Machine Vision Market: Information by Offering, Application (Quality Assurance, Measurement, Identification), Product, End-Use, and Region — Forecast till 2029

Mar 25, 2020   Global Statistics Representing Machine Vision Market Scenario A machine vision system (MVS) comprises all industrial and non-industrial applications in which a combination of software and hardware offer operational guidance to devices in the execution of their functions, based on the capture and processing of images. These systems can perform objective measurements, including the provision of location information that advises a robot to align parts in a manufacturing process or determine a spar...
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Global Statistics Representing Machine Vision Market Scenario

A machine vision system (MVS) comprises all industrial and non-industrial applications in which a combination of software and hardware offer operational guidance to devices in the execution of their functions, based on the capture and processing of images. These systems can perform objective measurements, including the provision of location information that advises a robot to align parts in a manufacturing process or determine a spark in plug gaps. The two major specifications of these vision systems are sensitivity and resolution. An alternative to machine vision is surveillance cameras, but the former provides automatic image capturing, evaluation, and processing capabilities.

Increasing Demand for Machine Vision Systems

The machine vision system market is estimated to be in the maturity stage as the product has been widely accepted by customers. The product demand and company profits are increasing, and marketing targets a broad audience. For instance, the annual revenue of Cognex, a global provider of machine vision systems including hardware and software, has reached USD 806 million and grew at a CAGR of 21% in the past five years. Also, companies are investing large sums to develop products. For instance, in 2018, Cognex spent approximately 14% of its revenue on machine vision research and development activities.

Time Savings & Enhanced Productivity

The machine vision system market is growing rapidly with a CAGR of 7.1%, and this trend is estimated to continue during the forecast period. Machine vision systems find applications in quality assurance, inspection, positioning, guidance, measurement, and identification. The rising need for quality inspection and automation drives market growth. The requirement for quality assurance has increased as industries have realized the importance of quality testing and assurance in the manufacturing process. This has led to the widespread acceptance of machine vision as part of a long term automation development process.

The employment of machine vision in automated production helps manufacturers in identifying problems in the manufacturing process in a short span of time, improving response time and reducing costs. The technology also helps in recognition of flawed goods, which in turn lowers the product recall rate and increases customer satisfaction and loyalty. In the case of defects, the products are reworked, which is an additional cost that is to be borne by the manufacturing industries. For instance, in 2018, Nissan had to recall about 150,000 vehicles, owing to the improper inspection of braking systems and steering wheels. According to a research study by Forbes, automated quality testing can increase defect detection rates by up to 90%. Therefore, manufacturers are currently focusing on efficient automated processes such as machine vision systems to reduce throughput processing time and increase productivity. The technology has a high adoption rate in industrial operations and is increasingly replacing manual measurements and inspection.

Machine vision technology is estimated to gain significant traction in the food, packaging, automotive, and pharmaceutical sectors during the coming years attributed to its abilities, such as enhanced analysis, improved object detection, accurate component measuring, and tolerance monitoring. Machine vision is extensively used in scanning and identifying barcodes, labels, and texts, primarily in the packaging sector. The technology automates packaging activities and saves time, while subsequently increasing efficiency by avoiding human errors. Furthermore, the increased adoption of CMOS sensors in machine vision cameras is identified as one of the key growth factors. CMOS sensors are cost-efficient, and advancements have led to enhanced image quality. These sensors are applicable in areas that need smaller cameras and are also widely used in inspection processes, such as packaging and measuring.

The trend that is estimated to affect the market in the coming years is the emergence of the Industrial Internet of Things (IoT) or Industry 4.0. IoT is able to connect information technology with production technology. Hence, to optimize factory processes, data capture and analytics will be incorporated in the forecast timespan. Machine vision is one of the basic and vital technologies to provide IoT with information. Furthermore, the development of 3D-enabled automotive night vision systems is projected to contribute significantly to market growth during the forecast period. It is estimated that the coming years will observe the development of automotive night vision systems based on LIDAR-based vision systems, which are able to generate 3D images of the surrounding by using laser pulses. Additionally, increasing investments in the machine vision market are projected to create lucrative opportunities in the future.

