Press release
Machine Vision Software Market 2024-2033 : Market Size, Top Segments, Leading Region Forecast
Machine Vision Software Global Market Report 2024
According to The Business Research Company's, the machine vision software market size has grown rapidly in recent years. It will grow from $1.47 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. The growth in the historic period can be attributed to rising demand for quality inspection in manufacturing, growing popularity of machine vision in different verticals, extensive advantages in several applications, inventory management and customer analytics in e-commerce and retail, sluggish market growth due to the pandemic.
The machine vision software market size is expected to see rapid growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. The growth in the forecast period can be attributed to increasing adoption of automation in manufacturing, increasing demand for quality inspection, enhancement of product quality, automating challenging or tedious visual inspection tasks, increasing adoption of industry 4.0 technologies. Major trends in the forecast period include technological advancements, integration of machine vision in robotics for industrial automation, adoption of industry 4.0 technologies in manufacturing, strategic partnership and collaboration with new entrants, expansion of machine vision applications.
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Market Drivers and Trends:
The increasing demand for quality inspection is expected to propel the growth of the machine vision software market going forward. Quality inspection involves the systematic examination and assessment of products or processes to meet predefined standards and specifications, guaranteeing consistency, reliability, and compliance with regulatory requirements. Machine vision software enhances quality inspection by providing automated and precise analysis of products or processes through image processing and pattern recognition algorithms, enabling faster and more accurate detection of defects or deviations. This facilitates improved quality control measures, reducing errors and ensuring higher product quality standards across industries. For instance, in October 2021, according to the International Federation of Robotics, a Germany-based professional non-profit organization, the global sales value of industrial robots increased by 17% from the previous year, with a significant portion dedicated to quality control applications, indicating a growing reliance on automation and machine vision technologies for inspection tasks. Therefore, the increasing demand for quality inspection is driving the growth of the machine vision software market.
Major companies operating in the machine vision software market focus on innovative technologies, such as fixed-mount barcode reader technology. Fixed-mount barcode reader technology refers to scanning devices permanently mounted in a fixed location, such as a conveyor belt or a checkout counter. For instance, in February 2022, Cognex Corporation, a US-based manufacturer of machine vision systems, software, and sensors, launched DataMan 280 Series Fixed-Mount Barcode, designed to handle a wide variety of ID applications, such as challenging 1D, 2D, and Direct Part Mark (DPM) code applications in the logistics and industrial sectors. The DataMan 280 has dynamic image generation technology and a high-resolution sensor to enhance code processing and coverage. This technology increases throughput and overall equipment effectiveness (OEE) while enabling users to read complicated barcodes accurately. It also provides connectivity choices for today's Industry 4.0 manufacturing needs. DataMan 280 is perfect for presentation scanning, bottle and package reading, pallet scanning, and reading codes on parts of automobiles and medical devices. Combined with Cognex Edge Intelligence (EI), it offers cutting-edge Industry 4.0 capabilities like simple web browser connectivity, device management, and performance tracking.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Alphabet Inc. , Microsoft Inc., Intel Corporation, Texas Instruments Incorporated, Atlas Copco AB, Keyence Corporation, Omron Microscan Systems Inc., Teledyne Technologies, Zebra Technologies Corporation, FLIR Systems Inc., TKH Group, National Instrument Corporation, Cognex Corporation, Datalogic S.p.A., Baumer Holding AG, Basler AG, Key Technology Inc., Sick AG, Vitronic GmbH, Isra Vision AG, Stemmer Imaging AG, Matrox Imaging, Allied Vision Technologies GmbH, Qualitas Technologies Pvt. Ltd., MVTec Software GmbH
Machine Vision Software Market 2024 Key Insights:
• The machine vision software market is expected to grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%.
• The Role Of Quality Inspection In Expanding The Machine Vision Software Market
• Cognex Corporation's Dataman 280 Series Sets New Standards In Machine Vision Software Market
• North America was the largest region in the machine vision software market in 2023
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