What is the present valuation and projected CAGR of the machine vision software market?
The machine vision software market size has grown rapidly in recent years. It will grow from $1.76 billion in 2024 to $2.1 billion in 2025 at a compound annual growth rate (CAGR) of 19.0%. The growth in the historic period can be attributed to rising demand for quality inspection in manufacturing, growing popularity of machine vision in different verticals, extensive advantages in several applications, inventory management and customer analytics in e-commerce and retail, sluggish market growth due to the pandemic.
The machine vision software market size is expected to see rapid growth in the next few years. It will grow to $4.26 billion in 2029 at a compound annual growth rate (CAGR) of 19.4%. The growth in the forecast period can be attributed to increasing adoption of automation in manufacturing, increasing demand for quality inspection, enhancement of product quality, automating challenging or tedious visual inspection tasks, increasing adoption of industry 4.0 technologies. Major trends in the forecast period include technological advancements, integration of machine vision in robotics for industrial automation, adoption of industry 4.0 technologies in manufacturing, strategic partnership and collaboration with new entrants, expansion of machine vision applications.
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What are the top drivers to the rising demand in the machine vision software market?
The increasing demand for quality inspection is expected to propel the growth of the machine vision software market going forward. Quality inspection involves the systematic examination and assessment of products or processes to meet predefined standards and specifications, guaranteeing consistency, reliability, and compliance with regulatory requirements. Machine vision software enhances quality inspection by providing automated and precise analysis of products or processes through image processing and pattern recognition algorithms, enabling faster and more accurate detection of defects or deviations. This facilitates improved quality control measures, reducing errors and ensuring higher product quality standards across industries. For instance, in September 2024, according to the International Federation of Robotics, a Germany-based professional non-profit organization, sales of industrial robots in the UK hit a record high in 2023, with 3,830 units installed. This marks a significant increase of 51% compared to the previous year. Therefore, the increasing demand for quality inspection is driving the growth of the machine vision software market.
How is the machine vision software market segmented?
The machine vision software market covered in this report is segmented –
1) By Technology: Personal Computer-Based Machine Vision, Smart Camera-Based Machine Vision, Embedded Machine Vision
2) By Application: Quality Control And Inspection, Robotics And Automation, Packaging And Labeling, Surface Inspection, Security And Surveillance, Other Applications
3) By End Use: Manufacturing, Automotive, Electronics And Semiconductor, Healthcare, Transportation And Logistics, Retail And Consumer Electronics, Banking And Finance, Other End Users
Subsegments:
1) By Personal Computer-Based Machine Vision: Software Solutions, Imaging Hardware Integration, Processing Power Optimization
2) By Smart Camera-Based Machine Vision: Integrated Software Solutions, Onboard Processing Capabilities, Communication Interfaces
3) By Embedded Machine Vision: Custom Hardware Solutions, Compact Software Frameworks, Real-Time Processing Capabilities
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Who are the top competitors in the machine vision software market?
Major companies operating in the machine vision software market 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
What significant trends should we anticipate in the machine vision software market over the forecast period?
Major companies operating in the machine vision software market focus on innovative technologies, such as fixed-mount barcode reader technology. Fixed-mount barcode reader technology refers to scanning devices permanently mounted in a fixed location, such as a conveyor belt or a checkout counter. For instance, in February 2022, Cognex Corporation, a US-based manufacturer of machine vision systems, software, and sensors, launched DataMan 280 Series Fixed-Mount Barcode, designed to handle a wide variety of ID applications, such as challenging 1D, 2D, and Direct Part Mark (DPM) code applications in the logistics and industrial sectors. The DataMan 280 has dynamic image generation technology and a high-resolution sensor to enhance code processing and coverage. This technology increases throughput and overall equipment effectiveness (OEE) while enabling users to read complicated barcodes accurately. It also provides connectivity choices for today’s Industry 4.0 manufacturing needs. DataMan 280 is perfect for presentation scanning, bottle and package reading, pallet scanning, and reading codes on parts of automobiles and medical devices. Combined with Cognex Edge Intelligence (EI), it offers cutting-edge Industry 4.0 capabilities like simple web browser connectivity, device management, and performance tracking.
Which regional trends are influencing the machine vision software market, and which area dominates the industry?
North America was the largest region in the machine vision software market in 2024. 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.
What Does The Machine Vision Software Market Report 2025 Offer?
The machine vision software market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Machine vision software refers to programs and algorithms used to analyze, interpret, and make decisions based on visual data from cameras and other imaging devices. It enables machines to see and understand their surroundings, allowing for automated inspection, measurement, and control in various industries.
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