The global machine vision market size was valued at 12.29 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.9% from 2021 to 2028. The increasing demand for quality inspection and automation in different industrial verticals is likely to drive the market for machine vision. Additionally, the need for vision-guided robotic systems across the automotive, food and beverage, pharmaceutical and chemical, and packaging segments is expected to fuel the market growth. The surge in demand for application-oriented machine vision (MV) systems is also expected to boost the adoption of the technology over the forecast period. MV systems involve the ability of a computer to observe, inspect, and scrutinize the work performance by employing one or more video cameras, digital signal processing, and analog to digital conversion. The captured data is then transferred to the computer to analyze and provide the desired output. Resolution and sensitivity are two important aspects of any MV system. Resolution is responsible for differentiating between objects whereas sensitivity is the machine’s ability to detect objects or weak impulses despite dim lights or invisible wavelengths.
MV systems particularly assist in supervising work environments. It offers features such as process control, robotic guidance, and automatic inspection in industrial applications. Industrial production and manufacturing activities are becoming increasingly complicated day by day, creating difficulties and increasing unreliability for the human eye to keenly detect, observe, and examine production activities.
The technology is witnessing high adoption in industrial operations and is significantly replacing manual inspection and measurements owing to the increasing necessity for efficient and reliable inspection and measurements. Machine vision systems deploy smart cameras and image processing to perform measurements and inspections.
The intensifying need for superior inspection and increasing automation are the key influencing factors paving the way for the notable adoption of machine vision technology. Furthermore, the need for increased quality control among consumers and manufacturers, coupled with the government regulations to abide by the prescribed specifications, is expected to catapult the adoption of machine vision technology.
The technology is gaining considerable traction across food and packaging, automotive, pharmaceutical, and other industrial verticals owing to abilities such as improved detection of objects, enhanced analysis, monitoring tolerance, and accurate component measuring.
All these factors are expected to boost the market growth over the forecast period. However, the lack of efficient system operators due to inadequate training is likely to obstruct the smooth growth of the market.
The outbreak of COVID-19 has adversely impacted the economic condition due to government measures such as lockdown and border closures, leading to delays in procurement, manufacturing, and delivery. China, being one of the first countries in Asia to start its economic activity, has seen a recovery trend in its economic progress. On the other hand, the U.S. and Europe having a positive turnaround, the economic trend remained sluggish.
In 2020, the hardware segment accounted for the largest share of more than 60.0% and is anticipated to dominate the market over the forecast period. On the basis of offering, the market has been segregated into hardware, software, and services.
Hardware components comprise several objects such as cameras, frame grabbers, optics/lenses, LED lightings, and processors. Cameras held the largest share in 2020, which is attributed to the increasing demand for CMOS imaging sensors. This, in turn, is anticipated to result in the growth of the hardware sub-segment.
The software offerings are bifurcated into application-specific MV software and deep learning MV software sub-categories. The market for software is application-specific and fragmented based on the necessity of application. The software segment is expected to register a steady growth rate over the forecast period on account of the training and deep learning of the technology, which is fairly contributing to the overall market growth.
The deep learning software sub-segment is anticipated to expand at the highest growth rate over the forecast period owing to the increasing demand for the smart machine vision systems that are equipped with the capabilities of reacting smartly based on the necessity of the operation across different industry verticals.
Additionally, in the services segment, machine vision providers offer mainly two types of services, namely integration and solution management. Machine vision system integrators are used for inspection, testing, assembly, and gaging applications that help customers to meet their product specifications. Moreover, solution management is used for single-step debug operations, inspection control (start and stop), and open and save solutions.
The offering segment is anticipated to exhibit a steady growth rate over the forecast period owing to the large market share of the hardware components. The hardware offering is expected to continue growing over the forecast period. The software sub-segment is expected to progressively contribute to the overall industry growth and help drive the market.
