report-image

Machine Vision Market Size – By Component (Hardware, Software and Services), By Product (PC Based and Smart Camera Based), By Application (Quality Assurance and Inspection, Positioning and Guidance, Measurement, Identification, and Predictive Maintenance), By End-use Industry (Automotive, Pharmaceuticals & Chemicals, Electronics & Semiconductor, Pulp & Paper, Printing & Labeling, Food & Beverage, Glass & Metal, Postal & Logistics and Others) & Region – Global Forecasts 2024 - 2034.

  • PUBLISHED ON
  • 2024-09-25
  • NO OF PAGES
  • 285
  • CATEGORY
  • Information Communication & Technology

Market Overview

The Machine Vision market is predicted to develop at a compound annual growth rate (CAGR) of 12.6% from 2024 to 2034, when it is projected to reach USD 44,976.43 Million in 2034, based on an average growth pattern. The market is estimated to reach a value of USD 18,875.85 Million in 2024.


SOURCE: We Market Research

The Global Machine Vision Market refers to the market for technologies that enable machines to capture and analyze visual information, simulating the human vision process. Machine vision systems are primarily used for inspection, quality control, automation, and guidance in industrial processes, particularly in manufacturing, robotics, and the growing field of artificial intelligence (AI)-driven applications. The global machine vision market is growing rapidly, driven by increasing automation in industries like manufacturing, automotive, electronics, and healthcare. Integration with AI and deep learning has further accelerated the adoption of machine vision systems. The market is projected to grow at a strong compound annual growth rate (CAGR) over the next few years, driven by industrial digitization and Industry 4.0 initiatives. The market is highly competitive with major players continuously investing in R&D to enhance their product portfolios and expand their global reach. Leading players include Cognex Corporation, Keyence Corporation, Basler AG, Teledyne Technologies, and Omron Corporation among others. The global machine vision market is expected to see increased integration with artificial intelligence, robotics, and automation systems, alongside growing demand for high-speed and precision-based industrial processes. This will continue to drive innovations and market expansion across various industries.

Market Scope

Report Attributes

Description

Market Size in 2024

USD 18,875.85 Million

Market Forecast in 2034

USD 44,976.43 Million

CAGR % 2024-2034

12.6%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2034

Report USP

 

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

By Component, By Product, By Application, By End-use Industry and By Region

Regional Scope

North America, Europe, APAC, South America and Middle East and Africa

Country Scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria

 Machine Vision Industry: Dynamics & Restrains

 

Market opportunity:

 

We Market Research: Machine Vision Dashboard

Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.


Machine Vision Segmentation

Market- By Component Analysis

By Component, the Machine Vision market is categories into Hardware, Software and Services. Hardware dominate the market with the largest share, accounting for over 60% of the market in 2023. This dominant share reflects the essential role of physical components in machine vision systems. Hardware encompasses the physical components required for machine vision systems, including cameras, sensors, lenses, lighting, and frame grabbers. This segment typically holds the largest share of the machine vision market due to the essential nature of these physical components.

 

The following segments are part of an in-depth analysis of the global Machine Vision market:

Market Segments

By Component

·         Hardware

·         Software

·         Services

By Product

·         PC Based

·         Smart Camera Based

By Application

·         Quality Assurance and Inspection

·         Positioning and Guidance

·         Measurement

·         Identification

·         Predictive Maintenance

By End-use Industry

·         Automotive

·         Pharmaceuticals & Chemicals

·         Electronics & Semiconductor

·         Pulp & Paper

·         Printing & Labeling

·         Food & Beverage

·         Glass & Metal

·         Postal & Logistics

·         Others

Machine Vision Industry: Regional Analysis

North America Market Forecast

North America dominates the global Machine Vision market, accounting for around 37% of the market share in 2023. North America is one of the largest markets for machine vision technology, driven by advanced manufacturing capabilities, high levels of automation, and significant investments in research and development. The U.S. is the largest contributor within this region due to its advanced industrial base, early adoption of automation technologies, and significant presence of major machine vision vendors.


Europe Market Statistics

Europe is a significant market for machine vision, with substantial growth driven by manufacturing sectors and a focus on Industry 4.0 initiatives. The region's strong emphasis on quality control, precision engineering, and automation in industries like automotive, aerospace, and consumer goods fuels its market growth. European countries are at the forefront of Industry 4.0 and smart factory initiatives, increasing the demand for advanced machine vision systems. The automotive and aerospace industries, which are prominent in Europe, heavily utilize machine vision for quality control and process optimization.

