This report describes and evaluates the global machine vision market. It covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031.
The global machine vision market reached a value of nearly $15,134.2 million in 2021, having increased at a compound annual growth rate (CAGR) of 3.7% since 2016. The market is expected to grow from $15,134.2 million in 2021 to $23,473.8 million in 2026 at a rate of 9.2%. The market is then expected to grow at a CAGR of 9.5% from 2026 and reach $36,967.6 million in 2031.
Growth in the historic period resulted from growing need for quality inspection and automation, rapid urbanization, rapid technological adoption, and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were cybersecurity concerns for machine robots and devices, volatile metal prices, and shortage in electronic components supply.
Going forward, increasing urbanization, increasing smart cities, and technological advances will drive market growth. Factors that could hinder the growth of the machine vision market in the future include shortage of skilled professionals, chances of failure and changing regulations.
The machine vision market is segmented by product into PC-based and smart camera-based. The PC-based market was the largest segment of the machine vision market segmented by product, accounting for 55.0% of the total in 2021 and smart camera-based segment is expected to be the fastest growing segment going forward, at a CAGR of 9.5% during 2021-2026.
The machine vision market is segmented by offering into hardware and software. The hardware market was the largest segment of the machine vision market segmented by offering, accounting for 58.8% of the total in 2021 and software segment is expected to be the fastest growing segment going forward, at a CAGR of 9.7% during 2021-2026.
The machine vision market is segmented by deployment type into general machine vision systems and robotic cell. The general machine vision systems market was the largest segment of the machine vision market segmented by deployment type, accounting for 88.1% of the total in 2021 and robotic cell segment is expected to be the fastest growing segment going forward, at a CAGR of 13.6% during 2021-2026.
The machine vision market is segmented by application into quality assurance and inspection, positioning and guidance, measurement, identification, and predictive maintenance. The quality assurance and inspection market was the largest segment of the machine vision market segmented by application, accounting for 35.2% of the total in 2021 and predictive maintenance segment is expected to be the fastest growing segment going forward, at a CAGR of 9.9% during 2021-2026.
The machine vision market is segmented by end-user into automotive, pharmaceuticals and chemicals, electronics and semiconductors, pulp and paper, printing and labeling, food and beverage, postal and logistics, other end-users. The automotive market was the largest segment of the machine vision market segmented by end-user, accounting for 30.1% of the total in 2021 and automotive segment is expected to be the fastest growing segment going forward, at a CAGR of 9.8% during 2021-2026.
North America was the largest region in the global machine vision market, accounting for 31.5% of the total in 2021. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the machine vision market will be South America and Middle East, where growth will be at CAGRs of 11.1% and 10.6% respectively. These will be followed by Africa and Asia Pacific, where the markets are expected to grow at CAGRs of 10.4% and 10.0% respectively, during 2021-2026.
The machine vision market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 18.96% of the total market in 2020. Major players in the market are Cognex Corporation, Keyence Corp., Omron Corporation, Sony Corporation, Teledyne Technologies, ISRA Vision AG, Basler AG, Sick AG, Intel Corporation and Texas Instruments.
The top opportunities in the machine vision market segmented by product will arise in the PC-based segment, which will gain $4,444.7 million of global annual sales by 2026. The top opportunities in the machine vision market segmented by offering will arise in the hardware segment, which will gain $4,640.2 million of global annual sales by 2026. The top opportunities in the machine vision market segmented by deployment type will arise in the general machine vision system segment, which will gain $6,741.2 million of global annual sales by 2026. The top opportunities in the machine vision market segmented by end-user will arise in the automotive segment, which will gain $2,700.3 million of global annual sales by 2026. The top opportunities in the machine vision market segmented by application will arise in the quality assurance and inspection segment, which will gain $2,758.2 million of global annual sales by 2026. The machine vision market size will gain the most in the USA region at $ 2,172.5 million.
Market-trend-based strategies for the machine vision market include vision-guided robotic systems, smart cameras and image processing, industry 4.0 and internet of things, and cyber-physical system (CPS).
Player-adopted strategies in the machine vision market include focus on product innovation and new opportunities for business development through new product launches, focus on strengthening business through expansion, expanding business through strategic mergers and acquisitions.
To take advantage of the opportunities, the publisher reccomends the machine vision companies to focus on human centric lighting, invest in smart vision systems, focus on innovative product launches, expand in emerging markets, focus on smart cities, focus on competitive pricing, focus on merger and acquisition marketing and target pharmaceutical and manufacturing industry companies.
