Machine Vision Market Size, Share & Trends Report

Machine Vision Market Size, Share & Trends Analysis Report By Offering, By Product, By Application, By End-Use Industry (Automotive, Pharmaceuticals & Chemicals, Food & Beverage, Printing & Labeling), And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-1-68038-842-8
  • Number of Pages: 154
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Research Methodology

A three-pronged approach was followed for deducing the machine vision market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for machine vision market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of machine vision market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Machine Vision Market Categorization:

The machine vision market was categorized into five segments, namely offering (Hardware, Software, Services), product (PC Based, Smart Camera Based), application (Quality Assurance and Inspection, Positioning and Guidance, Measurement, Identification), end-use industry (Automotive, Pharmaceuticals & Chemicals, Electronics & Semiconductor, Pulp & Paper, Printing & Labeling, Food & Beverage (Packaging and Bottling), Glass & Metal, Postal & Logistics), and regions (North America, Europe, Asia Pacific, South America, Middle East & Africa).

Segment Market Methodology:

The machine vision market was segmented into offering, product, application, end-use industry, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The machine vision market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Mexico; the UK.; Germany; France; Italy; China; Japan; Australia; Singapore; India; South Korea; Brazil; Israel.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Machine vision market companies & financials:

The machine vision market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Allied Vision Technologies GmbH , Allied Vision Technologies GmbH is a provider of digital cameras, embedded vision solutions, and related software and accessories. They also offer customization services. Their cameras are utilized in life sciences and industrial applications for image processing. They also provide Vimba, a software development kit that allows OEM customers to integrate and customize machine vision cameras. The company categorizes its product applications under various sectors including AI & embedded vision, entertainment & sports, logistics, security & traffic, science & research, healthcare & medical, and inspection & automation. Allied Vision operates as a subsidiary of TKH GROUP, a provider of smart manufacturing, vision, and connectivity systems. To cater to its customers, the company has appointed distributors and sales representatives in several countries such as Germany, France, Canada, the U.S., Singapore, Norway, Malaysia, India, and China.

  • OMRON Corporation , OMRON Corporation is a manufacturer of automation equipment, systems, and components, with specialties in power supplies, robotics, motion/drivers, environment measurement equipment, energy conservation support, and more. They are also recognized for their medical equipment such as nebulizers, blood pressure monitors, and digital thermometers. Additionally, they provide environmental solutions and power distribution and controls for drilling rigs. OMRON operates in four key areas: Industrial Automation Business (IAB), Healthcare Business (HCB), Electrical & Mechanical Components Business (EMC), and Social Systems Solution and Service Business (SSB). The company has a broad geographic presence, spanning nearly 120 countries across the Americas, Europe, Asia, Africa, and Oceania. OMRON is committed to research and development (R&D), investing USD 445.00 million in 2019, USD 426.31 million in 2020, and USD 391.68 million in 2021. Their R&D facility and automation center in Singapore is dedicated to developing innovative manufacturing solutions using advanced technologies like IoT, AI, and robotics. OMRON is listed on the Tokyo Stock Exchange and the Osaka Securities Exchange under the ticker symbol OMRNY.

  • MVTEC SOFTWARE GMBH , MVTec Software GmbH is a leading provider of machine vision software, serving a wide range of applications such as surface inspection, optical testing systems, quality checks, metrology, and surveillance. The company’s offerings extend to various machine vision applications, quality assurance, robotic vision, and material flow control. MVTec’s technological tools, including Deep Learning, Matching, 3D Vision, Bar & Data Code Reading, OCR & OCV, Sample Based Identification (SBI), Inspection, Subpixel, Classification, Measuring, Morphology, BLOB Analysis, and Filtering, are designed to meet diverse industrial needs. The company’s software solutions are tailored to the requirements of various sectors and industries, including agriculture, automotive, education, electric components, food, glass, metal & paper, industrial machinery, packing, logistics, and semiconductors. MVTec’s software portfolio, based on machine vision, includes Halcon and Merlic. Halcon, standard software, comes with an integrated development platform (HDevelop), offering a flexible architecture that facilitates the development of any machine vision application. Merlic, on the other hand, is an all-in-one software that capitalizes on the company’s machine vision expertise to deliver dependable and consistent performance.

  • STEMMER IMAGING , Stemmer Imaging is a global frontrunner in the field of machine vision technology, providing comprehensive machine vision solutions and exceptional customer service. The company specializes in delivering customized solutions, which include pre-configured components and subsystems, designed to minimize time and effort while integrating vertical applications and client-specific solutions. Stemmer Imaging’s product portfolio is categorized under various headings such as vision systems, illumination, optics, cameras, cables, and computers. The company serves a diverse range of markets, including automotive, defense, security & aerospace, electronics, semiconductors & solar, factory automation, food & beverage, pharmaceutical, print & packaging, and traffic, rail & transport. Stemmer Imaging has a global footprint, with operations in numerous countries, including Austria, Brazil, Denmark, Finland, France, Germany, Italy, Mexico, Poland, Spain, Portugal, and the UK, among others. The company is publicly traded on the Frankfurt Stock Exchange.

