Machine Vision Market: Current Analysis and Forecast (2024-2032)

Report Description

Global Machine Vision Market Size & Forecast

The Global Machine Vision Market was valued at USD 12.2 billion in 2023 and is expected to grow at a strong CAGR of around 8.8% during the forecast period (2024-2032) owing to the rise in industrial robots and their applications in inspection, quality control, and guidance is a major driver.

Machine Vision Market Analysis

The global Machine Vision Market refers to the integration of optical sensors, cameras, and software technologies that allow machines to interpret and respond to visual data, primarily in industrial applications such as quality inspection, object recognition, and guidance of automated systems. This market is driven by increasing demand for automation, particularly in manufacturing, automotive, electronics, and healthcare sectors, where accuracy, speed, and cost-efficiency are essential. Growth factors include advancements in AI and deep learning, the rising need for precision in production processes, and the expanding use of vision-guided robots. The surge in smart factories and Industry 4.0 initiatives further fuels the market’s expansion globally.

Global Machine Vision Market Trends

This section discusses the key market trends that are influencing the various segments of the global Machine Vision market, as identified by our team of research experts.

PC-based Machine Vision System Segment Transforming Industry

The PC-based machine vision system category is the major driver of the machine vision market as it provides application developers with versatile, customizable, and high-performance systems for a multitude of challenging industrial uses. PC-based systems do not rely on an embedded computer with a fixed set of capabilities, thus having benefits such as higher calculation speed, the capability of integration with other automation systems, and broad functionality including the capability of solving complex problems such as image recognition and real-time analysis. These systems can be periodically revised with new software and hardware; this is essential for such industries as automobile, electronics, and packaging, where needs may change over the years. They serve as leaders of innovation and adoption in the machine vision market due to their flexibility and effectiveness.

Asia-Pacific is Expected to Grow at the fastest CAGR During the Forecast Period.

The Asia-Pacific machine vision market is rapidly growing due to the growth of the manufacturing industry in the region such as China, Japan, South Korea, and India. The growing use of automation and robotics, especially in the electronics, automotive, and pharmaceutical industries to enhance productivity, quality control, and accuracy has created a need for machine vision systems. This paper reveals that several government initiatives supporting Industry 4.0 and smart manufacturing are also acting as major drivers that are further propelling market growth. Also, the Asia-Pacific region boasts large-scale production facilities and high-tech investments, making the region a strategic market for the machine vision sector. The factors that could be considered as advantages for machine vision solutions include competitive pricing, innovation, and strong local manufacturing hubs.

Global Machine Vision Industry Overview

The global machine vision market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are Cognex Corporation; Basler AG; Omron Corporation; KEYENCE CORPORATION; Sony Image Sensing Solutions; Teledyne Digital Imaging Inc.; Texas Instruments Incorporated; Intel Corporation; Integro Technologies Corp.; Allied Vision Technologies GmbH

Global Machine Vision Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report briefly reviews overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, type portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global machine vision market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Global Machine Vision Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Machine Vision market were the three major steps undertaken to create and analyze the adoption of global Machine Vision in major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were considered. Moreover, exhaustive primary interviews were conducted with industry experts across the value chain of the global Machine Vision market. For the assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the global Machine Vision market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the global Machine Vision market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, product, application, end-use, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the global Machine Vision market. Further, we conducted factor analysis using dependent and independent variables such as type, product, application, end-use, and global Machine Vision market regions. A thorough analysis of demand and supply-side scenarios was conducted considering top partnerships, mergers and acquisitions, business expansion, and product launches in the global machine vision market.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global machine vision market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to several factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the global Machine Vision market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global machine vision market in terms of types offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global machine vision market. Data was split into several segments and sub-segments after studying various parameters and trends in the global Machine Vision market’s type, product, application, end-uses, and regions.

The Main Objective of the Global Machine Vision Market Study

The current & future market trends of the global Machine Vision market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the market’s overall attractiveness at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the global Machine Vision market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the Type, product, application, end-uses, and regions.
• Define and analyze the regulatory framework for the industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the global Machine Vision market for the major regions.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the global Machine Vision market and the growth strategies the players adopt to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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