Global Machine Vision Market is expecting to hit USD 14.8 billion by 2030

The global machine vision market is estimated to be USD 9.85 billion in 2021 and is predicted to reach USD 14.8 billion by 2030, growing at a CAGR of 6.2% during the forecast period. The factors responsible for the growth of machine vision across the globe are growing demand for quality inspection and automation in various industrial verticals, rising demand for vision-guided robotic systems across the various industries such as chemical, food & beverage, pharmaceutical, packaging, and automotive industries.

Market Segmentation
Insight by Offering

Based on offering, the global machine vision market is categorized into hardware and software. In 2021, the hardware segment is expected to dominate the machine vision market. The segment is also expected to grow at a faster rate during the forecast period.

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Insight by Product
On the basis of product, the global machine vision market is bifurcated into PC based, and smart-camera based. In 2021, the PC based segment is expected to be largest among all the segments and is projected to maintain its dominance, over the study period. However, smart camera-based system is expected to experience fastest growth rate during the forecast period. This is owing to the increasing adoption of cameras in 3D imaging.

Insight by Application

On the basis of application, the global machine vision market is categorized into quality assurance & inspection, positioning & guidance, measurement, and identification. In 2020, the quality assurance and inspection segment is expected to be largest among all the segments and is projected to maintain its dominance, over the study period. However, identification segment is expected to experience fastest growth rate during the forecast period. This is owing to various advantages and opportunities offered by the technology globally.

Insight by End User
On the basis of end user, the global machine vision market is categorized into automotive, pharmaceuticals & chemicals, electronics & semiconductor, pulp & paper, printing & labeling, food & beverage (packaging and bottling), glass & metal, postal & logistics, and others. In 2020, the automotive industry segment is expected to be largest among all the segments and is projected to maintain its dominance, over the study period.
Machine vision in the automotive industry is majorly utilized for inspection purposes such as absence or presence checking, error proofing, assembly verification, and final inspection. Besides, machine vision systems are also used for robotic guidance, dimensional gauging, and testing automation purposes, which come under the measure, gauge, and guide applications.

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Industry Dynamics
Growth Drivers

The primary factors driving the growth of the global machine vision market are:

• Growing adoption of 3D machine vision systems
• Growing need for quality inspection and automation
• Rising demand for vision-guided robotics systems
• Rising need for inspection in food and packaging industries
• Increasing need for ASICs

The global pandemic of COVID-19 has sidelined main-stream manual workers, tightening labor industry and increased unemployment rate. Globally, manufacturing companies are planning to invest more on automation post COVID-19 also the need for automated quality assurance has increased as industries have realized its importance in manufacturing processes. Due to the COVID-19 outbreak, adoption of automation is boosted due to less intervention by human involved in the process. This in turn, increase the acceptance of machine vision as an integral part of long-term automation development processes.

Challenges
Lack of flexible machine vision solutions and lack of skilled professionals in manufacturing factories is probably the greatest obstacle confronting machine vision producers.

Opportunities
• Growing demand for artificial intelligence (AI) in machine vision
• Growing manufacturing of hybrid and electric cars
• Government initiatives to boost AI-related technologies

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Geographic Overview
Geographically, Asia-Pacific is the largest revenue contributor in the machine vision market. The Asia-Pacific region, in particular countries such as China, Taiwan, Japan, South Korea, and India, are experiencing increase in terms of adoption of machine vision products and solutions compared with other regions. Growing research and development investments, and increasing manufacturing and electronics industries are expected to accelerate the growth of the machine vision market in Asia-Pacific.
Competitive Insight
Key players operating in the global machine vision market include Microscan Systems, Inc., Basler AG, OMRON Corporation, Keyence Corporation, Cognex Corporation, National Instruments Corporation, Intel Corporation, ISRA Vision, Sick AG, and FLIR Systems.

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