Machine Vision Market Size, Share & Trends Analysis Report By Offering (Hardware, Software, Services), By Product, By Application, By End-use Industry, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global machine vision market size was valued at USD 16.89 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.3% from 2023 to 2030. The increasing demand for quality inspection and automation in different industrial verticals is likely to drive the market. 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 systems is also boosting 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.

These 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 by consumers and manufacturers, coupled with 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 a restraining factor that 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, while the U.S. and Europe were having a positive turnaround, the economic trend remained sluggish.

Offering Insights

In 2022, the hardware segment accounted for the largest revenue share of more than 62.49% 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 segments.

Hardware components comprise several objects such as cameras, sensors, processors, frame grabbers, LED lightings, and optics. Cameras held the largest revenue share in 2022, which is attributed to the increasing demand for CMOS imaging sensors. Based on the hardware components used in the machine vision systems, the hardware segment has been further segregated into camera, frame grabber, optics, LED lighting, and processor sub-segments.

The software offerings are bifurcated into barcode reading, standard algorithm, and deep learning software sub-categories. Barcode reading is a process of verifying the quality of a picture/photograph comprising a barcode before and after printing. Machine vision software system sets parameters and standards related to International Organizations for Standardization (ISO) that support barcode verification quality standards. Barcode comprises bars and spaces, and a scanner scans the code to interpret the correctness of the code. The barcode reading segment is expected to register a significant CAGR from 2022 to 2030.

The deep learning software sub-segment is anticipated to register the highest growth rate over the forecast period owing to the increasing demand for 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 and 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 projected period owing to the large market share of the hardware components. The hardware offering segment is expected to continue growing over the forecast period. In addition, the software segment is expected to contribute progressively to the overall industry growth and help strengthen the market.

Product Insights

The product segment has been sub-categorized into PC based and smart camera-based systems. In 2022, the PC based segment held a market share of exceeding 54.92% in the global market and expected to exhibit a CAGR of nearly 12.0% from 2023 to 2030. The segment is anticipated to continue growing and lead the market in terms of revenue over the estimated duration.

However, smart camera-based systems are projected to exhibit a robust growth rate over the forecast period. The segment is subjected to grow at the fastest rate from 2023 to 2030. This considerable growth of the segment is attributable 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 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 in inspecting labels and tags. These aspects of smart cameras are influencing the adoption of the technology across various industrial sectors, thereby fueling the overall market growth.

End-use Industry Insights

In 2022, the automotive end-use industry held the largest market share of 19.68% in the global market and expected to exhibit significant CAGR from 2023 to 2030.  On the basis of end-use industry, the market has been categorized into automotive, pharmaceuticals and chemicals, electronics and semiconductors, 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 it will continue growing at a steady 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, the MV system is also used for dimensional gauging, robotic guidance, and testing automation purposes, which come 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 register 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.

Application Insights

In 2022, the quality assurance & inspection segment held the largest market share of 51.84% in the global market and expected to exhibit a CAGR of nearly 12.0% from 2023 to 2030. 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 serving the overall market to gain traction for increased adoption.

Identification using machine imaging is also used in camera surveillance, monitoring traffic, or recognizing number plates for security purposes. The segment is expected to grow at a rapid CAGR from 2023 to 2030, owing to several advantages and opportunities offered to the technology worldwide.

Regional Insights

Asia Pacific dominated the market with a revenue share of over 41.65% in 2022. The region is likely to grow at a robust rate from 2023 to 2030. This large market share and regional growth 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 regional economic growth.

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.

Key Companies & Market Share Insights

With 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

Recent Developments

• In June 2023, Allied Vision, a TKH Technology company, exhibited a substantial range of technologies and products at ‘Automatica’ in Munich. These included the ‘Alvium G1’ and ‘Alvium G5’ small GigE Vision and 5GigE Vision cameras; the launch of the company’s ‘AI-Blox’ platform together with its upcoming GMSL-2 Alvium GM2 camera; the Nerian 3D depth camera ‘Ruby’; and a look at the company’s Goldeye XSWIR camera

• In June 2023, Omron Automation Americas launched the F440 Smart Camera for providing flexibility to machine vision operations. It includes a high resolution sensor, customizable lighting and optics, and a simplified vision system configuration via the ‘AutoVISION’ software. The camera is useful in applications including cap inspection, box count, fill level inspection, measurement, and label barcode & OCR, among others

• In June 2023, SICK announced its new multiScan100 family with the launch of the ‘multiScan136’, which uses time of flight (TOF) measurement to create a 3D perception of its surroundings. The multiScan136 provides 3D measurement data for accurate self-localization of vehicles, while simultaneously mapping the environment. It has been indicated for use in mobile robotics in logistics and manufacturing, and indoor & outdoor measurements

• In May 2023, Cognex Corporation launched the ‘Advantage 182’ vision system for the automation of complex location, classification, and inspection tasks, particularly in the life sciences industry. The system features advanced machine vision, barcode reading, and edge learning technology for automating tasks such as presence/absence detection, track-and-trace applications, high-precision alignment, and complex color inspections

• In May 2023, LMI Technologies announced the official release of its ‘GoPxL’ IIoT Vision Inspection Software for creating end-to-end, web-based, inline measurement and inspection solutions that are deployed on ‘Gocator’ 3D Smart Sensors. The GoPxL can be used in a range of industrial inspection tasks through a combination of on-sensor measurement filters and tools running on Gocator’s laser, snapshot, and line confocal sensors

• In April 2023, Cognex Corporation launched the In-Sight 3800 Vision System for high-speed production lines. The company states it to offer twice the processing speed of earlier systems, with the presence of an extensive set of vision tools such as AI-based edge learning technology and traditional rule-based algorithms. It is powered by the In-Sight Vision Suite software that offers both EasyBuilder and Spreadsheet development environments

• In March 2023, Allied Vision expanded the sensor portfolio for its GigE Vision Alvium G1 cameras series with the launch of two Sony SenSWIR sensors and the IMX487 CMOS sensor with UV sensitivity from Sony. This development enables the series to improve its spectral range, offering imaging capabilities from 200nm to 1700nm, making it suitable for a range of scientific and industrial applications

• In October 2022, Basler introduced a new model to its blaze Time-of-Flight (ToF) camera family that features a compact and rugged structure and is well-suited for use in indoor applications in logistics and factory automation. The model has a near-infrared operation at 850 nm, as well as a notable 67° x 51° field of view and a working distance in the range of 0.3 to 10 meters 

 Machine Vision Market Report Scope

Global Machine Vision Market Report Segmentation

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 2030. 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 - 2030)

  • 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 - 2030)

  • PC Based

  • Smart Camera Based

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Quality Assurance and Inspection

  • Positioning and Guidance

  • Measurement

  • Identification

• End-use Industry Outlook (Revenue, USD Million, 2017 - 2030)

  • 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 - 2030)

  • 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