Use of Automated Machines in Industrial and Manufacturing Sectors to Reduce Errors and Streamline Production Processes

The key end-use sectors of the machine vision market are automotive, electronics, semiconductors, pharmaceuticals, chemicals, printing, labeling, pulp, paper, food, beverage, postal, logistics, glass, and metal. Maximal adoption of the machine vision system is witnessed in the industrial and manufacturing sectors for product information, evaluation, and rectification. The automotive sector, around the globe, uses machine vision system. It is mainly used in the automotive industry for inspection purposes, which includes error proofing, presence/absence checking, assembly verification, and final inspection. In addition to this, MV systems are also used for robotic guidance, dimensional gauging, and testing automation purposes that come under gauge, measure, and guide applications. The food and beverage industry is also widely using machine vision systems for packaging and bottling operations.

Adoption of Automation by Prominent Manufacturers in Asia-Pacific

Asia-Pacific leads the global machine vision system market, and it is expected to continue this supremacy during the forecast timeline. The factors influencing this positioning of Asia-Pacific are the lucrative opportunities in packaging, automotive, pharmaceutical, and other various industrial applications in the region. Asia-Pacific is an emerging manufacturing hub, and countries, such as China, India, Japan, South Korea, and Singapore, have some of the largest manufacturing facilities, where automation has been implemented extensively. In addition to this, increasing competition among consumer electronics companies in Asia-Pacific is expected to spur the adoption of machine vision systems.

China and Japan are key countries that offer a wide range of opportunities for emerging and matured technologies, such as machine vision. China is an ideal destination for manufacturing units of various sectors, including electronics and automotive, as labor costs in China are increasing every year. Therefore, companies located in China are focusing on employing automation systems to reduce operational costs. Operational and expenditure benefits, coupled with government initiatives by emerging countries, such as Taiwan, South Korea, India, and Singapore, are also contributing to market growth in Asia-Pacific.

Recent Advancements

Recent advancements in machine vision, such as liquid lens, deep learning software, 360-degree camera, vision processing unit, hybrid image sensor, and hyperspectral imaging, are expected to provide immense opportunities for the market in the coming years. The variable focus liquid lens is a lucrative technology in machine vision. Liquid lenses offer high-quality images and auto-focus functionality. This technology is envisaged to have a wide variety of industrial applications.

The integration of AI-based deep learning in machine vision systems is projected to drive the market in the forecast timeline. Deep learning incorporated machine vision software reduces human intervention and offers real-time solutions by differentiating between the acceptable variations in products and the defects in manufacturing sectors. Rising integration of edge computing and AI is also forcing software companies to enter into collaborations and partnerships with manufacturers of smart cameras and processors. Increasing investments are being witnessed in the market, owing to its upcoming opportunities. For instance, General Motors invested USD 2.8 billion in South Korea in 2018 as part of its plan to restructure its embattled unit in the country. Many international automation and electronic companies are also investing in the Asia-Pacific region, owing to the growth in the region. For instance, Samsung partnered with ABB in 2018 and invested USD 20 million in Vion Technologies, a Chinese company specializing in machine vision systems, such as Artificial Intelligence and cameras. Many partnerships and collaborations in the industry increase market development. For instance, Canon and Stemmer Imaging partnered to serve the machine vision industry. In this partnership, Canon will provide detailed technical lens data to Stemmer Imaging in order to receive fully engineered machine vision solutions containing Canon lenses.

Machine Vision Market: Key Players

Some of the prominent companies in the machine vision system market are Basler AG, Cognex Corporation, Omron Corporation, National Instruments Corporation, Keyence Corporation, Sony Corporation, Allied Vision Technologies GmbH, Teledyne Technologies, Inc., Texas Instruments, Inc., Intel Corporation, MVTec Software GmbH, and Baumer Optronic GmbH. Major distributors of the market include Vision Systems Technology LLC, A.S.K Technologies, Hans Turck GmbH and Co.KG, Infotech Marek Twardowski, Fabrimex Systems AG, Multi-Components GmbH, Keyence Deutschland GmbH, Fraunhofer Allianz Vision, Omni Control Prufsysteme GmbH, and Parkvi GmbH.

Machine Vision Market Segmentation

By Offering

  • Hardware
  • Software

By Product

  • PC Based
  • Smart Camera Based

By Application

  • Quality Assurance & Inspection
  • Positioning & Guidance
  • Measurement
  • Identification

By Region

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa

Frequently Asked Questions (FAQs)

The rising need for quality inspection and automation are the key factors expected to drive Machine Vision Market during the forecast period.
Industrial and Manufacturing Segment is expected to be the leading segment in Machine Vision Market during the forecast period.
Asia Pacific is expected to hold the highest market share in Machine Vision Market.
Basler AG, Cognex Corporation, Omron Corporation, National Instruments Corporation, Keyence Corporation, Sony Corporation, Allied Vision Technologies GmbH, Intel Corporation, MVTec Software GmbH are the top players in Machine Vision Market.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.

