The Global Machine Vision Market to Advance at CAGR of 7.63% by 2028

Triton Market Research presents the Global Machine Vision Market segmented by Type (2D Measurement, 3D Measurement, 1D Measurement), Verticals (Electronics & Semiconductor, Healthcare, Automotive, Food & Packaging, Other Verticals), Component (Software, Hardware [Illuminations, Cameras, Processors, ASMV, Sensors, Other Hardware Components]), Application (Guidance, Inspection, Gauging, Identification, Other Applications), and by Geography (Asia-Pacific, Middle East and Africa, North America, Latin America, Europe). It further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Analysis, Key Impact Analysis, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

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Based on Triton's estimates, the global market for machine vision is expected to witness growth at a CAGR of 7.63% over the forecasted period 2021-2028.

Machine vision technology acts as a substitute for human visual sense with digital cameras and image processing to support manual inspections. This technology is employed across various industries to automate the production process, improving overall product quality.

The industrial internet of things links production technology with information technology, thereby having the capability of extensive data capture and analytics to optimize factory operations. Machine vision is considered among the basic technologies to support IIOT with information and data. Hence, the rapid adoption of the industrial internet of things has supported robotics development and renewed the need for machine vision. Hence, these factors are creating opportunities for the machine vision market.

However, lack of expertise and unawareness about the benefits offered by machine vision systems are negatively impacting the global market's growth.

Geographically, the Asia-Pacific is expected to become the fastest-growing region in the machine vision market. The region's robust growth mainly results from the increased need to reduce total ownership costs and enhanced accuracy. Additionally, the region is expected to witness high demand from the industrial sector, which will further support the growth of the machine vision market across the APAC region.

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The key companies in the machine vision market include Datalogic SPA, Omron Microscan Systems Inc, Keyence Corporation, Cognex Corporation, Basler AG, Jai AS, USS Vision Inc, National Instruments Corporation, Flir Systems Inc, Teledyne Technologies Inc, Optotune AG, Allied Vision Technologies GmbH, Baumer Optronic GmbH, Omron Corporation, and Perceptron Inc.

Globally, the market is at a development stage, growing with new advancements. Due to high market attractiveness, several global players have begun investing in machine vision technologies. There is a huge growth opportunity offered to new players with technological capabilities to enter the market. Further, there is high competition among several players, ranging from large to small vendors. Companies are competing by offering similar features at lower prices and acquiring other companies. Hence, these factors indicate the threat of new players to be moderate, while the competition level among existing players is relatively higher.

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