 Asia Pacific Market Forecasts

Asia Pacific is the fastest-growing region for machine vision, driven by rapid industrialization, increasing automation, and significant investments in manufacturing infrastructure. The region’s growth is primarily driven by emerging economies like China and India, which are expanding their industrial and manufacturing sectors.

Middle East & Africa Market Statistics

MEA represents a smaller portion of the global machine vision market compared to other regions but is experiencing growth due to increasing industrial activities and infrastructure development. The growth is driven by sectors such as oil and gas, mining, and infrastructure projects. Growing infrastructure and industrial projects, especially in countries like Saudi Arabia and the UAE, are driving demand for machine vision systems.

Key Market Players 

The Advanced Rocket & Missile Propulsion System Market is dominated by a few large companies, such as

·         Cognex Corporation

·         Keyence Corporation

·         Basler AG

·         Omron Corporation

·         Teledyne Technologies

·         National Instruments Corporation

·         Intel Corporation

·         Sony Corporation

·         Allied Vision Technologies GmbH

·         IDS Imaging Development Systems GmbH

·         FLIR Systems, Inc.

·         Baumer Group

·         Datalogic S.p.A.

·         SICK AG

·         Microscan Systems, Inc. (Omron)

·         Tordivel AS

·         JAI A/S

·         Ximea GmbH

·         Photonfocus AG

·         MVTec Software GmbH

·         Other                                                                                               


1.      Global Machine Vision Market Introduction and Market Overview

1.1.    Objectives of the Study

1.2.    Global Machine Vision Market Scope and Market Estimation

1.2.1. Global Machine Vision Overall Market Size (US$ Bn), Market CAGR (%), Market forecast (2024 - 2034)

1.2.2. Global Machine Vision Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034

1.3.    Market Segmentation

1.3.1. Component of Global Machine Vision Market

1.3.2. Product of Global Machine Vision Market

1.3.3. Application of Global Machine Vision Market

1.3.4. End-use Industry of Global Machine Vision Market

1.3.5. Region of Global Machine Vision Market

2.      Executive Summary

2.1.    Demand Side Trends

2.2.    Key Market Trends

2.3.    Market Demand (US$ Bn) Analysis 2019 – 2023 and Forecast, 2024 – 2034

2.4.    Demand and Opportunity Assessment

2.5.    Demand Supply Scenario

2.6.    Market Dynamics

2.6.1. Drivers

2.6.2. Limitations

2.6.3. Opportunities

2.6.4. Impact Analysis of Drivers and Restraints

2.7.    Pricing Trends Analysis

2.8.    Overview of Technology Developments

2.9.    Porter’s Five Forces Analysis

2.9.1. Bargaining Power of Suppliers

2.9.2. Bargaining Power of Buyers

2.9.3. Threat of Substitutes

2.9.4. Threat of New Entrants

2.9.5. Competitive Rivalry

2.10.  PEST Analysis

2.10.1.   Political Factors

2.10.2.   Economic Factors

2.10.3.   Social Factors

2.10.4.   Technology Factors

2.11.  Value Chain / Ecosystem Analysis

2.12.  Key Regulation

3.      Global Machine Vision Market Estimates & Historical Trend Analysis (2019 - 2023)

4.      Global Machine Vision Market Estimates & Forecast Trend Analysis, by Component

4.1.    Global Machine Vision Market Revenue (US$ Bn) Estimates and Forecasts, by Component, 2019 - 2034

4.1.1. Hardware

4.1.2. Software

4.1.3. Services

5.      Global Machine Vision Market Estimates & Forecast Trend Analysis, by Product

5.1.    Global Machine Vision Market Revenue (US$ Bn) Estimates and Forecasts, by Product, 2019 - 2034

5.1.1. PC Based

5.1.2. Smart Camera Based

6.      Global Machine Vision Market Estimates & Forecast Trend Analysis, by Application

6.1.    Global Machine Vision Market Revenue (US$ Bn) Estimates and Forecasts, by Application, 2019 - 2034

6.1.1.Quality Assurance and Inspection

6.1.2.Positioning and Guidance

6.1.3.Measurement

6.1.4.Identification

6.1.5. Predictive Maintenance

7.      Global Machine Vision Market Estimates & Forecast Trend Analysis, by End-use Industry

7.1.    Global Machine Vision Market Revenue (US$ Bn) Estimates and Forecasts, by End-use Industry, 2019 - 2034

7.1.1.Automotive

7.1.2.Pharmaceuticals & Chemicals

7.1.3.Electronics & Semiconductor

7.1.4.Pulp & Paper

7.1.5.Printing & Labeling

7.1.6.Food & Beverage

7.1.7.Glass & Metal

7.1.8.Postal & Logistics

7.1.9. Others

8.      Global Machine Vision Market Estimates & Forecast Trend Analysis, by Region

8.1.    Global Machine Vision Market Revenue (US$ Bn) Estimates and Forecasts, by Region, 2019 - 2034

8.1.1. North America

8.1.2. Eastern Europe

8.1.3. Western Europe

8.1.4. Asia Pacific

8.1.5. Middle East & Africa

8.1.6. Latin America

9.      North America Machine Vision Market: Estimates & Forecast Trend Analysis

9.1.    North America Machine Vision Market Assessments & Key Findings

9.1.1. North America Machine Vision Market Introduction

9.1.2. North America Machine Vision Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)

9.1.2.1.   By Component

9.1.2.2.   By Product

9.1.2.3.   By Application

9.1.2.4.   By End-use Industry

9.1.2.5.   By Country

9.1.2.5.1.     The U.S.

9.1.2.5.2.     Canada

9.1.2.5.3.     Mexico

10.  Western Europe Machine Vision Market: Estimates & Forecast Trend Analysis

10.1.  Western Europe Machine Vision Market Assessments & Key Findings

10.1.1.   Western Europe Machine Vision Market Introduction

10.1.2.   Western Europe Machine Vision Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)

10.1.2.1.    By Component

10.1.2.2.    By Product

10.1.2.3.    By Application

10.1.2.4.    By End-use Industry

10.1.2.5.    By Country

10.1.2.5.1.  Germany

10.1.2.5.2.  Italy

10.1.2.5.3.  U.K.

10.1.2.5.4.  France

10.1.2.5.5.  Spain

10.1.2.5.6.  Benelux

10.1.2.5.7.  Nordics

10.1.2.5.8. Rest of W. Europe

11.  Eastern Europe Machine Vision Market: Estimates & Forecast Trend Analysis

11.1.  Eastern Europe Machine Vision Market Assessments & Key Findings

11.1.1.   Eastern Europe Machine Vision Market Introduction

11.1.2.   Eastern Europe Machine Vision Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)

11.1.2.1.    By Component

11.1.2.2.    By Product

11.1.2.3.    By Application

11.1.2.4.    By End-use Industry

11.1.2.5.    By Country

11.1.2.5.1.  Russia

11.1.2.5.2.  Hungary

11.1.2.5.3.  Poland

11.1.2.5.4.  Balkan & Baltics

11.1.2.5.5. Rest of E. Europe

12.  Asia Pacific Machine Vision Market: Estimates & Forecast Trend Analysis

12.1.  Asia Pacific Market Assessments & Key Findings

12.1.1.   Asia Pacific Machine Vision Market Introduction

12.1.2.   Asia Pacific Machine Vision Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)

12.1.2.1.    By Component

12.1.2.2.    By Product

12.1.2.3.    By Application

12.1.2.4.    By End-use Industry

12.1.2.5.    By Country

12.1.2.5.1. China

12.1.2.5.2. Japan

12.1.2.5.3. India

12.1.2.5.4. Australia & New Zealand

12.1.2.5.5. South Korea

12.1.2.5.6. ASEAN

12.1.2.5.7. Rest of Asia Pacific

13.  Middle East & Africa Machine Vision Market: Estimates & Forecast Trend Analysis

13.1.  Middle East & Africa Market Assessments & Key Findings

13.1.1.   Middle East & Africa Machine Vision Market Introduction

13.1.2.   Middle East & Africa Machine Vision Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)

13.1.2.1.    By Component

13.1.2.2.    By Product

13.1.2.3.    By Application

13.1.2.4.    By End-use Industry

13.1.2.5.    By Country

13.1.2.5.1. UAE

13.1.2.5.2. Saudi Arabia

13.1.2.5.3. Turkey

13.1.2.5.4. South Africa

13.1.2.5.5. Rest of MEA

14.  Latin America Machine Vision Market: Estimates & Forecast Trend Analysis