Global Statistics Representing Machine Vision Market Scenario

A machine vision system (MVS) comprises all industrial and non-industrial applications in which a combination of software and hardware offer operational guidance to devices in the execution of their functions, based on the capture and processing of images. These systems can perform objective measurements, including the provision of location information that advises a robot to align parts in a manufacturing process or determine a spark in plug gaps. The two major specifications of these vision systems are sensitivity and resolution. An alternative to machine vision is surveillance cameras, but the former provides automatic image capturing, evaluation, and processing capabilities.

Increasing Demand for Machine Vision Systems

The machine vision system market is estimated to be in the maturity stage as the product has been widely accepted by customers. The product demand and company profits are increasing, and marketing targets a broad audience. For instance, the annual revenue of Cognex, a global provider of machine vision systems including hardware and software, has reached USD 806 million and grew at a CAGR of 21% in the past five years. Also, companies are investing large sums to develop products. For instance, in 2018, Cognex spent approximately 14% of its revenue on machine vision research and development activities.

Time Savings & Enhanced Productivity

The machine vision system market is growing rapidly with a CAGR of 7.1%, and this trend is estimated to continue during the forecast period. Machine vision systems find applications in quality assurance, inspection, positioning, guidance, measurement, and identification. The rising need for quality inspection and automation drives market growth. The requirement for quality assurance has increased as industries have realized the importance of quality testing and assurance in the manufacturing process. This has led to the widespread acceptance of machine vision as part of a long term automation development process.

The employment of machine vision in automated production helps manufacturers in identifying problems in the manufacturing process in a short span of time, improving response time and reducing costs. The technology also helps in recognition of flawed goods, which in turn lowers the product recall rate and increases customer satisfaction and loyalty. In the case of defects, the products are reworked, which is an additional cost that is to be borne by the manufacturing industries. For instance, in 2018, Nissan had to recall about 150,000 vehicles, owing to the improper inspection of braking systems and steering wheels. According to a research study by Forbes, automated quality testing can increase defect detection rates by up to 90%. Therefore, manufacturers are currently focusing on efficient automated processes such as machine vision systems to reduce throughput processing time and increase productivity. The technology has a high adoption rate in industrial operations and is increasingly replacing manual measurements and inspection.

Machine vision technology is estimated to gain significant traction in the food, packaging, automotive, and pharmaceutical sectors during the coming years attributed to its abilities, such as enhanced analysis, improved object detection, accurate component measuring, and tolerance monitoring. Machine vision is extensively used in scanning and identifying barcodes, labels, and texts, primarily in the packaging sector. The technology automates packaging activities and saves time, while subsequently increasing efficiency by avoiding human errors. Furthermore, the increased adoption of CMOS sensors in machine vision cameras is identified as one of the key growth factors. CMOS sensors are cost-efficient, and advancements have led to enhanced image quality. These sensors are applicable in areas that need smaller cameras and are also widely used in inspection processes, such as packaging and measuring.

The trend that is estimated to affect the market in the coming years is the emergence of the Industrial Internet of Things (IoT) or Industry 4.0. IoT is able to connect information technology with production technology. Hence, to optimize factory processes, data capture and analytics will be incorporated in the forecast timespan. Machine vision is one of the basic and vital technologies to provide IoT with information. Furthermore, the development of 3D-enabled automotive night vision systems is projected to contribute significantly to market growth during the forecast period. It is estimated that the coming years will observe the development of automotive night vision systems based on LIDAR-based vision systems, which are able to generate 3D images of the surrounding by using laser pulses. Additionally, increasing investments in the machine vision market are projected to create lucrative opportunities in the future.

Use of Automated Machines in Industrial and Manufacturing Sectors to Reduce Errors and Streamline Production Processes

The key end-use sectors of the machine vision market are automotive, electronics, semiconductors, pharmaceuticals, chemicals, printing, labeling, pulp, paper, food, beverage, postal, logistics, glass, and metal. Maximal adoption of the machine vision system is witnessed in the industrial and manufacturing sectors for product information, evaluation, and rectification. The automotive sector, around the globe, uses machine vision system. It is mainly used in the automotive industry for inspection purposes, which includes error proofing, presence/absence checking, assembly verification, and final inspection. In addition to this, MV systems are also used for robotic guidance, dimensional gauging, and testing automation purposes that come under gauge, measure, and guide applications. The food and beverage industry is also widely using machine vision systems for packaging and bottling operations.

