Computer Vision Market Size, Share, Growth Analysis, By Component(Hardware and Software), By Product(Smart Camera Based, PC-Based), By Application(Quality Assurance & Inspection and Positioning & Guidance), By End Use(Industrial and Non-industrial), By Region - Industry Forecast 2024-2031

By geography, North America captures the largest share of the market. The leading share can be contributed to the wide-scale deployment of IoT in the region. A robust IT and communications infrastructure in the region, along with large volumes of cloud and edge deployments, is another contributory factor for the adoption of computer vision. In addition, due to growing applications of computer vision into manufacturing, retail, healthcare, and security industries, among others, the market is growing. These models perform even better due to the growing volume of photo and video data which provides them with useful training information. Thus, these factors facilitate the regional market growth. 

In terms of compound annual growth rate (CAGR), Asia Pacific is anticipated to increase at the fastest rate throughout the forecast period. This increase in demand in the regional market is attributed, at least in part, to the growing number of use cases across various industries. The application of computer vision in the automotive, electronics, and industrial sectors to improve safety and automate various processes, such as inventory management, quality inspection, and assembly lines, is driving demand in Asia Pacific. These industries continue to invest in R&D and product development, and future demand for computer vision systems is expected to increase. The government's policies and initiatives are significant drivers of the market expansion in this sector.