Overview and Scope
Machine vision software refers to programs and algorithms used to analyze, interpret, and make decisions based on visual data from cameras and other imaging devices. It enables machines to see and understand their surroundings, allowing for automated inspection, measurement, and control in various industries.
Sizing and Forecast
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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Segmentation & Regional Insights
The machine vision software market 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
North America was the largest region in the machine vision software market in 2023. 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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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The machine vision software market report table of contents includes:
1. Executive Summary
2. Machine Vision Software Market Characteristics
3. Machine Vision Software Market Trends And Strategies
4. Machine Vision Software Market – Macro Economic Scenario
5. Global Machine Vision Software Market Size and Growth
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32. Global Machine Vision Software Market Competitive Benchmarking
33. Global Machine Vision Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Machine Vision Software Market
35. Machine Vision Software Market Future Outlook and Potential Analysis
36. Appendix
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