Machine Vision Software Market Size, By Technology (PC-based, Smart Camera-based, Embedded), By Application (Quality Control & Inspection, Robotics & Automation, Packaging & Labeling, Surface Inspection, Security & Surveillance), By End-Use, Forecast 2024 – 2032
Report ID: GMI6343
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Published Date: July 2024
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Report Format: PDF
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Base Year: 2023
Companies covered: 15
Tables & Figures: 269
Countries covered: 17
Pages: 256
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Machine Vision Software Market
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Machine Vision Software Market Size
Machine Vision Software Market was valued at USD 1.4 billion in 2023 and is projected to grow at a CAGR of 19.5% between 2024 and 2032. Continuous advancements in machine vision software, including real-time processing, edge computing, and cloud-based solutions, have helped expand its capabilities and potential applications. For instance, the Google Cloud Vision API allows developers to use Google's machine vision technology to extract information from images and videos. It can be used for a variety of tasks, such as object detection, face recognition, and text recognition.
Likewise, Microsoft Azure Computer Vision service offers a variety of machine vision capabilities, including object detection, facial recognition, and barcode scanning. It can be used to build applications for several industries, such as retail, manufacturing, and healthcare. Consistent efforts by companies operating in this space toward integrating cutting-edge technologies into their products will drive the machine vision software industry through 2032.
The need for precise and consistent quality inspection, defect detection, and process automation in various industries is propelling the adoption of machine vision software. Major tech giants have been leveraging machine vision software for quality inspection and automating their operations, helping the industry gain momentum over the coming years.
Quoting an instance, in 2022, Intel announced that it was using machine vision software to inspect its chips for defects. The software could detect defects that were too small to be seen by the human eye and helped Intel reduce the number of defective chips by 20%. On the other hand, factors such as lack of skilled workforce, perception of high maintenance and support costs, and challenges with complex environments and varied lighting conditions may drive down market growth over the coming years.
COVID-19 Impact
The COVID-19 pandemic has had a significant impact on the machine vision software market. With the rise of social distancing measures and remote work, the demand for machine vision software has increased as businesses look for ways to automate their processes and reduce human interaction. For instance, in 2021, the pharmaceutical company Pfizer used machine vision software to inspect its vaccines for contamination. The software could detect contaminants as small as 10 microns in size, helping the company ensure the safety of its vaccines.
At the same time, supply chain disruptions and economic uncertainty led to cautious investments in technology, which led to sluggish market growth. As the world continues to navigate the pandemic, the machine vision software industry is likely to witness both challenges and opportunities in the coming months.
Machine Vision Software Market Trends
As technology evolves, machine vision software becomes more cost-effective and accessible to businesses of different sizes, encouraging wider adoption. Besides, increasing application scope across the retail and consumer electronics industries will carve a healthy growth trajectory for the industry. Retail applications benefit from machine vision software for inventory management, customer behavior analysis, and checkout processes, while consumer electronics use it for facial recognition and gesture control.
To illustrate, in 2022, Amazon announced that it was using machine visio software to track the movement of customers in its stores. This data helped the company improve its customer experience by suggesting products that customers might be interested in based on past purchases.
Machine Vision Software Market Analysis
Based on the technology, the market is segmented into PC-based machine vision, smart camera-based machine vision, and embedded machine vision. The PC-based machine vision segment is expected to grow at a CAGR of around 17.5% during the forecast period. Modern PCs offer high processing power and computational capabilities, making them suitable for complex image analysis and machine vision tasks. PC-based machine vision software can leverage this processing power to perform real-time image processing and analysis, enabling industries to achieve high-speed and accurate results. PC-based machine vision software allows for greater flexibility and customization compared to dedicated hardware solutions. Users can choose from a wide range of software tools and libraries that best suit their specific application requirements, ensuring a tailored solution that meets their unique needs.
Based on end use, the machine vision software market is divided into manufacturing, automotive, electronics & semiconductor, healthcare, transportation & logistics, retail & consumer electronics, banking & finance, and others. The healthcare segment was valued at over USD 175 million in 2023. The healthcare industry has seen an increasing demand for machine vision software due to its ability to detect and analyze medical images accurately. This technology allows for faster and more precise diagnoses, improving patient outcomes and reducing the risk of human error. Additionally, machine vision software can assist with surgical procedures by providing real-time imaging and guidance, enhancing the safety and effectiveness of surgeries. These benefits are driving the adoption of machine vision software in healthcare, revolutionizing the way medical professionals approach diagnosis and treatment.
North America held a dominant market share of over 35% in 2023. Machine vision software is gaining traction in North America due to its ability to enhance manufacturing efficiency, product quality, and automation in various industries. For instance, the automotive sector employs machine vision software for quality control and assembly line inspection. In the healthcare industry, it aids in medical imaging and diagnostics. Additionally, e-commerce and retail companies utilize it for inventory management and customer analytics, driving the demand for machine vision solutions in the region.
Machine Vision Software Market Share
Major companies operating in the machine vision software industry are:
These industry leaders have extensive experience, advanced technologies, and a strong market presence, enabling them to contribute to the growth of the market.
Machine Vision Software Market News
The machine vision software market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:
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Market, By Technology
Market, By Application
Market, By End Use
The above information is provided for the following regions and countries: