What is the global market size of Computer Vision Market?

Computer Vision Market size was valued at USD 11.22 billion in 2021 and is poised to grow from USD 12.01 billion in 2022 to USD 22.07 billion by 2030, growing at a CAGR of 7% in the forecast period (2023-2030).

Who are the key vendors in the Global Computer Vision Market?

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key Computer Vision Market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Cognex Corporation ', 'Intel Corporation', 'Keyence Corporation', 'Microsoft', 'Google', 'Amazon Web Services (AWS)', 'Nvidia', 'Qualcomm Technologies', 'IBM', 'FLIR Systems', 'Basler AG', 'Teledyne Technologies', 'Sony Corporation', 'Texas Instruments', 'Omron Corporation', 'National Instruments', 'Honeywell International', 'Matrox Imaging', 'Baumer Group', 'Sick AG'.

What is the key driver of Global Computer Vision Market?

The key factor that drives the industry growth includes the need for faster and more accurate root cause analysis. With the adoption of computer vision systems, companies can simplify their repetitive tasks performed through an automated system, which otherwise can be time-consuming when performed manually. According to a study published in IEEE Transactions on Intelligent Transportation Systems, computer vision-based traffic detection and monitoring systems are 91% more reliable than human-powered systems. This gives computer vision systems a competitive advantage, incentivizing increased expenditures in the development of more computer vision-based applications. This, thus, is likely to drive the Computer Vision Market growth forward.

What is the key market trend for Global Computer Vision Market?

Increased adoption of computer vision across various applications is one of the major trends driving the industry's growth forward. For an instance, the manufacturing industry is witnessing the most extensive use of computer vision systems for automation and robotics. The demand for increasingly intelligent solutions to monitor industrial processes and outcomes is growing as manufacturing facilities shift to completely automated manufacturing. While the Internet of Things (IoT) is transforming manufacturing and making industrial operations more autonomous, computer vision, in the form of machine vision, is contributing to their improvement. For example, machine vision is used in the quality inspection of manufactured products to detect non-conformities and faults.

Which region accounted for the largest share in Global Computer Vision Market?

The Global Computer Vision market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2021, the North American region is projected to hold the most substantial share of the market. The regional Computer Vision Market is likely to be driven by favorable government measures aimed at promoting the use of computer vision to ensure quality and ease of operation in the region. Apart from the automotive industry, the food & packaging and pharmaceutical industries are also two major industries that are adopting computer vision systems. This contributes to the regional growth of the market during the forecast period.

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

Report ID: SQMIG45E2084 | Region: Global | Published Date: July, 2024
Pages: 157 | Tables: 87 | Figures: 76

Computer Vision Market News

December 2023: AlwaysAI collaborated with academics at the University of California, San Diego, to further develop computer vision technologies. This partnership allows users to leverage the outstanding academic and technological capability of San Diego to develop pragmatic computer vision applications that will serve unparalleled value to customers.
October 2023: Remark Holdings, Inc. designs and develops artificial intelligence-influenced video analytics and has partnered with Intel and Arrow Electronics. According to the agreement, it would add more than 200,000 customers upon the deployment of Intel-based AI servers running Remark's Smart Safety Platform, or SSP-developed for the administration of warehousing, sales, and logistics sales support.
August 2023, TechSee announced the integration of Amazon Web Services to offer Amazon Connect. By combining an augmented reality platform with artificial intelligence, Amazon Connect provides better customer service at a lower cost.

Computer Vision Market Report Snapshots

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Global Computer Vision Market size was valued at USD 16.10 Billion in 2022 and is poised to grow from USD 17.4 Billion in 2023 to USD 32.45 Billion by 2031, growing at a CAGR of 8.1% in the forecast period (2024-2031).

Key players in the industry have been expanding their global presence offering niche and industry-specific solutions. They have resorted to mergers and acquisitions of regional companies to establish a strong presence across several regions. These companies are focusing on devising successful marketing strategies and discovering new ways to retain and grow their respective market shares. This, in turn, will lead to a higher demand for computer vision solutions and may result in the opening of new business avenues for the players operating in the computer vision market. 'Basler ', 'Keyence ', 'Sony ', 'Intel ', 'Texas Instruments ', 'Jai A/S ', 'Isra Vision ', 'Ceva ', 'Synopsys ', 'Cognex ', 'Omron ', 'National Instruments ', 'Teledyne Technologies ', 'Mvtec Software ', 'Sick'

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.

Manufacturing, logistics, and agriculture are some of the fields where maximum benefit could be achieved by the application of computer vision AI. It finds application in agriculture for the implementation of automation functions related to productivity prediction, monitoring of plants, and detection of diseases. Such systems can analyze images of crops and provide data on crop growth, health status, and yield potential that help the farmer with decision-making. For this reason, this feature is expected to drive the market.

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.

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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

Computer Vision Market News

Computer Vision Market Report Snapshots

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What is the global market size of Computer Vision Market?

Who are the key vendors in the Computer Vision Market?

What is the key driver of Computer Vision Market?

What is the key market trend for Computer Vision Market?

Which region accounted for the largest share in Computer Vision Market?

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