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Machine Vision Market: Industry Analysis, Trends, Growth, Share, Size, Region and Top Key Players

United States, 17 January 2019 -- Over the past few years, the global machine vision market has witnessed a healthy growth. The trend of product miniaturization has increased the demand for machine vision systems as they play an important role in inspecting defects in both industrial and non-industrial applications.

According to the latest report by IMARC Group, titled “Machine Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global machine vision market reached a value of US$ 8.4 Billion in 2017. Machine vision (MV) refers to the technology which performs image-based automatic inspections by employing video cameras, digital signal processing (DSP) and analog to digital conversion (ADC). The data captured is then transferred to a computer for further analysis and to provide the desired output. The two main aspects of machine vision systems are sensitivity and resolution. Sensitivity refers to the machine’s capability of inspecting objects in dim light or detecting weak impulses at invisible wavelengths, whereas resolution assists in differentiating objects. Nowadays, machine vision systems are gaining traction as they help in lowering production cost, increasing productivity, improving quality and reducing equipment cost.

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Global Machine Vision Market Trends:

The ongoing trend of product miniaturization has made machine vision systems vital for inspecting measurements and defects in miniaturized products. These systems can inspect minute details which may otherwise be too small for the human vision to detect. Machine vision systems prevent defective components from reaching the later stages of production by identifying them at earlier stages which subsequently helps in minimizing unnecessary costs. Owing to this, machine vision systems are increasingly being incorporated in several manufacturing industries. In line with increasing automation, the adoption of robots is also rising across various industry verticals. As these robots rely on machine vision to perform tasks, this is projected to proliferate the demand for machine vision systems across the globe. On account of these factors, the market value is forecasted to reach US$ 13.5 Billion by 2023, expanding at a CAGR of around 8% during 2018-2023.

Machine Vision Market Segmentation:

Market Segmentation by Product

• Vision Systems
• Cameras
• Others

Based on type, the market has been segregated as vision systems, cameras and others. At present, vision systems dominate the market, holding the largest share, as these devices are able to detect errors and timely deliver information.

Market Segmentation by Component

• Hardware
• Software

On the basis of components, the machine vision market has been bifurcated into the hardware and software categories. Amongst these, hardware components account for the majority of the total market share as they play a vital role in integrating smart components in order to improve the efficiency of machine vision systems.

Market Segmentation by Application

• Positioning
• Identification
• Verification
• Measurement
• Flaw Detection
• Others

The market has also been segmented on the basis of applications into positioning, identification, verification, measurement and flaw detection. Positioning currently represents the largest segment, holding the dominant share.

Market Segmentation by Industry

• Automotive
• Medical and Pharmaceutical
• Electronics and Semiconductor
• Food, Packaging and Printing
• Security and Surveillance
• Intelligent Traffic System
• Identification
• Others

The market has also been divided on the basis of industry into automotive; medical and pharmaceutical; electronics and semiconductor; food, packaging and printing; security and surveillance; intelligent traffic system; and identification.

Market Segmentation by Region

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

Region-wise, Asia Pacific is the leading market, accounting for the majority of the global share. Rapid industrial expansion in countries like China, Japan, India and South Korea is contributing to the development of several innovative products and adoption of advanced technologies in the region. Other major markets include Europe, North America, Middle East and Africa, and Latin America.

Competitive Landscape:

The competitive landscape of the market has also been examined with some of the key players.

• Cognex Corporation
• Basler AG
• Omron Corporation
• National Instruments Corporation
• Keyence Corporation
• Sony Corporation
• Teledyne Technologies, Inc.
• Texas Instruments, Inc.
• Allied Vision Technologies GmbH
• Intel Corporation
• Baumer Optronic GmbH
• Jai A/S.

For more information, click here:

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us

James Smith
Tel No:(D) +91 120 433 0800 |
Americas :- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331

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Submitted by Imarc Group, IMARC Group on Thursday, 17 January 2019 at 6:58 PM
Category: Enterprise Technology
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