PUBLISHER: The Business Research Company | PRODUCT CODE: 1464125
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464125
Machine vision software encompasses programs and algorithms designed to analyze, interpret, and make decisions based on visual data from cameras and imaging devices. It enables machines to perceive and comprehend their surroundings, facilitating automated inspection, measurement, and control across various industries.
The primary technologies of machine vision software include personal computer-based machine vision, smart camera-based machine vision, and embedded machine vision. Personal computer-based machine vision utilizes a computer, typically a PC, to process and analyze images captured by cameras or image acquisition boards. This technology finds applications in quality control, inspection, robotics, automation, packaging, labeling, surface inspection, security, surveillance, and more across industries such as manufacturing, automotive, electronics, healthcare, transportation, logistics, retail, banking, and finance.
The machine vision software market research report is one of a series of new reports from The Business Research Company that provides machine vision software market statistics, including machine vision software industry global market size, regional shares, competitors with a machine vision software market share, detailed machine vision software market segments, market trends and opportunities, and any further data you may need to thrive in the machine vision software industry. This machine vision software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The machine vision software market size has grown rapidly in recent years. It will grow from $1.47 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%. The growth observed during the historic period can be attributed to several factors, including the increasing demand for quality inspection in manufacturing processes, the widespread adoption of machine vision technology across various industries, the numerous advantages offered by machine vision in diverse applications, such as inventory management and customer analytics in e-commerce and retail sectors. However, market growth was hindered by the sluggish economic conditions resulting from the COVID-19 pandemic.
The machine vision software market size is expected to see rapid growth in the next few years. It will grow to $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. The forecasted growth is driven by factors such as the increasing adoption of automation in manufacturing, growing demand for quality inspection to enhance product quality, and the automation of challenging or tedious visual inspection tasks. Additionally, the rising adoption of Industry 4.0 technologies is expected to fuel further expansion. Major trends anticipated during this period include technological advancements in machine vision, integration of machine vision with robotics for industrial automation, increased adoption of Industry 4.0 technologies in manufacturing processes, strategic partnerships and collaborations with new entrants, and the expansion of machine vision applications across various industries.
The burgeoning demand for quality inspection is poised to fuel the growth of the machine vision software market in the foreseeable future. Quality inspection entails the meticulous evaluation of products or processes to adhere to predefined standards and specifications, ensuring consistency, reliability, and regulatory compliance. Machine vision software plays a pivotal role in enhancing quality inspection procedures by delivering automated and precise analysis through advanced image processing and pattern recognition algorithms. This enables expedited and accurate detection of defects or deviations, thereby bolstering quality control measures and minimizing errors to uphold elevated product quality standards across diverse industries. For instance, data from the International Federation of Robotics in October 2021 indicated a notable 17% increase in global sales value of industrial robots from the previous year, with a significant portion allocated to quality control applications, underscoring the growing reliance on automation and machine vision technologies for inspection tasks. Consequently, the escalating demand for quality inspection serves as a catalyst for driving the growth of the machine vision software market.
Leading enterprises within the machine vision software sector are channeling their efforts towards innovative technologies, exemplified by solutions such as fixed-mount barcode reader technology. Fixed-mount barcode reader technology encompasses scanning devices permanently installed in designated locations, such as conveyor belts or checkout counters. Notably, in February 2022, Cognex Corporation, a prominent US-based manufacturer specializing in machine vision systems, software, and sensors, unveiled the DataMan 280 Series Fixed-Mount Barcode reader. Engineered to address a diverse array of identification applications, including challenging 1D, 2D, and Direct Part Mark (DPM) code applications within logistics and industrial sectors, the DataMan 280 boasts dynamic image generation technology and a high-resolution sensor to optimize code processing and coverage. This technology augments throughput and overall equipment effectiveness (OEE) while ensuring precise decoding of intricate barcodes. Furthermore, it offers connectivity options tailored to meet the demands of Industry 4.0 manufacturing, enabling seamless integration with Cognex Edge Intelligence (EI) for cutting-edge capabilities such as web browser connectivity, device management, and performance tracking. With its versatility, the DataMan 280 Series is ideally suited for applications ranging from presentation scanning to automotive and medical device part identification, positioning it as a leading solution in the realm of fixed-mount barcode reader technology.
In May 2021, Zebra Technologies Corporation, a leading US-based mobile computing company renowned for its technological innovations, completed the acquisition of Adaptive Vision for an undisclosed sum. This strategic move significantly broadened Zebra Technologies' footprint in the machine vision hardware and software sector, further reinforcing its enterprise asset intelligence vision. Adaptive Vision, headquartered in Poland, is a software company specializing in graphical machine vision software, libraries, and deep learning tools tailored for various industries, particularly manufacturing. This acquisition enriches Zebra Technologies' portfolio with cutting-edge capabilities and strengthens its position as a key player in the field of visual intelligence solutions.
Major companies operating in the machine vision software market report are Alphabet Inc., Microsoft Inc., Intel Corporation, Texas Instruments Incorporated, Atlas Copco AB, Keyence Corporation, Omron Microscan Systems Inc., Teledyne Technologies, Zebra Technologies Corporation, FLIR Systems Inc., TKH Group, National Instrument Corporation, Cognex Corporation, Datalogic S.p.A., Baumer Holding AG, Basler AG, Key Technology Inc., Sick AG, Vitronic GmbH, Isra Vision AG, Stemmer Imaging AG, Matrox Imaging, Allied Vision Technologies GmbH, Qualitas Technologies Pvt. Ltd., MVTec Software GmbH
North America was the largest region in the machine vision software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the machine vision software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the machine vision software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The machine vision software market includes revenues earned by entities by providing services such as software licenses, subscriptions, and customization and integration services. The market value includes the value of related goods sold by the service provider or included within the service offering. The machine vision software market also includes sales of cameras, frame grabbers, lenses, lighting, processors, memory, interfaces, controllers, and robotic arms. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Machine Vision Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on machine vision software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for machine vision software ? 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 software market global report from the Business Research Company 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.