Computer Vision Market Scope and Overview
The Computer Vision Market was valued at USD 16.45 billion in 2023. It is expected to reach USD 70.1 Billion by 2031. The rise of artificial intelligence, particularly deep learning, empowers computers to interpret visual data with unparalleled accuracy. This provides a several applications, from automated quality control in manufacturing to facial recognition for security purposes. also, the increasing demand for automation across industries creates a strong pull for computer vision solutions that can streamline workflows and boost efficiency.
The scope of computer vision applications is constantly expanding, encompassing sectors like retail, healthcare, agriculture, and security. As new uses are discovered, the market will continue to grow.
Continuous improvements in hardware and software capabilities, including high-resolution cameras and specialized processors, will further enhance the accuracy and efficiency of computer vision systems.
The rise of cloud computing provides access to powerful computing resources without significant upfront investments. This opens doors for businesses of all sizes to leverage computer vision technology.
Across industries, there’s a rising demand for automating repetitive and error-prone tasks. Computer vision offers a powerful solution, streamlining workflows and boosting productivity.
As computer vision applications become more prevalent, concerns regarding security and privacy are rising. The industry is focusing on developing robust security measures and adhering to data privacy regulations to ensure responsible deployment of these technologies.
Some of the Major Key Players Studied in this Report are:
- Cognex
- Basler Omron
- Keyence
- National Instruments
- Sony
- Teledyne Technologies
- Texas Instruments
- Intel
- Baumer Optronic
- Others
Key Segments
Based on Application: Quality assurance and inspection segment dominate the computer vision market. This segment holds a dominant share of over 25% due to the widespread adoption of computer vision for automated quality control in manufacturing. Deep learning algorithms can identify defects and inconsistencies with high accuracy, enhancing product quality and reducing production costs. For example, in January 2022, AI video tracking and video analytics provider Drishti Technologies, Inc. computer vision and deep learning to automate the analysis of production floor videos. Basically, the company placed cameras on production lines to record video, which is then processed through activity detection, anomaly detection and object detection. Industrial engineers can then access the data to improve the line.
Market Segmentation and Sub-Segmentation Included Are:
On The Basis of Component
- Hardware
- Software
On The Basis of Product Type
- Smart Camera-Based Computer Vision System
- PC-Based Computer Vision System
On The Basis of Application
- Quality Assurance & Inspection
- Positioning & Guidance
- Measurement
- Identification
- Predictive Maintenance
- 3D Visualization & Interactive 3D Modelling
On The Basis of Vertical
- Industrial
- Non-Industrial
Regional Analysis of the Computer Vision Market
The Asia Pacific region currently holds the largest market share in the Computer Vision Market with more than 40%. This dominance is due to the presence of major technology players in the region, significant government investments in AI development, and a growing demand for automation across various industries. Companies such as OMRON Corporation and Sony Semiconductor Solutions Corporation are expected to drive market growth in the region. In addition, the high share is due to the significantly increased investment in computer vision technology by Chinese companies and other countries in the APAC region. For example, cloud computing platform provider Amazon Web Services, Inc. launched its AWS Panorama, a software development suite that improves the use of computer vision In addition, AWS Panorama is connected to Amazon SageMaker, which would allow customers to train their computer vision model and deploy the model to AWS Panorama.
Recent Developments
NVIDIA announced the launch of its new DeepStream SDK, a comprehensive suite of tools designed to accelerate the development and deployment of AI-powered computer vision applications. This development highlights the focus on simplifying the integration of computer vision into various workflows.
IT infrastructure giant NEC Corporation of America launched a new subsidiary, NEC National Security Systems. This subsidiary focuses on providing advanced technologies to the U.S. government, including computer vision, artificial intelligence, and NEC’s industry-leading biometrics solutions.
Key Takeaways from the Computer Vision Market Study
- The market is poised for significant growth driven by advancements in AI and the increasing demand for automation.
- The rise of new applications and technological breakthroughs will further propel market expansion.
- Asia Pacific is expected to remain the dominant region, while North America presents a strong market opportunity.
- Continuous innovation and strategic collaborations are shaping the future of the computer vision landscape.
- Investing in solutions that address specific industry needs and offer ease of integration holds strong potential for success.
Table of Contents
- Introduction
- Industry Flowchart
- Research Methodology
- Market Dynamics
- Impact Analysis
- Impact of Ukraine-Russia war
- Impact of Economic Slowdown on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Computer Vision Market Segmentation, by Component
- Computer Vision Market Segmentation, by Product Type
- Computer Vision Market Segmentation, by Application
- Computer Vision Market Segmentation, by Vertical
- Regional Analysis
- Company Profile
- Competitive Landscape
- USE Cases and Best Practices
- Conclusion
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