The 3D machine vision market was valued at USD 1.5 billion in 2020 and is projected to reach USD 2.4 billion by 2025; it is expected to grow at a CAGR of 9.4% from 2020 to 2025. The rising awareness of consumers about product quality has led to an increased demand for quality inspection and automation of end products. A growing number of companies are focusing on automation systems to reduce their production costs post-COVID-19. Changes related to high-quality standards have also led to the introduction of factory automation solutions, thereby increasing the demand for 3D machine vision systems and solutions in industries.
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Based on Offering, the hardware segment of the market it is expected to hold the largest share from 2020 to 2025. The 3D machine vision systems are gaining significant traction worldwide, owing to the less chances of quality errors and easy availability of comprehensive software solutions required for developing and deploying 3D machine vision systems.
Based on products, the software machine vision market is expected to grow at the fastest rate during the forecast period. The integration of AI in industrial machine vision software is expected to fuel the growth of the industrial machine vision market for software during the forecasted period as deep learning enables machines to recognize objects. Also, deep learning-based machine vision software helps in minimizing human intervention and provide a real-time solution by distinguishing the acceptable variations in products and the defects in manufacturing industries
Based on application, the quality assurance & inspection to hold the largest market share in the 3D machine vision market during the forecast period. The key factors driving the growth of the industrial machine vision market for quality assurance and inspection applications include the increasing demand for quality products, growing manufacturing capacity, and shortage of skilled labor. Another major driving factor for the market currently is the adoption of these kind of technologies by multiple pharmaceutical companies across the world to expedite quality checks and quality assurance during the COVID-19. Semiconductor and electronics companies are highly dependent on the vision inspection technology to check their product quality as well to speed-up their production processes
Based on the industiral vertical,the food and packaging industry grow at the fastest rate in the machine vision market during the forecast period. The food industry provides several opportunities for the machine vision market, and several companies have responded by developing application-specific solutions in the areas of grading, sorting, portioning, processing, and quality checking during processing and packaging. Therefore, to provide quality assurance and inspection, minimize the labor cost and increase the efficiency machine vision systems are being deployed at the highest rate in the food and packaging industry
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The 3D machine vision market in APAC is expected to hold a major market share during the forecast period as countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority. Also, strong competition among consumer electronics companies in APAC is likely to boost the adoption of machine vision systems in the region. The growing awareness about and demand for high-quality and zero-defect products has fueled the need for 3D machine vision in inspection-related applications in the manufacturing fields. Also, the demand for 3D machine vision systems in semiconductor and consumer electronics applications for inspecting semiconductor wafers, small ICs, and PCBs and ensuring the proper assembling of consumer electronic products is increasing in APAC.