Machine Vision Market Size - By Technology (PC-Based, Smart Camera-Based, Embedded), By Application (Inspection, Gauging & Measurement, Guidance & Navigation, Identification, Verification, Sorting & Packaging, Robotics), Component, End-Use & Forecast, 2023 – 2032

Machine Vision Market Size - By Technology (PC-Based, Smart Camera-Based, Embedded), By Application (Inspection, Gauging & Measurement, Guidance & Navigation, Identification, Verification, Sorting & Packaging, Robotics), Component, End-Use & Forecast, 2023 – 2032

Machine Vision Market Size

Machine Vision Market size was valued at USD 3.9 billion in 2022 and is estimated to register a CAGR of over 18% between 2023 and 2032. The concept of Industry 4.0 and the implementation of smart factory initiatives have created a demand for intelligent, interconnected systems where machine vision plays a critical role in data collection, process optimization, and decision-making. For instance, the Industrial Internet Consortium (IIC), a global organization, is working to accelerate the adoption of the Industrial Internet of Things (IIoT) technologies. The IIC has a Machine Vision Working Group that is developing standards and best practices for the use of machine vision in manufacturing.

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Machine vision technologies offer advanced capabilities for precise and consistent quality inspection, reducing defects and enhancing product reliability across various industries. The growing adoption of automation in manufacturing and industrial processes has driven the demand for machine vision systems to ensure accurate and efficient quality control, inspection, and production monitoring. This, in consequence, will carve a healthy growth trajectory for the machine vision market.

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Machine vision technologies offer advanced capabilities for precise and consistent quality inspection, reducing defects and enhancing product reliability across various industries. In addition, the integration of AI and deep learning algorithms with machine vision systems has improved image recognition, object detection, and pattern analysis, expanding the applications and accuracy of machine vision. For instance, in 2022, Google's DeepMind developed a new AI system, Pathway, that can comprehend how to handle a robotic arm to perform complex tasks by watching a human perform the tasks just once.

However, factors such as high initial investment and implementation costs and the requirement for skilled personnel to operate and maintain sophisticated machine vision technologies effectively may pose challenges for the industry. Besides, regulatory challenges and standards compliance in specific industries could also impact market growth.

COVID-19 Impact

The outbreak of COVID-19 has had a significant impact on the machine vision market. With the implementation of social distancing measures, many manufacturing companies have had to adjust their operations to minimize physical contact between workers. As a result, there has been an increased demand for automation and machine vision technology to ensure the safety of workers.

Additionally, the pandemic has accelerated the adoption of machine vision in healthcare, as it offers a contactless way to monitor patients and track the spread of the virus. Overall, COVID-19 has highlighted the importance of machine vision technology for ensuring safety and efficiency in various industries.

Machine Vision Market Trends

Advancements in hardware components and sensors, such as high-resolution cameras and advanced lighting techniques, have improved the performance and accuracy of machine vision systems. For example, the Sony IMX990 sensor released in 2022 can detect shortwave infrared (SWIR) light, which allows machine vision systems to see in low light conditions. This apart, the increasing application scope of machine vision systems beyond traditional industrial uses, including agriculture, security and surveillance, healthcare, transportation, and entertainment, will favor the market dynamics through 2032.

Machine Vision Market Analysis

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The machine vision market from hardware segment is set to exhibit a 17% CAGR during the forecast period, due to the continuous advancements in sensor technology. Manufacturers are developing high-resolution, low-noise sensors with improved sensitivity, enabling machine vision systems to capture clearer and more accurate images, enhancing overall system performance. In addition, as technology evolves, machine vision hardware is becoming more compact, lightweight, and power-efficient, making it easier to integrate into various applications and devices.

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The machine vision market from embedded machine vision segment dominated around USD 980 million revenue in 2022, owing to the escalating need for automation and efficiency in various industries. For example, across the automotive industry, embedded machine vision technology is used to inspect parts during the manufacturing process, ensuring that they meet quality standards. In the healthcare industry, machine vision is used to monitor patients and detect abnormalities in medical images. Additionally, the COVID-19 pandemic has further increased the demand for machine vision technology, as it offers a contactless way to ensure the safety of workers and track the spread of the virus.

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North America machine vision market accounted for 30% of revenue share in 2022, attributed to the need for efficient and accurate medical image analysis, diagnosis, and monitoring. For instance, in U.S., the government is investing heavily in machine vision technology for early detection and treatment of diseases such as cancer. In Canada, machine vision systems are being used for remote patient monitoring and to detect abnormalities in X-rays and CT scans. The onset of the COVID-19 pandemic has also accelerated the adoption of machine vision technology in the region as contactless medical imaging and diagnosis become increasingly important.

Machine Vision Market Share

Major companies operating in the machine vision market include

• Allied Vision Technologies GmbH
• Basler AG
• Baumer Group
• Cognex Corporation
• FLIR Systems, Inc.
• IDS Imaging Development Systems GmbH
• Intel Corporation
• ISRA VISION AG
• Keyence Corporation
• Matrox Electronic Systems Ltd.
• National Instruments Corporation
• Omron Corporation
• Sick AG
• Sony Corporation
• Teledyne Technologies Incorporated

Machine Vision Industry News

• In September 2022, Cognex acquired ViDi systems. This acquisition will help Cognex gain a leading position in the market for 3D imaging applications.

The machine vision market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments

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Market, By Component

• Hardware
  • Cameras
  • Frame grabbers
  • Optics
  • Lighting equipment
  • Processors & FPGAs
  • Others
• Software
  • Image processing software
  • Deep learning & AI software
  • Application-specific software
• Service
  • Installation & integration
  • Maintenance & support
  • Training & consulting

Market, By Technology

• PC-based machine vision
• Smart camera-based machine vision
• Embedded machine vision

Market, By Application

• Inspection
• Gauging & measurement
• Guidance & navigation
• Identification
• Verification
• Sorting & packaging
• Robotics
• Others

Market, By End Use

• Manufacturing
• Automotive
• Electronics & semiconductor
• Healthcare
• Transportation & logistics
• Retail & consumer electronics
• Banking & finance
• Others

The above information has been provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Singapore
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • GCC
  • South Africa

Frequently Asked Questions (FAQ)

What is the market size of the machine vision?

The market size of machine vision reached USD 3.9 billion in 2022 and is set to witness 18% CAGR from 2023 to 2032, due to the emergence of Industry 4.0 and rising implementation of smart factory initiatives.

How are hardware components contributing to machine vision industry growth?

The hardware component segment is expected to record 17% CAGR through 2032, driven by the increasing advancements in sensor technologies.

What is the size of the embedded machine vision market?

The embedded technology segment recorded USD 980 million in 2022, attributed to rising need for automation and efficiency in several industries.

Who are the leading players in the machine vision landscape?

Allied Vision Technologies GmbH, Basler AG, Baumer Group, Cognex Corporation, FLIR Systems, Inc., IDS Imaging Development Systems GmbH, Intel Corporation, ISRA VISION AG, Keyence Corporation, and Matrox Electronic Systems Ltd. are some of the key machine vision companies.