New York, United States, Nov. 16, 2023 (GLOBE NEWSWIRE) -- The Global Machine Vision (MV) Market Size is to grow from USD 18.53 billion in 2023 to USD 54.9 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 11.4% during the projected period. The rising adoption of machine vision in various applications such as identification, measurement, positioning and guidance, quality assurance, inspection, and others in several industries including automotive, pharmaceuticals & chemicals, electronics & semiconductors, pulp & paper, printing & labeling, packaging, food & beverage, glass & metal, logistics, and others is expected to boost the demand for the Machine Vision (MV) Market during the forecast period.
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Machine vision, often known as computer vision, is an artificial intelligence (AI) field that instructs systems to interpret and comprehend the visual environment. Machine vision has been employed in a wide range of applications, such as manufacturing facilities for inspection and quality assurance, self-driving cars for identifying objects and routing, agriculture for crop monitoring and harvesting, healthcare for image-based diagnosis, security systems for surveillance, and numerous others. The worldwide Machine Vision (MV) Market was experiencing significant revenue growth as a result of increased usage of automation technologies across different verticals. Machine vision technology is utilized for automated assessment and evaluation in many industries, including automotive, pharmaceutical, packaging, and electronics. Furthermore, the advancement of machine learning, artificial intelligence (AI), and deep learning technologies has significantly improved the functionality of machine vision systems, thereby rendering them increasingly adaptable and efficient These advances have allowed for more complex object detection, segmentation, and comprehension, broadening the scope of machine vision applications.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Machine Vision (MV) Market Size, Share, and COVID-19 Impact Analysis, By Component (Service, Software, Hardware), By Product (PC Based, Smart Camera Based, Others), By Application (Identification, Measurement, Positioning and Guidance, Quality Assurance, Inspection, Others), By End-Use (Automotive, Pharmaceuticals & Chemicals, Electronics & Semiconductor, Pulp & Paper, Printing & Labeling, Packaging, Food & Beverage, Glass & Metal, Logistics, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The hardware segment is dominating the market with the largest revenue share over the forecast period.
On the basis of components, the global Machine Vision (MV) Market is segmented into service, software, and hardware. Among these, the hardware segment is dominating the market with the largest revenue share of 58.6% over the forecast period. Hardware components comprise several objects such as cameras, sensors, processors, frame grabbers, LED lighting, and optics. Cameras held the largest revenue share, which is attributed to the increasing demand for CMOS imaging sensors.
The smart camera based segment is witnessing significant CAGR growth over the forecast period.
On the basis of product, the global Machine Vision (MV) Market is segmented into PC based, smart camera based, and others. Among these, the smart camera based segment is witnessing significant CAGR growth over the forecast period. A smart camera is a sophisticated camera that, in addition to taking photos, can perform supplemental features such as autofocus, auto-brightness, and so on. In addition, powerful processors with faster analytical capabilities than PC-based cameras are being coupled with smart cameras in machine vision systems.
The quality assurance & inspection segment is expected to hold the largest share of the Global Machine Vision (MV) Market during the forecast period.
Based on the application, the global Machine Vision (MV) Market is classified into identification, measurement, positioning and guidance, quality assurance, inspection, and others. Among these, the quality assurance & inspection segment is expected to hold the largest share of the Machine Vision (MV) Market during the forecast period. These technologies have widespread application in the packaging industry for scanning and identifying labels, barcodes, and texts. This automates packing tasks, saving time, reducing human error, and enhancing efficiency.
The automotive segment accounted for the largest revenue share of more than 57.2% over the forecast period.
On the basis of end-use, the global Machine Vision (MV) Market is segmented into automotive, pharmaceuticals & chemicals, electronics & semiconductors, pulp & paper, printing & labeling, packaging, food & beverage, glass & metal, logistics, and others. Among these, the automotive segment is dominating the market with the largest revenue share of 57.2% over the forecast period. Machine vision has become popular in automobile manufacturing for inspection reasons such as presence-absence verification, mistake proofing, assembly identification, and final quality assurance.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. This substantial market share and geographical development can be attributed to the attractive potential in Asia Pacific automotive, packaging, pharmaceutical, and other manufacturing sectors. China and Japan are significant nations with the potential to provide many prospects for both developing and mature technology such as machine vision. The Europe market is expected to register a substantial CAGR growth rate during the forecast period. It is due to significant advances in technological innovation and automation, both of which are required for machine vision systems. North America, on the contrary, is expected to grow the fastest during the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Machine Vision (MV) Market include Sick AG, Tordivel AS, Sony Corporation, Cognex Corporation, Keyence, Teledyne Technologies, TKH GROUP, Basler, OMRON Corporation, Allied Vision Technologies GmbH, NATIONAL INSTRUMENTS CORP., Intel Corporation, Microscan Systems, Inc., ViDi Systems SA, Texas Instrument, and among others.
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Recent Developments
- On July 2023, Specim Spectral Imaging, a Finnish hyperspectral camera company, recently unveiled the Specim GX17 next-generation near-infrared line-scan hyperspectral camera for industrial machine vision applications. According to Specim Spectral Imaging, the Specim GX17 camera may be operated using the machine vision-compliant SpecimONE spectral imaging system, allowing the development of industrial sorting and inspection applications without an in-depth understanding of spectral imaging and enabling a quick time-to-market.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Machine Vision (MV) Market based on the below-mentioned segments:
Machine Vision (MV) Market, Component Analysis
- Service
- Integration
- Solution Management
- Software
- Barcode Reading
- Standard Algorithm
- Deep Learning Software
- Hardware
- Camera
- Frame Grabber
- Optics/Lenses
- LED Lighting
- Processor
Machine Vision (MV) Market, Product Analysis
- PC Based
- Smart Camera Based
- Others
Machine Vision (MV) Market, Application Analysis
- Identification
- Measurement
- Positioning and Guidance
- Quality Assurance
- Inspection
- Others
Machine Vision (MV) Market, End-Use Analysis
- Automotive
- Pharmaceuticals & Chemicals
- Electronics & Semiconductor
- Pulp & Paper
- Printing & Labeling
- Packaging
- Food & Beverage
- Glass & Metal
- Logistics
- Others
Machine Vision (MV) Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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