Machine Vision Market Worth $14.7 Billion by 2025 - Exclusive Report by MarketsandMarkets™

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Feb 19, 2020, 04:30 ET

CHICAGO, Feb. 19, 2020 /PRNewswire/ -- According to the new market research report "Machine Vision Market by Deployment (General & Robotic cell), Component (Hardware and Software), Product (PC-based and Smart camera-based), Application, End-user Industry & Region - Forecast till 2025", published by MarketsandMarkets™, the Machine Vision Market was valued at USD 10.7 billion in 2020 and is projected to reach USD 14.7 billion by 2025; it is expected to grow at a CAGR of 6.5% during the forecast period. The major driving factors in the machine vision market is the increasing need for quality inspection and automation.

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General machine vision market expected to hold the largest share in the machine vision market

Based on deployment, the machine vision market has been segmented into a general machine vision system and robotic cell. The robot keeps moving due which might result in blurred images. The cost of robotic cell is much higher than the general machine vision deployment. Therefore, general machine vision system is more widely being deployed as compared to the robotic cell.

Software machine vision is expected to grow at a faster rate during the forecast period

The integration of AI in industrial machine vision software is expected to fuel the growth of the industrial machine vision market for software during the forecasted period as deep learning enables machines to recognize objects. Also, deep learning-based machine vision software helps in minimizing human intervention and provide a real-time solution by distinguishing the acceptable variations in products and the defects in manufacturing industries.

PC based machine vision system to hold the largest market share in the machine vision market during the forecast period

The PC based machine vision system is expected to hold a major share in the future as these systems are simple to handle and have faster processing power units compared to smart camera-based systems. Also, unlike smart camera-based PCs are highly upgradeable and can swap the components easily. However, it is only suitable where space is not an issue. Though smart camera-based systems have several advantages over computer-based systems, the PC-based machine vision systems dominate the market, but this trend is changing with the advancements in smart camera technology, and IoT, which can be easily be integrated with smart cameras, and the penetration of the smart camera-based machine vision systems is likely to dominate in the next few years.

Quality Assurance and Inspection to hold the largest market share in the machine vision market during the forecast period

The key factors driving the growth of the industrial machine vision market for quality assurance and inspection applications include the increasing demand for quality products, growing manufacturing capacity, and shortage of skilled labor. Semiconductor and electronics companies are highly dependent on the vision inspection technology to check their product quality as well to speed-up their production processes.

Food and packaging industry to grow at the fastest rate in the machine vision market during the forecast period

The food industry is highly labor-intensive. Labor cost is approximately 50% of the product cost, and most of it is repetitive work. This leads to poor quality control and accidents. If the labor cost is reduced by automation by using Machine vision systems, the overall cost is likely to be reduced, including labor and medical costs. Therefore, to provide quality assurance and inspection, minimize the labor cost, and increase the efficiency, machine vision systems are being deployed at the highest rate in the food and packaging industry.

Browse in-depth TOC on "Machine Vision Market"

124 – Tables
40 – Figures
183 – Pages

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APAC held the largest market share in the machine vision market between 2020 and 2025

The machine vision market in APAC is expected to hold a major market share during the forecast period as countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority. In addition, strong competition among consumer electronics companies in APAC is likely to boost the adoption of machine vision systems in the region.

The key market players in the market are Cognex Corporation (US), Basler AG (Germany), Omron Corporation (Japan), Keyence (Japan), National Instruments (US), Sony Corporation (Japan), Teledyne Technologies (US), Texas Instruments (US), Intel Corporation (US), ISRA Vision (Germany), Sick AG (Germany) and FLIR Systems (US).

Related Reports:

Vision Sensor Market by Sensor Type (Less than 3D, 3D), Application (Inspection, Gauging, Code Reading & Localization), End-User Industry (Automotive, Electronics & Semiconductor, Pharmaceuticals, Food & Packaging), and Geography - Global Forecast to 2023

3D Machine Vision Market by Offering (Hardware, and Software), Product (PC Based, and Smart Camera Based), Application, Vertical (Industrial and Non - Industrial), and Geography - Global Forecast to 2022

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