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Machine Vision Market worth $18.4 billion by 2028 - Exclusive Report by MarketsandMarkets™

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MarketsandMarkets

03 Nov, 2023, 14:15 GMT

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CHICAGO, Nov. 3, 2023 /PRNewswire/ -- The global Machine vision market is expected to grow from USD 12.9 billion in 2023 to USD 18.4 billion by 2028, registering a CAGR of 7.3% according to a new report by MarketsandMarkets™. The growth of the machine vision market is propelled by rising demand for water and wastewater treatment, increasing use of machine visions in drug safety, and fiscal policy measures by regional financial institutions to boost the machine vision market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=234246734

Browse in-depth TOC on "Machine Vision Market" 
172 – Tables
69 – Figures
271 – Pages

Machine Vision Market Report Scope:

Report Coverage

Details

Market Revenue in 2023

$ 12.9 billion

Estimated Value by 2028

$ 18.4 billion

Growth Rate

Poised to grow at a CAGR of 7.3%

Market Size Available for

2019–2028

Forecast Period

2023–2028

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Component, Deployment, Product, Application, End-user Industry and Region

Geographies Covered

North America, Europe, Asia Pacific, and Rest of World

Key Market Challenge

Complexities associated with integration of different components of machine vision systems and production lines at application sites

Key Market Opportunities

Integration of Industry 4.0 technologies into manufacturing processes

Key Market Drivers

Rising need for safety and enhancing product quality in industrial sector

General segment to hold the largest market share in the year 2022.

The machine vision industry is experiencing a surge in widespread deployment. This expansion is propelled by the convergence of cutting-edge technologies, a growing demand for automation, and the imperative for precision, quality assurance, and operational efficiency. Machine vision applications span across industries, driving remarkable growth and innovation in this dynamic sector.

Camera segment to record the highest CAGR during the forecast period.

The machine vision market has witnessed substantial growth in camera technology. High-resolution cameras with advanced features, such as higher frame rates, lower latency, and enhanced image processing capabilities, have become essential for applications like automation, robotics, and quality inspection. The demand for specialized cameras tailored to specific industry needs has also surged, contributing to the market's expansion.

Smart Camera-based segment to record the highest CAGR during the forecast period.

The smart camera-based machine vision system is experiencing substantial growth. Its compact form factor, embedded processing capabilities, and seamless integration make it a preferred choice across industries. As automation and quality control requirements surge, smart camera systems are integral to improving efficiency and precision, fueling their rapid expansion.

Food & Packaging segment to record the highest CAGR during the forecast period.

The utilization of machine vision technology has witnessed substantial growth within the food and packaging sector. This advancement has revolutionized quality control and operational efficiency. Automated inspection systems have become indispensable, detecting imperfections, guaranteeing precise labeling, and ensuring product integrity. Consequently, manufacturing processes have become more streamlined, errors have significantly reduced, and compliance with rigorous industry regulations has improved, ultimately elevating product safety and customer contentment.

Inquiry Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=234246734

Asia Pacific is expected to grow at the highest CAGR in the Machine vision market from 2023 to 2028.

The Machine Vision System industry in the Asia Pacific region has experienced a remarkable ascent, marked by a compelling synergy of technological innovation and cultural diversity. This burgeoning market boasts diverse applications across multiple sectors, ranging from electronics to agriculture. The rapid technological evolution in China, precision engineering prowess in Japan, and creative ingenuity in South Korea collectively shape a dynamic landscape propelling the exceptional growth of the Machine Vision System sector in this region.

Key players operating in the Machine vision companies include Cognex Corporation (US), Basler AG (Germany), Omron Corporation (Japan), National Instrument Corporation (US), Keyence Corporation (Japan), Teledyne Technologies (US), Sick AG (Germany), TKH Group (Netherland), Sony Corporation (Japan), Texas Instruments Incorporated (US), Intel Corporation (US), Atlas Copco (Sweden), Microsoft (US) and Others in the Machine vision market.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=234246734

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Robotic Vision Market by Type (2D Vision, 3D Vision Systems), Hardware (Cameras, Lighting, Optics, Processors & Controllers, Frame Grabbers), Software (Traditional software, Deep Learning Software), Application, Industry, Region - Global Forecast to 2028

Smart Manufacturing Market by Technology (3D printing, Al in Manufacturing, Automated guided vehicle, Condition Monitoring, Cybersecurity, Digital Twin, HMI, Machine Vision, MES, PAM, Robot, Sensor), Industry, Region - Global Forecast to 2028

3D Machine Vision Market with COVID-19 impact Analysis by Offering (Hardware and Software), Product (PC-based and Smart Camera-based), Application, Vertical (Industrial and Non-Industrial) & Geography - Global Forecast till 2025

Industrial Robotics Market by Type (Traditional, Collaborative), Component, Payload (Upto 16.00 Kg, 16.01-60.00 Kg, 60.01-225.00 Kg, More than 225 Kg), Application (Handling, Dispensing, Processing), End Use Industry and Region - Global Forecast to 2028

Computer Vision Market by Component (Hardware (Camera, Frame Grabber, Optics, Processor) and Software (Deep Learning and Traditional Software)), Product (PC Based and Smart Camera Based), Application, Vertical - Global Forecasts to 2023

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra

MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/industrial-machine-vision-market.asp
Content Source: https://www.marketsandmarkets.com/PressReleases/industrial-machine-vision.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

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