Global Machine Vision Software Market Analysis 2024: Size Forecast and Growth Prospects

The machine vision software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Machine Vision Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -
The machine vision software market size has grown rapidly in recent years. It will grow from $1.47 billion in 2023 to $1.76 billion in 2024 at a compound annual growth rate (CAGR) of 19.9%.  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 $3.56 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%.  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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Scope Of Machine Vision Software Market
The Business Research Company's reports encompass a wide range of information, including:

1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.

2. Drivers: Examination of the key factors propelling market growth.

3. Trends: Identification of emerging trends and patterns shaping the market landscape.

4. Key Segments: Breakdown of the market into its primary segments and their respective performance.

5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.

6. Macro Economic Factors: Assessment of broader economic elements impacting the market.

Machine Vision Software Market Overview

Market Drivers -
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 October 2021, according to the International Federation of Robotics, a Germany-based professional non-profit organization, the global sales value of industrial robots increased by 17% from the previous year, with a significant portion dedicated to quality control applications, indicating a growing reliance on automation and machine vision technologies for inspection tasks. Therefore, the increasing demand for quality inspection is driving the growth of the machine vision software market.

Market Trends -
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.

The aerospace support and auxiliary equipment market covered in this report is segmented –
1) By Type: Commercial Radars, Satellites
2) By Ownership: Public, Private
3) By Platform: Airborne, Land, Naval, Space

Subsegments Covered: Continuous Waveform, Pulse Waveform, Large Satellite, Mini Satellite, Micro Satellite, Nano Satellite

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Regional Insights -
North America was the largest region in the machine vision software market in 2023. 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.

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

Table of Contents
1. Executive Summary
2. Machine Vision Software Market Characteristics
3. Machine Vision Software Market Trends And Strategies
4. Machine Vision Software Market - Macro Economic Scenario
5. Global Machine Vision Software Market Size and Growth
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32. Global Machine Vision Software Market Competitive Benchmarking
33. Global Machine Vision Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Machine Vision Software Market
35. Machine Vision Software Market Future Outlook and Potential Analysis
36. Appendix