The global machine vision market reached a value of nearly $15,134.2 million in 2021, having increased at a compound annual growth rate (CAGR) of 3.7% since 2016. The market is expected to grow from $15,134.2 million in 2021 to $23,473.8 million in 2026 at a rate of 9.2%. The market is then expected to grow at a CAGR of 9.5% from 2026 and reach $36,967.6 million in 2031.
Growth in the historic period resulted from growing need for quality inspection and automation, rapid urbanization, rapid technological adoption, and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were cybersecurity concerns for machine robots and devices, volatile metal prices, and shortage in electronic components supply.
Going forward, increasing urbanization, increasing smart cities, and technological advances will drive market growth. Factors that could hinder the growth of the machine vision market in the future include shortage of skilled professionals, chances of failure and changing regulations.
The machine vision market is segmented by product into PC-based and smart camera-based. The PC-based market was the largest segment of the machine vision market segmented by product, accounting for 55.0% of the total in 2021 and smart camera-based segment is expected to be the fastest growing segment going forward, at a CAGR of 9.5% during 2021-2026.
The machine vision market is segmented by offering into hardware and software. The hardware market was the largest segment of the machine vision market segmented by offering, accounting for 58.8% of the total in 2021 and software segment is expected to be the fastest growing segment going forward, at a CAGR of 9.7% during 2021-2026.
The machine vision market is segmented by deployment type into general machine vision systems and robotic cell. The general machine vision systems market was the largest segment of the machine vision market segmented by deployment type, accounting for 88.1% of the total in 2021 and robotic cell segment is expected to be the fastest growing segment going forward, at a CAGR of 13.6% during 2021-2026.
The machine vision market is segmented by application into quality assurance and inspection, positioning and guidance, measurement, identification, and predictive maintenance. The quality assurance and inspection market was the largest segment of the machine vision market segmented by application, accounting for 35.2% of the total in 2021 and predictive maintenance segment is expected to be the fastest growing segment going forward, at a CAGR of 9.9% during 2021-2026.
The machine vision market is segmented by end-user into automotive, pharmaceuticals and chemicals, electronics and semiconductors, pulp and paper, printing and labeling, food and beverage, postal and logistics, other end-users. The automotive market was the largest segment of the machine vision market segmented by end-user, accounting for 30.1% of the total in 2021 and automotive segment is expected to be the fastest growing segment going forward, at a CAGR of 9.8% during 2021-2026.
North America was the largest region in the global machine vision market, accounting for 31.5% of the total in 2021. It was followed by Asia Pacific, Western Europe, and then the other regions. Going forward, the fastest-growing regions in the machine vision market will be South America and Middle East, where growth will be at CAGRs of 11.1% and 10.6% respectively. These will be followed by Africa and Asia Pacific, where the markets are expected to grow at CAGRs of 10.4% and 10.0% respectively, during 2021-2026.
The machine vision market is highly fragmented, with a large number of small players. The top ten competitors in the market made up to 18.96% of the total market in 2020. Major players in the market are Cognex Corporation, Keyence Corp., Omron Corporation, Sony Corporation, Teledyne Technologies, ISRA Vision AG, Basler AG, Sick AG, Intel Corporation and Texas Instruments.
The top opportunities in the machine vision market segmented by product will arise in the PC-based segment, which will gain $4,444.7 million of global annual sales by 2026. The top opportunities in the machine vision market segmented by offering will arise in the hardware segment, which will gain $4,640.2 million of global annual sales by 2026. The top opportunities in the machine vision market segmented by deployment type will arise in the general machine vision system segment, which will gain $6,741.2 million of global annual sales by 2026. The top opportunities in the machine vision market segmented by end-user will arise in the automotive segment, which will gain $2,700.3 million of global annual sales by 2026. The top opportunities in the machine vision market segmented by application will arise in the quality assurance and inspection segment, which will gain $2,758.2 million of global annual sales by 2026. The machine vision market size will gain the most in the USA region at $ 2,172.5 million.
Market-trend-based strategies for the machine vision market include vision-guided robotic systems, smart cameras and image processing, industry 4.0 and internet of things, and cyber-physical system (CPS).
Player-adopted strategies in the machine vision market include focus on product innovation and new opportunities for business development through new product launches, focus on strengthening business through expansion, expanding business through strategic mergers and acquisitions.
To take advantage of the opportunities, the publisher reccomends the machine vision companies to focus on human centric lighting, invest in smart vision systems, focus on innovative product launches, expand in emerging markets, focus on smart cities, focus on competitive pricing, focus on merger and acquisition marketing and target pharmaceutical and manufacturing industry companies.
