Machine Vision Market Size To Reach USD 11380 Million By 2028 At A CAGR of 4.0% - Valuates Reports
September 23, 2022
BANGALORE, India, Sept. 23, 2022 /PRNewswire/ -- Machine Vision Market is segmented by Type - Hardware (Camera, Frame Grabber, Optics, Processor), Software (Deep Learning and Application Specific), by Application - Semiconductor Industry, Food Industry, Logistics, Agricultural, Other. Global Opportunity Analysis and Industry Forecast, 2021 - 2028. It is published in Valuates Reports under the Industrial Materials & Equipment Category.
The global Machine Vision market size is projected to reach USD 11380 million by 2028, from USD 8374.8 million in 2021, at a CAGR of 4.0% during 2022-2028.
Major Factors Driving The Growth Of The Machine Vision Market are
The Machine Vision market is projected to be driven by the rising need for automation and quality inspection across various industrial sectors. Furthermore, the demand for vision-guided robotic systems in the packaging, food and beverage, pharmaceutical, and chemical industries is anticipated to drive market expansion. The adoption of the technology will be aided by the rise in demand for application-oriented machine vision systems during the forecasted period.
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TRENDS INFLUENCING THE GROWTH OF MACHINE VISION MARKET
One of the main drivers of the Machine Vision market is the capacity of machine vision systems to process massive amounts of data quickly. Machine vision systems' rapid processing speed is enabling producers to reach new milestones in producing goods with minimal flaws. Additionally, the application of vision-guided robotic systems is being driven by the growing deployment of robots throughout industrial sectors. Robotic systems are widely employed in industry verticals like automotive, pharmaceutical, packaging, and food and beverage, which eventually increased demand for machine vision systems.
Manufacturers must be able to visually recognize problems such as product flaws and process inefficiencies in order to control costs and increase customer satisfaction. In thousands of factories throughout the world, machine vision systems are being implemented. These systems are utilized to automate many crucial QA and efficiency functions. The adoption of Machine Vision driven systems in production has started to increase because of better data-sharing capabilities and increased accuracy made possible by cutting-edge cloud technology.
Any manufacturing process must include the detection of problems and prompt mitigation of their causes. Machine vision technologies are being used by businesses to proactively address the occurrence and root cause of faults. It is possible to spot defects in real-time and pinpoint where in the manufacturing process they are happening so preventative action can be taken by installing cameras on the production line and training a machine learning model to identify the complex variables that define a good product vs. a bad product. This factor is expected to drive the growth of the Machine Vision market
Furthermore, in the Food Industry machine vision can detect foreign objects while food packaging. To identify hazardous food, cameras can read test strips quickly and automatically. Inputs and final, packaged goods can be tracked by machine vision systems throughout the whole production cycle. They can spot mismatched dates, lots, product codes, and barcodes to stop food from leaving line with inaccurate information. These systems can also spot labels that are misaligned or wrinkled, which could reflect poorly on business. They also notice when the incorrect label is replaced with one for a new product or a different destination for a product, or when lids don't match the rest of the packaging.
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MACHINE VISION MARKET SHARE ANALYSIS
Based on region, APAC is expected to be the fastest-growing. The lucrative opportunities in the Asia Pacific region's automotive, packaging, pharmaceutical, and other industrial uses are credited with the region's growth.
Based on type, the hardware segment is expected to be the most lucrative. Due to the training and deep learning of the technology, which is fairly contributing to the growth of the market as a whole, the software segment is predicted to experience stable expansion over the course of the projection period.
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Market By Region
- North America
- Latin America
- Middle East & Africa
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- National Instruments
- Teledyne Technologies
- Texas Instruments
- Allied Vision Technologies
- Baumer Optronic
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- The global Industrial Machine Vision Camera market was valued at USD 1989.3 million in 2020 and it is expected to reach USD 4480.9 million by the end of 2027, growing at a CAGR of 12.3% during 2021-2027.
- The global 3D Machine Vision market size will reach USD 2055.7 million in 2028, growing at a CAGR of 6.3% over the analysis period.
- The global Machine Vision Technology market size is projected to reach USD 26020 million by 2028, from USD 18720 million in 2021, at a CAGR of 4.8% during 2022-2028.
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- The global artificial intelligence market size was valued at USD 65.48 billion in 2020, and is projected to reach USD 1,581.70 billion by 2030, growing at a CAGR of 38.0% from 2021 to 2030.
- The global AI Governance market size is projected to reach USD 116.3 million by 2028, from USD 23 million in 2021, at a CAGR of 25.1% during 2022-2028.
- The global Artificial Intelligence in Manufacturing market size is projected to reach USD 28030 Million by 2027, from USD 1688.4 Million in 2020, at a CAGR of 49.3% during 2021-2027.
- The global Edge Computing market size is projected to reach USD 55930 million by 2028, from USD 8237 million in 2021, at a Compound Annual Growth Rate (CAGR) of 31.1% during 2022-2028.
- The global Captioning and Subtitling Solution market size is projected to reach USD 476.9 million by 2028, from USD 282 million in 2021, at a CAGR of 7.7% during 2022-2028.
- The global Deep Learning market size is projected to reach USD 11910 million by 2028, from USD 2671.2 million in 2021, at a CAGR of 23.6% during 2022-2028.
- The global Text-to-Speech market size is projected to reach USD 5790.1 million by 2028, from USD 2543.1 million in 2021, at a CAGR of 12.3% during 2022-2028.
- The Global Natural Language Processing (NLP) market size is projected to reach USD 3081.5 million by 2028, from USD 843 million in 2021, at a CAGR of 20.1% during 2022-2028.
- The global Automatic Content Recognition market size is projected to reach USD 4879.5 million by 2028, from USD 1543.8 million in 2021, at a CAGR of 17.4% during 2022-2028.
- The global Machine Translation market size is projected to reach USD 1627.5 million by 2028, from USD 718.9 million in 2021, at a CAGR of 12.2% during 2022-2028.
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