14.1.  Latin America Market Assessments & Key Findings

14.1.1.   Latin America Machine Vision Market Introduction

14.1.2.   Latin America Machine Vision Market Size Estimates and Forecast (US$ Billion) (2019 - 2034)

14.1.2.1.    By Component

14.1.2.2.    By Product

14.1.2.3.    By Application

14.1.2.4.    By End-use Industry

14.1.2.5.    By Country

14.1.2.5.1. Brazil

14.1.2.5.2. Argentina

14.1.2.5.3. Colombia

14.1.2.5.4. Rest of LATAM

15.  Country Wise Market: Introduction

16.  Competition Landscape

16.1.  Global Machine Vision Market Product Mapping

16.2.  Global Machine Vision Market Concentration Analysis, by Leading Players / Innovators / Emerging Players / New Entrants

16.3.  Global Machine Vision Market Tier Structure Analysis

16.4.  Global Machine Vision Market Concentration & Company Market Shares (%) Analysis, 2023

17.  Company Profiles

17.1.                     Cognex Corporation

17.1.1.   Company Overview & Key Stats

17.1.2.   Financial Performance & KPIs

17.1.3.   Product Portfolio

17.1.4.   SWOT Analysis

17.1.5.   Business Strategy & Recent Developments

* Similar details would be provided for all the players mentioned below 

17.2.      Keyence Corporation

17.3.      Basler AG

17.4.      Omron Corporation

17.5.      Teledyne Technologies

17.6.      National Instruments Corporation

17.7.      Intel Corporation

17.8.      Sony Corporation

17.9.      Allied Vision Technologies GmbH

17.10.  IDS Imaging Development Systems GmbH

17.11.  FLIR Systems, Inc.

17.12.  Baumer Group

17.13.  Datalogic S.p.A.

17.14.  SICK AG

17.15.  Microscan Systems, Inc. (Omron)

17.16.  Tordivel AS

17.17.  JAI A/S

17.18.  Ximea GmbH

17.19.  Photonfocus AG

17.20.  MVTec Software GmbH

17.21.  Others

18.  Research Methodology

18.1.  External Transportations / Databases

18.2.  Internal Proprietary Database

18.3.  Primary Research

18.4.  Secondary Research

18.5.  Assumptions

18.6.  Limitations

18.7.  Report FAQs

19.  Research Findings & Conclusion

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of Machine Vision Market in 2024?

Machine Vision Market was valued at USD 18,875.85 Million in 2024.

What is the growth rate for the Machine Vision Market?

Machine Vision Market size will increase at approximate CAGR of 12.6% during the forecasted period.

Which are the top companies operating within the market?

Major companies operating within the market are Cognex Corporation, Keyence Corporation, Basler AG, Omron Corporation, Teledyne Technologies, National Instruments Corporation, Intel Corporation, Sony Corporation, Allied Vision Technologies GmbH, IDS Imaging Development Systems GmbH, FLIR Systems, Inc., Baumer Group, Datalogic S.p.A., SICK AG and others.

Which region dominates the Machine Vision Market?

North America dominates the market with an active share of 37%.

CHOOSE LICENSE TYPE
QLOUD
Pricing

Select a license type that suits your business needs

Single User Access

US $3499

Only Three Thousand Four Hundred Ninety Nine US dollar

  • 1 User access
  • 15% Additional Free Customization
  • Free Unlimited post-sale support
  • 100% Service Guarantee until achievement of ROI
Multi User Cost

US $4499

Only Four Thousand Four Hundred Ninety Nine US dollar

  • 5 Users access
  • 25% Additional Free Customization
  • Access Report summaries for Free
  • Guaranteed service
  • Dedicated Account Manager
  • Discount of 20% on next purchase
  • Get personalized market brief from Lead Author
  • Printing of Report permitted
  • Discount of 20% on next purchase
  • 100% Service Guarantee until achievement of ROI
Enterprise User Cost

US $5499

Only Five Thousand Four Hundred Ninety Nine US dollar

  • Unlimited User Access
  • 30% Additional Free Customization
  • Exclusive Previews to latest or upcoming reports
  • Discount of 30% on next purchase
  • 100% Service Guarantee until achievement of ROI