  • Basler AG , Basler AG is a company that specializes in the development and production of digital cameras for a variety of applications, including medical devices, traffic systems, industrial uses, and video surveillance. The company’s product range includes PowerPack Microscopy equipment, network cameras, and 3D cameras, which are used in logistics, industrial image processing, imaging, and inspection. In addition, Basler AG provides area scan cameras for factory automation and traffic monitoring, as well as line scan cameras for sorting procedures and quality assurance. The company also supplies related software and components, such as cables, lenses, and lens adapters. Furthermore, Basler AG has a global presence, with representative offices and subsidiaries operating in the U.S, Europe, and the Asia Pacific region.

  • Cognex Corporation , Cognex Corporation is a renowned producer of machine vision products, sensors, and software. The company operates under two main divisions: the Modular Vision Systems Division (MVSD) and the Surface Inspection Systems Division (SISD), both of which focus on machine vision technology. Cognex offers a diverse array of vision and ID products, designed to cater to various consumer requirements at different price points and performance levels. The company serves a wide range of industries and markets its MVSD products through a direct sales force and a global network of distribution and integration partners. In terms of financials, the company invested USD 119.4 million, USD 130.9 million, and USD 135.3 million in 2019, 2020, and 2021 respectively. Cognex is listed on The NASDAQ Stock Market LLC, trading under the symbol CGNX. The company has a robust global presence, with operations in various countries, including California, China, India, Austria, Germany, and the UK, among others.

  • Keyence Corporation , Keyence Corporation is a global provider of industrial automation and inspection equipment. Their product range includes code readers, static eliminators, laser markers, sensors, machine vision systems, microscopes, and measuring systems. They also offer controllers for pressure, temperature, analog, and flow sensors to monitor equipment processes. Keyence serves a diverse range of industries such as medical devices, manufacturing, automotive, industrial equipment, semiconductor, logistics, and home appliances. With a customer base of over 250,000 across various regions including North America, Europe, Asia, East Asia, Middle East, and Africa, the company is truly global. Keyence is also committed to R&D, investing USD 150.96 million, USD 145.94 million, and USD 146.58 million in 2020, 2021, and 2022 respectively.

  • LMI Technologies, Inc. ,LMI Technologies, Inc., a subsidiary of TKH Group NV, is a leading provider of 3D scanning and inspection products. The company offers 3D sensor solutions for process control and industrial measurement in various sectors including transportation, rubber & tire, metal, livestock, glass, electronics, and automotive. LMI caters to system integrators and OEMs involved in global industrial factory automation. It provides solutions for constructing, aligning, and scanning 3D models, along with 3D scanning technology. The company boasts more than 100 patents and has deployed over 60,000 sensors in the field.

  • National Instruments Corp. , National Instruments Corp. is a leading provider of virtual instrumentation software and automated test equipment. The company’s offerings cater to a wide range of industries including automotive, advanced research, automated test equipment, commercial aerospace, consumer electronics, computers, continuous process manufacturing, government, pharmaceutical, energy, telecommunications, and more. Key products include LabVIEW, NI TestStand, NI InsightCM Enterprise, NI VeriStand, NI DIAdem, and NI Multisim. In addition, the company offers machine vision products like platform modules, and standalone or computer-based devices. With a strong global footprint spanning the Americas, Asia-Pacific, Europe, and the Middle East & Africa, the company is a major player in its field. It has also made substantial investments in R&D, spending USD 272 million, USD 280 million, and USD 336 million in 2019, 2020, and 2021 respectively. The company is publicly traded on the NASDAQ Stock Market under the ticker symbol NATI.

  • Sick AG , Sick AG, a global company with presence in regions including the U.S., Germany, Italy, Sweden, Hungary, Malaysia, China, Singapore, and Japan, specializes in manufacturing sensors and sensor solutions for industrial use. It operates in three segments: process automation, logistics automation, and factory automation. The company’s extensive product portfolio includes encoders, photoelectric sensors, proximity sensors, opto-electronic protective devices, magnetic cylinder sensors, and safety switches, among others. Sick AG’s sensor products significantly enhance the automation of industrial production and logistics processes, thereby improving facility productivity and product quality. The company caters to a wide range of industries such as automotive, consumer goods, electronics, handling and assembly technology, packaging, pharma robotics, industrial vehicles, retail and warehousing, chemicals, oil and gas, metal and steel, waste and recycling, and postal industries. Sick AG is committed to innovation, investing USD 226.21 million, USD 247.00 million, and an undisclosed amount in research and development activities in 2019, 2020, and 2021 respectively.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Machine Vision Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Machine Vision Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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