Press release
Machine Vision Software Market Poised to Hit $4.2 Billion by 2029 with Accelerating Growth Trends
Machine Vision Software
What Is the Expected CAGR for the Machine Vision Software Market Through 2025?
There has been a marked acceleration in the growth of the machine vision software market in recent years. This market is projected to expand from $1.76 billion in 2024 to $2.08 billion in 2025, at a compound annual growth rate (CAGR) of 18.1%. The growth during the historical period was primarily due to an increased demand for quality inspection in the manufacturing industry, the burgeoning popularity of machine vision across diverse sectors, its substantial benefits in various applications, and the use of customer analytics and inventory management in the e-commerce and retail sector, despite the sluggish market growth prompted by the pandemic.
What's the Projected Size of the Global Machine Vision Software Market by 2029?
The market size for machine vision software is predicted to experience a surge in growth in the forthcoming years, potentially reaching a value of $4.2 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 19.2%. The anticipated growth in this period can be associated with the heightened adoption of automation in manufacturing, increased demand for quality inspection, improvements in product quality, the automation of arduous or challenging visual inspection procedures, and the growing implementation of Industry 4.0 technologies. Key trends that will shape the forecast period encompass technological advancements, the integration of machine vision in robotics for industrial automation, the use of Industry 4.0 technologies in manufacturing sectors, strategic alliances and collaborations with emerging businesses, as well as the broadening of applications for machine vision.
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Top Growth Drivers in the Machine Vision Software Industry: What's Accelerating the Market?
The machine vision software market is anticipated to grow due to the rising need for quality inspection. This process involves a systematic review and evaluation of products or processes to ensure they meet set standards and specifications. This ensures consistency, dependability, and adherence to regulatory requirements. Machine vision software bolsters quality inspection by offering automated, precise assessment of products or procedures through image processing and pattern recognition algorithms. This allows for quicker and more precise detection of flaws or deviations, improving quality control measures, minimizing errors, and maintaining higher product quality standards across various sectors. For example, the International Federation of Robotics, a professional non-profit organization based in Germany, reported that the UK saw a record spike in industrial robot sales in 2023, with 3,830 units being installed. This represents a considerable growth of 51% from the previous year. Thus, the escalating demand for quality inspection is stimulating the growth of the machine vision software market.
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What Trends Will Shape the Machine Vision Software Market Through 2029 and Beyond?
Important companies that are part of the machine vision software market are directing their efforts towards developing innovative technologies, one of them being fixed-mount barcode reader technology. Used as a permanent setup scanning device in areas like conveyor belts or cashier counters, fixed-mount barcode reader technology is growing its reach. Cognex Corporation, a renowned US firm producing machine vision systems, software along sensors introduced in February 2022, the DataMan 280 Series Fixed-Mount Barcode. This particular design serves a range of ID applications, including complex 1D, 2D, and DPM code applications predominantly within logistics and industrial sectors. The DataMan 280 is equipped with dynamic image generation technology, coupled with a high-definition sensor to boost code processing and coverage, facilitating accurate reading of intricate barcodes and maximizing throughput and overall equipment efficiency (OEE). It also incorporates connectivity options suitable for contemporary Industry 4.0 manufacturing requirements. The DataMan 280 is optimal for scanning in presentations, reading bottles and packages, pallet scanning, and for scanning codes on automobile parts and medical devices. With the integration of Cognex Edge Intelligence (EI), it pushes the boundaries of Industry 4.0 with features like uncomplicated web browser connectivity, device management, and performance evaluation.
What Are the Main Segments in the Machine Vision Software Market?
The machine vision softwaremarket covered in this report is segmented -
1) By Technology: Personal Computer-Based Machine Vision, Smart Camera-Based Machine Vision, Embedded Machine Vision
2) By Application: Quality Control And Inspection, Robotics And Automation, Packaging And Labeling, Surface Inspection, Security And Surveillance, Other Applications
3) By End Use: Manufacturing, Automotive, Electronics And Semiconductor, Healthcare, Transportation And Logistics, Retail And Consumer Electronics, Banking And Finance, Other End Users
Subsegments:
1) By Personal Computer-Based Machine Vision: Software Solutions, Imaging Hardware Integration, Processing Power Optimization
2) By Smart Camera-Based Machine Vision: Integrated Software Solutions, Onboard Processing Capabilities, Communication Interfaces
3) By Embedded Machine Vision: Custom Hardware Solutions, Compact Software Frameworks, Real-Time Processing Capabilities
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Which Top Companies are Driving Growth in the Machine Vision Software Market?
Major companies operating in the machine vision software market are 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
Which Regions Will Dominate the Machine Vision Software Market Through 2029?
North America was the largest region in the machine vision software market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the machine vision software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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