product
• PC Based
• Smart Camera Based

Market by, Application
• Quality Assurance and Inspection
• Positioning and Guidance
• Measurement
• Identification
• Predictive Maintenance

Market by, End User
• Automotive
• Electronics and Semiconductor
• Consumer Electronics
• Glass and Metals
• Wood and Paper
• Pharmaceuticals & Chemicals
• Food & Packaging
• Rubber & Plastics
• Printing
• Machinery/Equipment
• Solar Panel Manufacturing
• Textile
• Postal & Logistics
• Agriculture
• Security & Surveillance
• Other End Users

 Market by, Geography
• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

Table Of Content

1 Market Overview             
    1.1 Introduction         
    1.2 Research Objectives        
    1.3 Market Segmentation        
    1.4 Stakeholders         
    1.5 List of Acronyms         
                
2 Executive Summary             
               
3 Research Methodology            
    3.1 Identification of Data        
    3.2 Evaluation of Market Dynamics       
    3.3 Collaboration of Data        
    3.4 Verification and Analysis        
    3.5 Data Sources         
    3.6 Assumptions         
               
4 Market Dynamics             
    4.1 Market Drivers         
           4.1.1 Growing demand for quality inspection and automation in different industrial verticals
           4.1.2 Government initiatives to support smart factories across the globe
           4.1.3 Increasing need for vision-guided robotic systems
    4.2 Market Restraints         
           4.2.1 Lack of flexible machine vision solutions
    4.3 Market Opportunities        
           4.3.1 Rise in manufacturing of hybrid and electric cars
           4.3.2 Growing demand for artificial intelligence (AI) in machine vision
    4.4 Market Challenges         
           4.4.1 Dearth of skilled professionals in manufacturing factories
    4.5 Impact of COVID-19 on Machine Vision Market      
               
5 Porter's Five Force Analysis            
    5.1 Bargaining Power of Suppliers        
    5.2 Bargaining Power of Buyers        
    5.3 Threat of New Entrants        
    5.4 Threat of Substitutes        
    5.5 Competitive Rivalry in the Market       
               
6 Global Machine Vision Market by, Component          
    6.1 Overview         
    6.2 Hardware         
           6.2.1 Camera   
           6.2.2 Frame Grabber  
           6.2.3 LED Lighting  
           6.2.4 Optics/Lenses  
           6.2.5 Processor  
    6.3 Software          
           6.3.1 Traditional Software 
           6.3.2 Deep Learning Software 
    6.4 Services          
               
7 Global Machine Vision Market by, Product          
    7.1 Overview         
    7.2 PC Based          
    7.3 Smart Camera Based        
               
8 Global Machine Vision Market by, Application          
    8.1 Overview         
    8.2 Quality Assurance and Inspection       
    8.3 Positioning and Guidance        
    8.4 Measurement         
    8.5 Identification         
    8.6 Predictive Maintenance        
               
9 Global Machine Vision Market by, End User          
    9.1 Overview         
    9.2 Automotive         
    9.3 Electronics and Semiconductor       
    9.4 Consumer Electronics        
    9.5 Glass and Metals         
    9.6 Wood and Paper          
    9.7 Pharmaceuticals & Chemicals        
    9.8 Food & Packaging         
    9.9 Rubber & Plastics         
    9.10 Printing          
    9.11 Machinery/Equipment        
    9.12 Solar Panel Manufacturing        
    9.13 Textile           
    9.14 Postal & Logistics         
    9.15 Agriculture         
    9.16 Security & Surveillance        
    9.17 Other End Users         
               
10 Global Machine Vision Market by, Geography          
    10.1 Overview         
    10.2 North America         
    10.3 Europe          
    10.4 Asia Pacific         
    10.5 South America         
    10.6 Middle East & Africa        
               
11 Key Developments             
               
12 Company Profiling              
    12.1 Allied Vision         
             12.1.1 Business Overview
             12.1.2 Product/Service Offering
             12.1.3 Financial Overview
             12.1.4 SWOT Analysis
             12.1.5 Key Activities
    12.2 Bosch Rexroth         
    12.3 Cognex Corporation         
    12.4 Intel Corporation         
    12.5 ISRA Vision AG         
    12.6 Keyence Corporation        
    12.7 Microsoft          
    12.8 National Instruments        
    12.9 Omron Corporation          
    12.10 Sick AG          
    12.11 Sony Corporation         
    12.12 Teledyne Technologies        
    12.13 Texas Instruments         
    12.14 TKH Group         
    12.15 Ametek Inc.         
    12.16 Basler