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#How have key drivers contributed to the rapid growth of the machine vision systems and components market?
The growing popularity of the e-commerce industry is expected to propel the growth of the machine vision systems and components market going forward. E-commerce (electronic commerce) refers to the purchase and sale of products and services, as well as the transmission of money or data via an electronic network, typically the Internet. The rise in popularity of e-commerce is attributed to its convenience, accessibility, and growing preference for online shopping. E-commerce utilizes machine vision systems and components for tasks such as automated product inspection, enhancing visual search capabilities, and optimizing logistics through efficient object recognition, ultimately improving the overall customer experience and operational efficiency. For instance, in November 2023, according to the United States Census Bureau, a US-based government agency, e-commerce increased and reached the 3rd quarter of 2023 at 7.6%, compared to the 4th quarter of 2022 by 6.9%. 15.4% of all sales in the second quarter of 2023 were made through online stores. Therefore, the growing popularity of the e-commerce industry is driving the growth of the machine vision systems and components market.
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How has the machine vision systems and components market size evolved, and what are the latest forecasts for its expansion?
The machine vision systems and components market size has grown strongly in recent years. It will grow from $13.19 billion in 2024 to $14.23 billion in 2025 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to cost reduction in hardware components, increasing industrial automation, growing demand in automotive industry, regulatory standards and compliance.
The machine vision systems and components market size is expected to see strong growth in the next few years. It will grow to $18.31 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to rise of edge computing, expansion of healthcare applications, growth in robotics and automation, expansion of smart cities and infrastructure. Major trends in the forecast period include advancements in sensor technologies, rapid technological advancements, advancements in 3D vision technology, integration of AI (artificial intelligence) and machine vision.
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Which major companies dominate the machine vision systems and components market?
Major companies operating in the machine vision systems and components market are Sony Corporation, Panasonic Corporation, Texas Instruments Incorporated, Omron Corporation, Keyence Corporation, Teledyne Technologies Incorporated, Cypress Semiconductor Corporation, National Instruments Corporation, Cognex Corporation, FLIR Systems Inc., Baumer Optronic GmbH, Basler AG, Vitronic GmbH, Perceptron Inc., Point Grey Research Inc., Scorpion Vision Ltd., Hitachi Industrial Equipment Systems Co. Ltd., IDS Imaging Development Systems GmbH, Sick AG, Lumenera Corporation, Adept Technology Inc., Microscan Systems Inc., Allied Vision Technologies GmbH, JAI AS, Optotune AG
What trends will shape the future of the machine vision software market?
Major companies operating in the machine vision systems and components market are focusing on advanced solutions, such as autonomous machine vision systems, to enhance efficiency and innovation in various industries. These autonomous machine vision systems are self-contained and automated visual inspection systems that use cameras and processing algorithms to make independent decisions without external human intervention. For instance, in March 2022, Cognex Corporation, a US-based System software company, launched its In-Sight 2800 series of vision systems, integrating advanced AI capabilities for real-time inspection and improved decision-making. This series combines artificial intelligence with traditional rule-based vision tools, making it suitable for various applications, including presence/absence detection, sortation, and character reading. The In-Sight 2800 aims to provide an easy-to-deploy solution for error-proofing, enhancing operational efficiency across multiple industries.
Which region dominates the machine vision systems and components market, and what factors contribute to its leadership?
Asia-Pacific was the largest region in the machine vision system and components market in 2024. The regions covered in the machine vision systems and components market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How is the machine vision systems and components market segmented, and which segment holds the largest share?
The machine vision systems and components market covered in this report is segmented –
1) By Product Type: PC Based, Smart Camera Based
2) By Component: Hardware, Software
3) By Technology: Imaging Technology, Laser Technology, Augmented Reality
4) By Application: Quality Assurance And Inspection, Position Guidance, Measurement, Identification, Pattern Recognition, Other Applications
5) By End-User: Automotive, Semiconductor, Metal And Glass, Pharmaceuticals, Wood And Paper, Rubber And Plastic, Food Packaging, Consumer Goods, Other End Users
Subsegments:
1) By PC-Based: Vision Software, Frame Grabbers, Image Processing Units, Cameras (CCD Or CMOS), Lighting And Illumination Systems, Industrial PCs And Workstations
2) By Smart Camera-Based: Embedded Cameras, Smart Camera Sensors, Image Processing Modules, Integrated Vision Systems, Onboard Software Solutions
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What defines the structure and scope of the machine vision systems and components market?
Machine vision systems and components refer to technologies and hardware used in automated visual inspection and analysis processes in industrial and commercial applications. These systems are designed to replicate and improve human vision capabilities for tasks such as quality control, object recognition, measurement, and defect detection in various industries.
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