Global Machine Vision Market Forecast 2023-2032
KEY FINDINGSThe global machine vision market is forecasted to register a CAGR of 5.54% during the forecast period, 2023 to 2032. Some of the top factors boosting the market’s growth include the growing need for smart factories, the broadening applications of MV systems, as well as the extending requirements for efficient defect detection.
MARKET INSIGHTSA machine vision system (MVS) is a cutting-edge technology that enables computing devices to identify, evaluate, and inspect both still and moving images. This sophisticated system involves the seamless integration of crucial components, including digital cameras, advanced image processing hardware, and specialized software.
While the automotive, electronics, and semiconductor industries have traditionally been the primary users of machine vision systems, the demand has expanded significantly as more non-traditional sectors recognize the benefits of using cameras and machine vision technology for their specific requirements. As a result, the demand for MV systems has seen a remarkable upsurge.
Notably, industries like pharmaceuticals have embraced machine vision systems due to increased global regulations that necessitate strict quality control and meticulous traceability at every stage of the manufacturing process, from drug synthesis to final packaging. Compliance with FDA regulations, for example, mandates that each product must be traceable by serial number, manufacturing facility, batch number, and date, fostering accountability and bolstering consumer confidence in the products they use.
REGIONAL INSIGHTSThe global machine vision market growth analysis covers the in-depth study of the Asia-Pacific, Europe, North America, and Rest of World. Asia-Pacific is set to rise with the highest CAGR over the forecast period. The region’s market growth is fueled by the high outsourcing of manufacturing activities to the Asia-Pacific as well as the increase in government initiatives.
COMPETITIVE INSIGHTSThe industrial rivalry in the global machine vision market is set to be high over the projection period. Moreover, some of the major players operating in the global market include Keyence Corporation, Optotune AG, ISRA Vision AG, etc.
Our report offerings include:• Explore key findings of the overall market
• Strategic breakdown of market dynamics (Drivers, Restraints, Opportunities, Challenges)
• Market forecasts for a minimum of 9 years, along with 3 years of historical data for all segments, sub-segments, and regions
• Market Segmentation caters to a thorough assessment of key segments with their market estimations
• Geographical Analysis: Assessments of the mentioned regions and country-level segments with their market share
• Key analytics: Porter’s Five Forces Analysis, Vendor Landscape, Opportunity Matrix, Key Buying Criteria, etc.
• The competitive landscape is the theoretical explanation of the key companies based on factors, market share, etc.
• Company profiling: A detailed company overview, product/services offered, SCOT analysis, and recent strategic developments