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Machine Vision Market worth 12.29 Billion USD by 2023


According to the new market research report "Machine Vision Market by Component (Hardware (Camera, Frame Grabber, Optics, Processor) and Software (Deep Learning and Application Specific)), Product (PC Based and Smart Camera Based), Application, End-User Industry - Global Forecasts to 2023", The overall machine vision market is estimated to be valued at USD 7.91 Billion in 2017 and is expected to reach USD 12.29 Billion by 2023, at a CAGR of 7.61% between 2017 and 2023.The growth of the machine vision market is mainly driven by the rising adoption of Industry 4.0, advanced manufacturing 2.0 practices in Europe and the US, and the increasing demand for automation technologies in emerging countries such as China and India. Recent advancements in machine vision technology, such as advanced cameras, deep learning software, and image sensors, have increased the scope for machine vision systems to be used in a wide range of applications in various industries

Browse 66 market data Tables and 52 Figures spread through 165 Pages and in-depth TOC on "Machine Vision Market - Global Forecasts to 2023"
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Machine vision market for food and packaging industry to grow at a high rate between 2017 and 2023

The growth of the machine vision market for the food and packaging industry can be attributed to the increasing implementation of government rules pertaining to safety in manufacturing plants and rising necessity to identify and combat counterfeit products. The food and packaging industry is experiencing a sharp growth due to the booming e-commerce industry worldwide, especially in China and India. As a result, this industry is adopting automatized operation systems to meet the increasing consumer demand.

Market for smart camera-based machine vision systems to grow at a high rate during the forecast period

Smart camera-based machine vision systems are cost-effective, compact, and flexible as it is easier to implement changes in these systems based on revised regulations and standards. Unlike PC-based systems, smart camera-based machine vision systems are used in applications such as decoding algorithms, ID code reading, marking quality assessment, verifying text, and inspecting labels more economically.

Asia Pacific (APAC) to hold a major share of the machine vision market during the forecast period

Machine vision has a growing demand in APAC owing to the increasing focus of the region toward the automotive, consumer electronics, and pharmacy industries. In this study, the market in APAC has been further segmented into India, China, Japan, South Korea, and Rest of APAC. APAC is considered as the major manufacturing hub owing to the presence of a large number of contract manufacturers in this region. This is expected to provide ample growth opportunities for the machine vision market in APAC. 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 this region.

The major companies in the machine vision market covered in the report include Cognex (US), Basler (Germany), OMRON (Japan), KEYENCE Corporation (Japan), National Instruments (US), Sony (Japan), Teledyne Technologies (US), Texas Instruments (US), Intel (US), Baumer Optronic (Germany), tordivel (Norway), ISRA VISION (Germany), MVTec Software (Germany), SICK (Germany), and JAI A/S (Denmark).

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