Machine Vision Global Market Opportunities and Strategies to 2033

This report describes and explains the machine vision market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global machine vision market reached a value of nearly $16.61 billion in 2023, having grown at a compound annual growth rate (CAGR) of 3.2% since 2018. The market is expected to grow from $16.61 billion in 2023 to $23.39 billion in 2028 at a rate of 7.1%. The market is then expected to grow at a CAGR of 6.6% from 2028 and reach $32.2 billion in 2033.

Growth in the historic period resulted from the growing need for improved product inspection and quality control, emerging markets growth, increased implementation of automation systems in the food and beverage industry and increase in smart city projects. Factors that negatively affected growth in the historic period include cybersecurity concerns for machine robots and devices.

Going forward, the increase in demand for automation in industries, expansion of the e-commerce industry, growth of the automotive industry and surge in demand for artificial intelligence will drive the market. Factors that could hinder the growth of the machine vision market in the future include shortage of skilled developers and engineers.

The machine vision market is segmented by product into PC-based and smart camera-based. The PC-based market was the largest segment of the machine vision market segmented by product, accounting for 54.8% or $9.1 billion of the total in 2023. Going forward, the smart camera-based segment is expected to be the fastest growing segment in the machine vision market segmented by product, at a CAGR of 7.3% during 2023-2028.

The machine vision market is segmented by offering into hardware and software. The hardware market was the largest segment of the machine vision market segmented by offering, accounting for 58.1% or $9.65 billion of the total in 2023. Going forward, the software segment is expected to be the fastest growing segment in the machine vision market segmented by offering, at a CAGR of 7.6% during 2023-2028.

The machine vision market is segmented by deployment type into general machine vision systems and robotic cells. The general machine vision systems market was the largest segment of the machine vision market segmented by deployment type, accounting for 87.1% or $14.47 billion of the total in 2023. Going forward, the robotic cells segment is expected to be the fastest growing segment in the machine vision market segmented by deployment type, at a CAGR of 12.5% during 2023-2028.

The machine vision market is segmented by distribution channel into direct sales and distributors. The direct sales market was the largest segment of the machine vision market segmented by distribution channel, accounting for 67.9% or $11.28 billion of the total in 2023. Going forward, the direct sales segment is expected to be the fastest growing segment in the machine vision market segmented by distribution channel, at a CAGR of 7.3% during 2023-2028.

The machine vision market is segmented by application into quality assurance and inspection, positioning and guidance, measurement, identification and predictive maintenance. The quality assurance and inspection market was the largest segment of the machine vision market segmented by application, accounting for 46.8% or $7.78 billion of the total in 2023. Going forward, the predictive maintenance segment is expected to be the fastest growing segment in the machine vision market segmented by application, at a CAGR of 7.7% during 2023-2028.

The machine vision market is segmented by end-user into automotive, pharmaceuticals and chemicals, electronics and semiconductors, pulp and paper, printing and labeling, food and beverage, postal and logistics, and other end-users. The automotive market was the largest segment of the machine vision market segmented by end-user, accounting for 23.4% or $3.88 billion of the total in 2023. Going forward, the automotive segment is expected to be the fastest growing segment in the machine vision market segmented by end-user, at a CAGR of 7.8% during 2023-2028.

North America was the largest region in the machine vision market, accounting for 31.1% or $5.16 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the machine vision market will be South America and the Middle East, where growth will be at CAGRs of 9.3% and 9% respectively. These will be followed by Africa and Asia-Pacific where the markets are expected to grow at CAGRs of 8.8% and 8.5% respectively.

The global machine vision market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 11.6% of the total market in 2023. Cognex Corporation was the largest competitor with a 2.02% share of the market, followed by OMRON Corporation with 1.48%, Texas Instruments Incorporated with 1.41%, Teledyne FLIR LLC with 1.32%, Sony Corporation with 1.30%, Intel Corporation with 0.93%, Atlas Copco AB with 0.93%, National Instruments Corporation with 0.82%, ISRA Vision with 0.69% and Basler AG with 0.67%.

The top opportunities in the machine vision market segmented by product will arise in the pc-based segment, which will gain $3.58 billion of global annual sales by 2028. The top opportunities in the machine vision market segmented by offering will arise in the hardware segment, which will gain $3.67 billion of global annual sales by 2028. The top opportunities in the machine vision market segmented by deployment type will arise in the general machine vision systems segment, which will gain $5.07 billion of global annual sales by 2028. The top opportunities in the machine vision market segmented by distribution channel will arise in the direct sales segment, which will gain $4.76 billion of global annual sales by 2028. The top opportunities in the machine vision market segmented by application will arise in the quality assurance and inspection segment, which will gain $3.01 billion of global annual sales by 2028. The top opportunities in the machine vision market segmented by end-user will arise in the automotive segment, which will gain $1.76 billion of global annual sales by 2028. The machine vision market size will gain the most in the USA at $1.74 billion.

Market-trend-based strategies for the machine vision market include focus on launch of smart camera vision system for productivity enhancement across various sectors, focus on training and support for machine vision technology, strategic partnerships and collaborations among major players, machine vision systems with enhanced processing speed and imaging capabilities and focus on integration of artificial intelligence with 3D vision technology for quality control standards.

Player-adopted strategies in the machine vision market include focus on strengthening operational capabilities through new product developments and focus on expanding operational and business presence through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the machine vision companies to focus on smart camera vision systems, focus on training and support initiatives, focus on enhancing machine vision systems with improved imaging capabilities, focus on integrating ai with 3D vision technology, focus on the smart camera-based market segment, focus on the software market segment, focus on the robotic cells market segment, focus on strategic partnerships and collaborations, focus on expanding direct sales channels, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on penetrating the quality assurance and inspection segment and focus on targeting the automotive segment.