In 2020, the PC based segment held the largest share of exceeding 55.0%, and is expected to exhibit a significant CAGR from 2021 to 2028. The segment is anticipated to continue growing and lead the market in terms of revenue over the forecast period. The product segment has been sub-categorized into PC based and smart camera-based systems.
The smart camera-based systems are projected to exhibit the fastest growth rate of 7.2% over the forecast period. This considerable growth of the segment is attributed to the growing adoption of cameras in 3D imaging.
Machine vision systems, also called vision systems, consist of numerous cameras. At times, depending upon the requirements, these cameras are mounted over the assembly lines so as to observe and examine products and capture data. This is leading to the greater adoption of smart cameras in these systems.
Cameras are also capable of reading labels and directing products automatically without any human involvement. Minimized human intervention has led to decreased errors and increased accuracy of inspecting labels and tags. These aspects of smart cameras are influencing the adoption of the technology across various industrial sectors, thereby fueling up the overall market growth.
In 2020, the quality assurance and inspection segment held the largest share of over 51.0% and is expected to exhibit a significant CAGR from 2021 to 2028. On the basis of application, the market has been segmented into quality assurance and inspection, positioning and guidance, measurement, and identification. The systems are extensively used for scanning and identifying labels, barcodes, and texts, especially in the packaging sector. This automates packaging activities, thereby saving time, avoiding human errors, and increasing efficiency.
The technology is frequently used in the consumer goods, pharmaceutical, and packaging sectors. The adoption of technology in these sectors has resulted in reduced counterfeit products to a large extent, eventually driving the overall market.
Identification using machine imaging is also used in camera surveillance, monitoring traffic, or recognizing number plates for security purposes. The segment is expected to expand at the fastest CAGR of 7.9% from 2021 to 2028 owing to several advantages and opportunities offered to the technology worldwide.
In 2020, the automotive end-use industry held the largest share of 19.38% and is expected to witness considerable growth from 2021 to 2028. On the basis of the end-use industry, the market has been categorized into automotive, pharmaceuticals and chemicals, electronics and semiconductor, pulp and paper, printing and labeling, food and beverage (packaging and bottling), glass and metal, postal and logistics, and others. Currently, the automotive industry is the largest adopter of machine vision systems worldwide and is expected to expand at a steady growth rate over the forecast period.
Machine vision in the automotive industry is extensively used for inspection purposes, which include presence-absence checking, error proofing, assembly verification, and final inspection. Besides, MV systems are used for dimensional gauging, robotic guidance, and testing automation purposes, which comes under the measure, gauge, and guide applications. Therefore, the demand for mechanized imaging is significant across the automobile sector and is anticipated to continue growing steadily over the coming years.
The food and beverage industry is projected to expand at the highest growth rate over the forecast period. MV systems in the food and beverage industry are prominently used in packaging and bottling operations. Followed by the food and beverage end-use industry segment, the machine vision systems are likely to witness significant growth in the pharmaceuticals and chemicals, printing and labeling, and other industry verticals, which include agriculture, rubber and plastic processing, solar paneling, machinery and equipment, and security and surveillance.
Asia Pacific dominated the market with a share of 40.27% in 2020. The region is projected to witness considerable growth from 2021 to 2028. This can be accredited to the lucrative opportunities in automotive, packaging, pharmaceutical, and other industrial applications in the Asia Pacific region.
As the region is establishing itself to become a global manufacturing hub, the technology is anticipated to gain significant traction over the forecast period. China and Japan are prominent countries having the potential to offer extensive opportunities for emerging as well as matured technologies, such as machine vision. The numerous manufacturing industries are contributing to the growth and prosperity of the region’s overall economic development.
In addition to this, the expenditure and operational benefits, coupled with the initiatives being undertaken by the governments of emerging countries, such as South Korea, India, Taiwan, and Singapore, are responsible for catapulting investments and encouraging different industry players to establish their production units in the Asia Pacific region.
