| Study Period | 2019 - 2030 |
| 2024 Market Size | USD 12.7 Billion |
| 2025 Market Size | USD 13.6 Billion |
| 2030 Forecast | USD 19.5 Billion |
| Growth Rate (CAGR) | 7.4% |
| Largest Region | Asia-Pacific |
| Fastest-Growing Region | Asia-Pacific |
| Nature of the Market | Fragmented |
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The global machine vision market will generate estimated USD 12.7 billion revenue in 2024 and witness a CAGR of 7.4% during 2024–2030, reaching USD 19.5 billion by 2030. This can be ascribed to the rising need for automated tools in industries, surging demand for standardization in products, and growing end-use industries. Moreover, the increasing preference for achieving a higher efficiency in manufacturing, miniaturization of products, and rising need for quality inspection will propel the industry growth.
Shortage of Experienced Professionals in Industries Restrains Market Growth
PC-based is the larger category, with a market share of 70% in 2024, and it is further expected to maintain its position during the prediction period. PC-based devices easily interface with image acquisition boards or direct-connect cameras, and they are well-supported with configurable software. These systems can be more cost-effective and easier to use for multiple applications. General inspection to determine the presence of parts is among the numerous camera applications, for instance, workers at an auto body shop checking for studs on a car's underbody.
This application can require 12–18 cameras. Compared to employing separate smart cameras, a PC-based vision system is more affordable and simpler to operate, because all the cameras are connected to the same interface. The ability of the PC to interface with devices other than cameras is another benefit of PC-based solutions.
A 3D image can be produced by some time-of-flight lasers that sweep across components, which is not possible with conventional CCD or CMOS cameras. Picking brake rotors out of dumpsters is one application of this technology. The picture shows a container full of rotors in three dimensions. To be sent to the PC-based program, this data is converted into a color-coded 2D image, and a robot receives the best pick location from the vision system.
The smart-camera-based category will register faster growth during the prediction period, of 7.7%. This growth can be attributed to the continuing developments in the automobile sector, which is resulting in an increase in the usage of these cameras to recognize and identify objects, road markings, traffic signs, and lights, calculate distance between objects, and detect motion paths. Moreover, the increasing adoption of cameras in 3D sensing and imaging and assembly lines to detect and capture data in manufacturing facilities is supporting the demand for smart-camera-based systems.
These product types have been analyzed:
The robotic cell category will register the higher CAGR, of 7.8%, from 2024 to 2030 in the market. This will be because picking, sorting, and other production operations are now being performed by robots, owing to the developments of machine vision, AI, and deep learning technologies; and the surging availability of line scanning devices. Robots are able to function in various settings, such as supermarkets, hospitals, and restaurants, owing to the combination of these technologies.
For instance, a robot can navigate through busy aisles and scan products using radiofrequency identification technology to read a barcode. Such technologies are used at Amazon Go retail locations to track inventory and check consumers at the time of making a purchase.
The general category holds the larger market share, of around 75%, in 2024. This dominance is due to the developments in hardware and software, which have made the technology easily accessible and more affordable. Another key factor in this regard is the growing automation, security, safety, and quality control demand in diverse applications, such as retail, healthcare, and manufacturing.
This segment has two categories:
Hardware is the larger category, with a market share of 65% in 2024, and it is expected to maintain its position during the forecast period. This is because for efficient computer vision, multiple components, such as sensors, cameras, lights, optics/lenses, processors, and frame grabbers, are used in production lines.
Software is the faster-growing category, at a CAGR of 7.6% from 2024 to 2030. This can be ascribed to the surging implementation of advanced technologies by manufacturers for several machine vision applications. The software automates challenging or tedious visual inspection tasks and precisely directs handling machinery throughout product assembly. Some of the uses are positioning, identification, verification, measurement, and error detection. A powerful machine vision software system can perform 100% of the inspection online, which boosts yield, lowers production costs, and improves product quality.
This segment is divided into two categories:
The automotive will have the significant CAGR, from 2024 to 2030 in the market, ascribed to the high demand for EVs and autonomous vehicles. Machine vision is widely employed in the automobile sector for inspection tasks, such as presence–absence verification, error proofing, assembly confirmation, and final inspection.
Food & beverages is the largest category, with a market share of 35% in 2024, and it is expected to maintain its position in the coming years. This is because such systems are used for quality assurance, positioning & guidance, measurement, and identification purposes in this industry. Moreover, the rising need for packaged food across the globe and the increasing trend of online shopping in emerging nations are boosting the demand for retail e-commerce packaging, which, in turn, requires such technology for precision assurance.
Additionally, the per capita income has increased over the past few decades as a result of the rapid economic expansion in developing countries, including China, India, and Indonesia. The standard of living in these nations has significantly risen with higher income levels. The demand for packaging solutions in these nations has increased as a result of the changing lifestyle, in turn, augmenting the use of this technology for packaging.
These end use industries are included in this report:
The quality assurance & inspection category dominates the market with a market share of 55% in 2024, and it is also the fastest-growing category. This is because such systems are primarily utilized for scanning and identifying labels, barcodes, and texts, particularly in the packaging sector. This is more accurate and faster than manual inspection, thus saving time, preventing human error, and enhancing overall operational efficiency.
The identification category holds a significant share because identification applications widely use machine imaging. Traffic monitoring, camera surveillance, and number plate recognition for security purposes offer numerous opportunities for the usage of this technology.
These applications have been included in the report:
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Geographically, APAC is the fastest-growing region, with a CAGR of 7.9% during 2024–2030 and it is largest category too. This can be ascribed to the surging rate of industrialization, growing automotive and manufacturing industries, and burgeoning adoption of robots, artificial intelligence, and machine learning by manufacturing organizations in economies such as China, Japan, and India. Additionally, the surging consumer expenditure, along with government support in developing nations, is pushing various industry giants to set up their production facilities in the region.
China generates the majority of the revenue in the regional market, due to the extensive manufacturing of electronic goods, rising automotive sector, and high investment by international players in R&D in the nation.
North America holds the significant market share in 2024.This is attributed to the high per capita income, presence of large industry players, technological advancements, and increasing preference for packaged food.
Europe also accounts for a significant revenue share. This is due to the well-established automobile sector, growing food & beverages industry, and high adoption rate of advanced technologies in the region. Germany contributes the highest revenue to the regional market due to the presence of a large number of automobile manufacturers in the country.
These regions and countries were analyzed for this report:
The global machine vision market is fragmented in nature, and the key players are using various approaches, such as mergers, acquisitions, new product launches, collaborations, partnerships, and agreements, to stay ahead of competitors. Continuous investment in the product innovation is being made by key players and startups to a gain competitive edge.
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