Frequently Asked Questions about the Global Machine Vision Market
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| Report Attribute | Details |
|---|---|
| No. of Pages | 280 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 15134.2 Million |
| Forecasted Market Value ( USD | $ 36967.6 Million |
| Compound Annual Growth Rate | 9.3% |
| Regions Covered | Global |
Table of Contents
1. Machine Vision Market Executive Summary2. Table of Contents3. List of Figures4. List of Tables5. Report Structure
6. Introduction
7. Machine Vision Market Characteristics
8. Machine Vision Market Trends And Strategies
9. Impact Of COVID-19 On Machine Vision Market
10. Global Machine Vision Market Size And Growth
11. Global Machine Vision Market Segmentation
12. Machine Vision Market, Regional And Country Analysis
13. Asia-Pacific Machine Vision Market
14. Western Europe Machine Vision Market
15. Eastern Europe Machine Vision Market
16. North America Machine Vision Market
17. South America Machine Vision Market
18. Middle East Machine Vision Market
19. Africa Machine Vision Market
20. Global Machine Vision Market Competitive Landscape
21. Key Mergers And Acquisitions In The Machine Vision Market
22. Machine Vision Market Opportunities And Strategies
23. Machine Vision Market, Conclusions And Recommendations
24. Appendix
Executive Summary
Machine Vision Global Market Opportunities And Strategies To 2031 provides the strategists; marketers and senior management with the critical information they need to assess the global machine vision market as it emerges from the COVID-19 shut down.
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Description:
Where is the largest and fastest growing market for machine vision? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The machine vision market global report answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider machine vision market; and compares it with other markets.
The report covers the following chapters
- Executive Summary - The executive summary section of the report gives a brief overview and summary of the report.
- Report Structure - This section gives the structure of the report and the information covered in the various sections.
- Introduction - This section gives the segmentation of the machine vision market by geography, by product, by offering, by deployment type, by application and end-user covered in this report.
- Market Characteristics - The market characteristics section of the report defines and explains the machine vision market. This chapter also defines and describes goods and related services covered in the report.
- Trends And Strategies - This chapter describes the major trends shaping the global machine vision market. This section highlights likely future developments in the market and suggests approaches companies can take to exploit these opportunities.
- Impact Of COVID-19 - This section describes the impact of COVID-19 on the machine vision market.
- Global Market Size And Growth - This section contains the global historic (2016-2021) and forecast (2021-2026, 2031) market values, and drivers and restraints that support and restrain the growth of the market in the historic and forecast periods.
- Regional Analysis - This section contains the historic (2016-2021), forecast (2021-2026, 2031) market value and growth and market share comparison by region.
- Segmentation - This section contains the market values (2016-2021, 2021-2026, 2031) and analysis for different segments in the market.
- Regional Market Size And Growth - This section contains the region’s market size (2021), historic and forecast (2021-2026, 2031) market values, and growth and market share comparison of major countries within the region. This report includes information on all the regions (Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa).
- Competitive Landscape - This section covers details on the competitive landscape of the global machine vision market, estimated market shares and company profiles for the leading players.
- Key Mergers And Acquisitions - This chapter gives the information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- This section includes market opportunities and strategies based on findings of the research. This section also gives information on growth opportunities across countries, segments and strategies to be followed in those markets. It gives an understanding of where there is significant business to be gained by competitors in the next five years.
- Conclusions And Recommendations - This section includes conclusions and recommendations based on findings of the research. This section also gives recommendations for machine vision providers in terms of product/service offerings, geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope:
Markets Covered:
- By Product: PC-Based And Smart Camera-Based
- By Offering: Hardware; Software; Service
- By Deployment Type: General Machine Vision Systems; Robotic Cell
- By Application: Quality Assurance And Inspection; Positioning And Guidance; Measurement; Identification; Predictive Maintenance
- By End-User: Automotive; Pharmaceuticals And Chemicals; Electronics And Semiconductors; Pulp And Paper; Printing And Labeling; Food And Beverage; Postal And Logistics; Other End-Users
Companies Mentioned:
Cognex Corporation; Keyence Corp.; Omron Corporation; Sony Corporation; Teledyne Technologies
Countries:
China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia
Regions:
Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series:
Five years historic and ten years forecast.
Data:
Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; machine vision indicators comparison.
Data segmentations:
country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing:
Data and analysis throughout the report is sourced using end notes.
Companies Mentioned
A selection of companies mentioned in this report includes:
- Cognex Corporation
- Keyence Corp.
- Omron Corporation
- Sony Corporation
- Teledyne Technologies
Methodology
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