Furthermore, increasing investments are being carried out in R&D activities to improve machine vision technology and related developments due to which prominent players are undertaking strategic initiatives, such as distribution alliances, partnerships, mergers, and acquisitions. As such, all these factors are expected to propel the growth of the market in the Asia Pacific region.
With the greater opportunities being offered by both developing and developed nations, such as the U.S., Germany, the U.K., China, Japan, Australia, and Brazil, the prominent players are continuously striving for new product developments and venture capital investments to acquire market presence. Some prominent players in the global machine vision market include:
Allied Vision Technologies GmbH
Basler AG
Cognex Corporation
Keyence Corporation
LMI Technologies, Inc.
Microscan Systems, Inc.
National Instruments Corporation
OMRON Corporation
Sick AG
Tordivel AS
Report Attribute |
Details |
Market Size Value in 2021 |
USD 13.27 billion |
Revenue forecast in 2028 |
USD 21.17 billion |
Growth Rate |
CAGR of 6.9% from 2021 to 2028 |
Base year for estimation |
2020 |
Historical data |
2017 - 2019 |
Forecast period |
2021 - 2028 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments covered |
Offering, product, application, end-use industry, region |
Regional scope |
North America; Europe; Asia Pacific; South America; Middle East & Africa |
Country scope |
U.S.; Canada; Mexico; U.K.; Germany; France; Italy; China; Japan; Australia; Singapore; Brazil; Israel |
Key companies profiled |
Allied Vision Technologies GmbH; Basler AG; Cognex Corporation; Keyence Corporation; LMI Technologies, Inc.; Microscan Systems, Inc.; National Instruments Corporation; OMRON Corporation; Sick AG; Tordivel AS |
Customization scope |
Free report customization (equivalent to up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global machine vision market report on the basis of offering, product, application, end-use industry, and region:
Offering Outlook (Revenue, USD Million, 2017 - 2028)
Hardware
Camera
Frame Grabber
Optics/Lenses
LED Lighting
Processor
Software
Barcode Reading
Standard Algorithm
Deep Learning Software
Services
Integration
Solution Management
Product Outlook (Revenue, USD Million, 2017 - 2028)
PC Based
Smart Camera Based
Application Outlook (Revenue, USD Million, 2017 - 2028)
Quality Assurance & Inspection
Positioning & Guidance
Measurement
Identification
End-use Industry Outlook (Revenue, USD Million, 2017 - 2028)
Automotive
Pharmaceuticals & Chemicals
Electronics & Semiconductor
Pulp & Paper
Printing & Labeling
Food & Beverage (Packaging and Bottling)
Glass & Metal
Postal & Logistics
Others (Agriculture, Security & Surveillance, Rubber, Plastics, Solar Paneling, Machinery, and Others)
Regional Outlook (Revenue, USD Million, 2017 - 2028)
North America
U.S.
Canada
Mexico
Europe
U.K.
Germany
France
Italy
Asia Pacific
China
Japan
Australia
Singapore
South America
Brazil
Middle East & Africa
Israel
b. The global machine vision market size was estimated at USD 12.29 billion in 2020 and is expected to reach USD 13.27 billion in 2021.
b. The global machine vision market is expected to grow at a compound annual growth rate of 6.9% from 2021 to 2028 to reach USD 21.17 billion by 2028.
b. Some key players operating in the machine vision market include Basler AG, Cognex Corporation, Keyence Corporation, Microscan Systems, Inc., National Instruments Corporation., and OMRON Corporation.
b. Key factors that are driving the machine vision market growth include increasing demand for quality inspection and automation in different industrial verticals, increasing demand for application-oriented machine vision systems, and increasing the need for vision-guided robotic systems.
b. The Asia Pacific dominated the machine vision market with a share of 39.58% in 2019. This is attributable to the lucrative opportunities in automotive, packaging, pharmaceutical, and other industrial applications in the Asia Pacific region.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.