Industrial Machine Vision Market size would record massive gains through 2027, primarily fueled by the growing adoption of machine learning, artificial intelligence, and IoT in various industrial spheres. Moreover, the advent of Industry 4.0 is expected to have a positive influence on the overall market growth statistics.
Industrial machine vision generally includes the grouping of various hardware and software which offers guidance to operational devices to process the image.
One of the major factors challenging the growth of market is the lack of flexible machine vision solutions and scarcity of skilled professionals in manufacturing factories. Furthermore, the absence of user awareness regarding the robust change in machine vision technology would further impede the industry growth from 2021 to 2027.
Various governments have been laying emphasis on promoting smart factories and acceptance of Industry 4.0, which is positively stimulating the growth graph of market. For instance, the Indian government had in 2019 proposed a policy that aims at revamping the existing industry and encouraging acceptance of current edge technologies like AI and robotics.
Machine vision software has been playing an eminent role in the overall industrial machine vision business space expansion. Increased usage of AI based software solutions to carry out bulky industrial operations is slated to have a positive impact on the overall market expansion in the coming years.
One of the primary application areas of machine vision systems in the industrial sector is quality assurance and quality control. These systems combine image processing with industrial operation to offer economic, fast, and reliable inspection that enhances the quality as well as business productivity. These systems are also being used for inspection to detect functional flaws, defects, contaminants, and other anomalies in manufactured products, driving the market demand.
Considering the end-user vertical, food and beverage industry is set to gain major impetus across the overall industrial machine vision market, mainly owing to the use of machine vision systems for proper inspection and quality assurance purposes. These systems enable food producers to ensure increased levels of safety and consistency amongst their products, while also keeping the costs down. Not to mention, the thriving F&B industry is also likely to have a major impact on the growth of the market.
Expanding industrialization in Asia Pacific countries like China, India, South Korea, and Japan is poised to influence the growth prospects of market across the region. Moreover, a subtle increase in demand for consumer products in the Chinese subcontinent is also offering lucrative growth opportunities to the regional market. Additionally, government norms and policies complementing the growth of smart factories and adoption of AI, machine learning in diverse industrial sectors would further propel the market progression.
Teledyne Technologies, NI (formerly National Instruments), Omron Corporation, Texas Instruments Incorporated, MVTec Software GmbH, Keyence Corporation, and others are some of the eminent brands operating in the market. These market vendors have been indulging in strategic practices like acquisition, mergers, collaboration, facility expansion and more to achieve a competitive edge in the global industry.
Recently, MVTec Software GmbH had announced the release of its newest update for the machine vision software suite, HALCON 21.05. The updated version is claimed to add two brand new tools and optimizations for the current tools.
In 2019, Keyence Corporation declared collaborating with CVD Equipment and Dymax Corporation to accelerate the development of CVDM’s novel ECMO platform.
The industry experienced a huge blow in the first quarter of 2020, following the halt in supply chain and production at various facilities, owing to the coronavirus pandemic outbreak. Various manufacturers and distributors have been struggling to stock up due to the supply chain disruption, hindering the industry expansion.