The machine vision market is expected to reach USD 14.0 billion by 2024 from USD 9.9 billion in 2019, at a CAGR of 7.1% from 2019 to 2024. In 2018, the market was mainly dominated by Cognex Corporation (US), Keyence Corporation (Japan), National Instruments (US), Basler (Germany), and Omron Corporation (Japan). These major companies focus on the implementation of organic growth strategies, such as product launches & developments, mergers & acquisitions, agreements, contracts, partnerships, collaborations, and expansions to boost their revenue.
Machine Vision Market worth $14.0 billion by 2024
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Apart from the above-mentioned companies, the key players in the machine vision ecosystem also include Sony Corporation (Japan), Teledyne Technologies, Inc. (US), Allied Vision Technologies GmbH (Germany), Texas Instruments, Inc. (US), Intel Corporation(US), Baumer Optronic GmbH (Germany), and JAI A/S (Denmark), MVTec Software (Germany), Tordivel AS (Norway), ISRA VISION (Germany), Sick (Germany), FLIR Systems (US), AMETEK (US), Qualitas Technologies (India), SUALAB (South Korea), Cadence Design Systems, Inc. (US), CEVA, Inc. (US), and Inuitive (Israel).
Cognex Corporation (Cognex), incorporated in 1981 and headquartered in Massachusetts, US, held the leading position in the machine vision market in 2018 due to its strong employee base and diversified geographical presence, with offices and distributors located throughout the Americas, Europe, and APAC. The machine vision products offered by the company are widely used in the manufacturing sector. The company focuses on developing solutions for various industries, such as automotive, consumer electronics, and logistics, to grow in the machine vision market. It provides high-resolution smart cameras, including DS1000 3D sensor and VisionPro 3D sensor, which deliver accurate, 3-dimensional, real-time information to enhance vision performance for assembly, logistics, and robot applications.
Keyence (Japan) held the second position in the machine vision market in 2018. The company has an extensive portfolio of machine vision solutions. It focuses on developing innovative products and strengthening its sales channels to ensure medium and long-term growth. For instance, in 2017, the company launched the Multi-Spectrum Vision System CV-X Series which can detect defects in systems and alignment. Keyence has increased its workforce and expanded its operational base by establishing subsidiaries overseas.