Adoption of Automation by Prominent Manufacturers in Asia-Pacific

Asia-Pacific leads the global machine vision system market, and it is expected to continue this supremacy during the forecast timeline. The factors influencing this positioning of Asia-Pacific are the lucrative opportunities in packaging, automotive, pharmaceutical, and other various industrial applications in the region. Asia-Pacific is an emerging manufacturing hub, and countries, such as China, India, Japan, South Korea, and Singapore, have some of the largest manufacturing facilities, where automation has been implemented extensively. In addition to this, increasing competition among consumer electronics companies in Asia-Pacific is expected to spur the adoption of machine vision systems.

China and Japan are key countries that offer a wide range of opportunities for emerging and matured technologies, such as machine vision. China is an ideal destination for manufacturing units of various sectors, including electronics and automotive, as labor costs in China are increasing every year. Therefore, companies located in China are focusing on employing automation systems to reduce operational costs. Operational and expenditure benefits, coupled with government initiatives by emerging countries, such as Taiwan, South Korea, India, and Singapore, are also contributing to market growth in Asia-Pacific.

Recent Advancements

Recent advancements in machine vision, such as liquid lens, deep learning software, 360-degree camera, vision processing unit, hybrid image sensor, and hyperspectral imaging, are expected to provide immense opportunities for the market in the coming years. The variable focus liquid lens is a lucrative technology in machine vision. Liquid lenses offer high-quality images and auto-focus functionality. This technology is envisaged to have a wide variety of industrial applications.

The integration of AI-based deep learning in machine vision systems is projected to drive the market in the forecast timeline. Deep learning incorporated machine vision software reduces human intervention and offers real-time solutions by differentiating between the acceptable variations in products and the defects in manufacturing sectors. Rising integration of edge computing and AI is also forcing software companies to enter into collaborations and partnerships with manufacturers of smart cameras and processors. Increasing investments are being witnessed in the market, owing to its upcoming opportunities. For instance, General Motors invested USD 2.8 billion in South Korea in 2018 as part of its plan to restructure its embattled unit in the country. Many international automation and electronic companies are also investing in the Asia-Pacific region, owing to the growth in the region. For instance, Samsung partnered with ABB in 2018 and invested USD 20 million in Vion Technologies, a Chinese company specializing in machine vision systems, such as Artificial Intelligence and cameras. Many partnerships and collaborations in the industry increase market development. For instance, Canon and Stemmer Imaging partnered to serve the machine vision industry. In this partnership, Canon will provide detailed technical lens data to Stemmer Imaging in order to receive fully engineered machine vision solutions containing Canon lenses.

Machine Vision Market: Key Players

Some of the prominent companies in the machine vision system market are Basler AG, Cognex Corporation, Omron Corporation, National Instruments Corporation, Keyence Corporation, Sony Corporation, Allied Vision Technologies GmbH, Teledyne Technologies, Inc., Texas Instruments, Inc., Intel Corporation, MVTec Software GmbH, and Baumer Optronic GmbH. Major distributors of the market include Vision Systems Technology LLC, A.S.K Technologies, Hans Turck GmbH and Co.KG, Infotech Marek Twardowski, Fabrimex Systems AG, Multi-Components GmbH, Keyence Deutschland GmbH, Fraunhofer Allianz Vision, Omni Control Prufsysteme GmbH, and Parkvi GmbH.

Machine Vision Market Segmentation

By Offering

  • Hardware
  • Software

By Product

  • PC Based
  • Smart Camera Based

By Application

  • Quality Assurance & Inspection
  • Positioning & Guidance
  • Measurement
  • Identification

By Region

  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East and Africa

Frequently Asked Questions (FAQs)

The rising need for quality inspection and automation are the key factors expected to drive Machine Vision Market during the forecast period.
Industrial and Manufacturing Segment is expected to be the leading segment in Machine Vision Market during the forecast period.
Asia Pacific is expected to hold the highest market share in Machine Vision Market.
Basler AG, Cognex Corporation, Omron Corporation, National Instruments Corporation, Keyence Corporation, Sony Corporation, Allied Vision Technologies GmbH, Intel Corporation, MVTec Software GmbH are the top players in Machine Vision Market.
We will send you an email with login credentials to access the report. You will also be able to download the pdf.
Basically choose Pay by Purchase Order when you are checking out. We will connect with you via email to set up your order.
Call us, email us, or chat with us! We encourage your questions and feedback. We have a research concierge team available at all times and included in every purchase.