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

Drivers 

Encourage Manufacturing to Drive Market Growth with Efficient Quality Control 

• One major reason behind the industrial rise of artificial intelligence is growing demand for automation and efficiency. Due to automation and efficacy, businesses can enhance their decision-making processes to a whole new level of high accuracy, saving money and time altogether. Therefore, several firms presently are automating processes by boosting productivity with the help of AI computer vision technologies. For instance, computer vision systems can be installed in manufacturing facilities to aid in product defect inspections. This raises productivity and reduces waste as the problems in production can now be identified and solved much faster. Therefore, this factor acts as a growth factor in the market. 

 Growing Applications of Computer Vision Systems 

• The growing number of applications in which computer vision systems can be used highly depends on the industrial growth rate. Different industries have seen expansion in recent years in which applications of computer vision are found; this is predicted to continue in the forthcoming years. With face recognition applications becoming ever more popular in public and private sectors due to increasing numbers of people applying facial recognition technology in life, this opens a good opportunity for market expansion in return. Further, some very modern applications, such as product/content discovery systems used in the online retail sector, use computer vision systems to help the user with purchases based on photographs provided by the user. These growing applications are expected to drive significant growth in the computer vision industry. 

Restraints 

High Purchase and Implementation Costs to Companies Is Anticipated to Hinder Market Growth 

• The major impeding factors in the market's growth are the purchase cost of a computer vision system and implementation cost for companies. Development and deployment cost remains high for these AI systems, while their improved versions often require specific hardware and software along with expertise too. Those companies which are not familiar with the AI-based computer vision face big tasks to purchase and deploy such systems. Of course, hardware, software licenses, and technical support cost extra money. In addition, businesses may need to invest time in training and development to enhance their technical capabilities regarding the systems. For this reason, all these factors are posing a barrier towards industry growth. 

Security and Privacy Concerns 

• Most applications of computer vision raise serious privacy concerns due to their capability in data collection and processing of personal information. As such, the development and implementation of these systems must navigate through the complex ethical and legal hurdles. Stronger barriers are being imposed through regulations such as CCPA and GDPR on data collection and its processing. Moreover, biases in training datasets have the potential to result in biased outcomes that may erode confidence in the utilization of computer vision technologies. Such biases may perpetuate inequalities, extend privacy concerns, and raise ethical dilemmas that businesses need to address to regain trust and build compliance.