Machine Vision (MV) Market to Grow by USD 8.94 Billion from 2024-2028, Driven by Cost Savings in Operations, AI Impact on Market Trends Highlighted - Technavio

NEW YORK, Oct. 8, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape- The global machine vision (mv) market  size is estimated to grow by USD 8.94 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 10.87%  during the forecast period.  Significant cost savings in operation due to process control is driving market growth, with a trend towards increasing incorporation of thermal inspection in machine vision systems. However, intense competition among machine vision vendors  poses a challenge. Key market players include Adimec Advanced Image Systems bv, ADLINK Technology Inc., Advantech Co. Ltd., AFRY AB, Basler AG, Baumer Holding AG, Cognex Corp., Datalogic SpA, DATASENSOR India PVT. LTD., Industrial Vision Systems Ltd., Intel Corp., iX Cameras Ltd, JAI AS, Keyence Corp., OMRON Corp., Optronis GmbH, Sony Group Corp., Teledyne Technologies Inc., TKH Group NV, and Toshiba Corp..

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Key Market Trends Fueling Growth

Machine vision market has witnessed significant advancements in 2D and 3D imaging technologies. Thermal inspection, a type of infrared imaging, has experienced notable improvements. Thermal inspection provides valuable data through infrared imaging science. With expanding product portfolios, machine vision vendors introduce thermal imaging, despite its high cost and weight. Thermal inspections offer Ethernet and camera links, aligning with machine vision conventions. This integration of thermal inspection into machine vision systems is projected to positively impact the global market, as it enhances capabilities and broadens applications. 

The Machine Vision (MV) market is thriving with trends like object detection, pattern recognition, and precision taking center stage. Businesses are leveraging MV for product inspection and quality control, ensuring product consistency, integrity, and safety. Operational efficiency is a key focus, with MV solutions streamlining production processes and enhancing productivity. Real-time decision-making is made possible through MV systems, enabling operational practices to adapt quickly. MV is not just for manufacturing but also finds applications in agriculture and vehicle assembly. Advanced technologies like AI, robotics, and compact solutions are driving innovation. The market caters to various industries, offering cost-effective, automated inspection systems and software components. Tablets and smart camera-based systems make MV accessible to all. Despite complexities, MV solutions deliver on safety, asset utilization, and process control, making them an essential part of modern production lines. MV's role extends beyond inspection, with applications in robot guidance and autonomous vehicles. It's about ensuring assembly accuracy, maintaining safety standards, and enhancing product quality. The market offers various software and hardware solutions, catering to diverse industries and application sites. Skilled professionals are in demand to install, maintain, and optimize these systems. From cracks in welds to missing parts, MV solutions provide the accuracy and reliability businesses need. 

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Market Challenges

• The machine vision market experiences intense competition due to an influx of vendors offering similar equipment and systems. Price wars have ensued, narrowing profit margins. End-users' expectations are escalating, fueled by rapid technological advancements from standard cameras to smart cameras. Additionally, the availability of affordable equipment increases competition, potentially challenging the market's growth during the forecast period. Vendors must differentiate themselves through innovation and value-added services to maintain a competitive edge.
• The Machine Vision (MV) market is experiencing significant growth due to increasing automation and data-driven decision-making in various industries. Key application sites include Manufacturing factories, Food & Packaging industry, and Healthcare. Challenges such as defect detection and identification in Agriculture and Autonomous vehicles are being addressed through advanced AI and analysis techniques. MV systems enable automated inspection systems, improving assembly accuracy, asset utilization, and customer satisfaction. Cost-effective, compact solutions are essential for general deployment. Complexities like cracks in welds and labeling precision are tackled with cutting-edge technologies like deep learning capabilities. Components such as cameras, frame grabbers, and lighting play a crucial role. Industry regulations and support are essential for widespread adoption. The MV ecosystem includes hardware, integration of components, and IoT, aiming for efficiency and labor efficiency. The market continues to grow, driven by the need for higher quality, less downtime, and improved efficiency.

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Segment Overview 

This machine vision (mv) market report extensively covers market segmentation by

1. End-user 
• 1.1 Industrial
• 1.2 Non-industrial
2. Type 
• 2.1 Vision system
• 2.2 Cameras
• 2.3 Others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Industrial-  The Machine Vision (MV) market refers to the use of computers to analyze and interpret visual information from the physical world. This technology is essential in various industries, including manufacturing, healthcare, and automotive, for tasks like quality control, defect detection, and assembly. Companies invest in MV systems to increase efficiency, reduce errors, and improve product quality. The market is expected to grow due to advancements in AI and machine learning, which enhance the capabilities of MV systems.

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Research Analysis

The Machine Vision (Mv) market is a dynamic and growing industry that leverages AI, analysis techniques, and automated inspection systems to enhance efficiency and accuracy in various application sites, including Agriculture and the Food & Packaging industry. Mv systems utilize cameras, frame grabbers, and deep learning capabilities to identify and analyze defects, ensuring asset utilization and reducing downtime. Compact solutions are increasingly popular for their cost-effective and autonomous capabilities, addressing complexities in automation and labor efficiency. IoT integration further enhances the potential of Mv systems, enabling real-time data analysis and improving overall performance.

Market Research Overview

The Machine Vision (Mv) market encompasses cutting-edge technologies and applications in various industries, including Agriculture, Food & Packaging, Manufacturing, Healthcare, and Autonomous Vehicles. Mv systems utilize AI, analysis techniques, and image processing for defect detection, identification, and analysis. These systems offer increased efficiency, asset utilization, and operational practices through automated inspection systems, robot guidance, and real-time decision-making. Mv components include cameras, frame grabbers, optics, lighting, and software, which must be integrated for optimal performance. Complexities such as industry regulations, safety standards, and data-driven decision-making require skilled professionals and cost-effective, compact solutions. Mv applications include object detection, pattern recognition, and labeling accuracy, contributing to product consistency, product quality, and customer satisfaction. Mv systems are essential for industries with high production lines and processes, such as manufacturing factories, where downtime and missing parts can significantly impact operational efficiency and product integrity. The Mv market continues to evolve with the integration of IoT, deep learning capabilities, and industry support, offering a machine vision ecosystem for various application sites.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Industrial
• Non-industrial
• Type
• Vision System
• Cameras
• Others
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio