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Machine Vision Software Market Trends

Report ID: GMI6343
Published Date: Jul 2024
Report Format: PDF

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Market size for machine vision software accounted for USD 1.4 billion in revenue in 2023 and is set to expand at 19.5% CAGR from 2024 to 2032 attributed to the continuous advancements in machine vision software, including real-time processing, edge computing, and cloud-based solutions.

Machine vision software industry from the PC-based machine vision segment is projected to depict considerable growth at 17.5% CAGR from 2024-2032 owing to its growing adoption due to its greater flexibility and customization compared to dedicated hardware solutions.

North America industry for machine vision software held more than 35% of revenue share in 2023 and is estimated to witness high demand through 2032 attributed to the ability of machine vision software to enhance manufacturing efficiency, product quality, and automation in various industries.

Some of the leading firms operating in the machine vision software business are Allied Vision Technologies GmbH, Basler AG, Baumer Group, Cognex Corporation, FLIR Systems, Inc., Hikvision Digital Technology Co., Ltd., Omron Corporation, Keyence Corporation, National Instruments Corporation, Sony Corporation.