The Global Machine Vision Market Expected to Thrive at $17.72 Billion by 2028

The Global Machine Vision Market Expected to Thrive at $17.72 Billion by 2028

“The Global Machine Vision Market”
As per Triton’s research report, the global machine vision market gathered $9.75 billion in 2020, and is deemed to progress at a CAGR of 7.63% by 2028.

A recent study by Triton Market Research titled Global Machine Vision Market includes the Global Analysis and Forecasts by Application (Identification, Inspection, Gauging, Guidance, Other Applications), Verticals (Healthcare, Automotive, Electronics & Semiconductor, Food & Packaging, Other Verticals), Component (Hardware [Sensors, Cameras, ASMV, Processors, Illuminations, Other Hardware Components], Software), Type (3D Measurement, 2D Measurement, 1D Measurement), and by Geography (North America, Latin America, Asia-Pacific, Europe, Middle East and Africa). 

Machine vision technology is deployed across multiple industries, including healthcare, automotive, and others, to automate production processes and enhance product quality. 

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Triton’s report states that the global machine vision market is expected to garner revenue worth $17.72 billion by 2028, growing at a CAGR of 7.63% over the forecasted period 2021-2028. 

In recent years, there has been a rise in automation in factories. The need for automation has grown mainly owing to the need for a decrease in manufacturing costs, coupled with the need for a decrease in marketing time. In this regard, the rapidly evolving technology and the digitally-focused world have opened avenues for automation. Hence, the growing demand for smart factories is expected to widen the scope and growth of the machine vision market. 

Conversely, complications in the implementation of machine vision systems and lack of standardization are negatively impacting the machine vision market. 

The global machine vision market is segmented into application, verticals, component, and type. Based on application, it is sectioned into identification, inspection, gauging, guidance, and other applications. The verticals section is divided into healthcare, automotive, electronics & semiconductor, food & packaging, and other verticals. In terms of components, the market is bifurcated into hardware and software. The hardware segment is further categorized into sensors, cameras, ASMV, processors, illuminations, and other hardware components. Lastly, the type section is trifurcated into 3D measurement, 2D measurement, and 1D measurement. 

The Asia-Pacific holds the largest market for machine vision globally. This robust growth can be attributed to the growing manufacturing sector. Machine vision is key for economic modernization, ensuring high quality and productivity. As per estimates, the demand for machine vision technology is expected to increase across Japan, China, South Korea, and India over the upcoming years. Hence, all these factors are supporting the growth of the machine vision market across the region. 

Basler AG, Perceptron Inc, Allied Vision Technologies GmbH, Jai AS, Omron Microscan Systems Inc, Optotune AG, Cognex Corporation, Datalogic SPA, National Instruments Corporation, Keyence Corporation, Flir Systems Inc, Teledyne Technologies Inc, USS Vision Inc, Baumer Optronic GmbH, and Omron Corporation are major firms in the machine vision market. 

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Question & Answer: Machine Vision Market

Question 1: What factor is expected to widen the scope and growth of the machine vision market?

Answer: In recent years, there has been a rise in automation in factories. The need for automation has grown mainly owing to the need for a decrease in manufacturing costs, coupled with the need for a decrease in marketing time. In this regard, the rapidly evolving technology and the digitally-focused world have opened avenues for automation. Hence, the growing demand for smart factories is expected to widen the scope and growth of the machine vision market.

Question 2: What restraining factors are negatively impacting the machine vision market?

Answer: Complications in the implementation of machine vision systems and lack of standardization are negatively impacting the machine vision market. 

Question 3: Which region holds the largest market for machine vision globally?

Answer: The Asia-Pacific holds the largest market for machine vision globally. This robust growth can be attributed to the growing manufacturing sector. Machine vision is key for economic modernization, ensuring high quality and productivity. As per estimates, the demand for machine vision technology is expected to increase across Japan, China, South Korea, and India over the upcoming years. Hence, all these factors are supporting the growth of the machine vision market across the region. 

Question 4: Which are the major firms in the machine vision market?

Answer: Basler AG, Perceptron Inc, Allied Vision Technologies GmbH, Jai AS, Omron Microscan Systems Inc, Optotune AG, Cognex Corporation, Datalogic SPA, National Instruments Corporation, Keyence Corporation, Flir Systems Inc, Teledyne Technologies Inc, USS Vision Inc, Baumer Optronic GmbH, and Omron Corporation are major firms in the machine vision market. 

Related Report:

Global Industrial Robots Market

The global industrial robots market is expected to witness growth at a CAGR of 10.35% based on value through 2021-2028. The market is anticipated to gather $87.79 billion in revenue by 2028.

Industrial robots are programmable and automated, capable of moving on three or more dimensions. They are frequently adopted in industries for production purposes. 

Factors such as the rising research and development investment in robots, coupled with the growing adoption of industrial robots, are driving the studied market’s growth. 

Additionally, the rise in smart factories and development in robotic technologies are augmenting the growth of the industrial robots market globally. 

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