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

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). 

Computer vision AI is intended to enable computers to detect, identify, and understand objects and people in images and videos. The high business demand for automation and efficiency acts as one of the main moving factors of the industry rise in AI. Automation and efficacy will enable businesses to enhance the accuracy of their decision-making processes while spending less time and money. This factor influences the market positively, as owing to this, most companies today are automating procedures and increasing productivity by the incorporation of AI computer vision technologies. The use of computer vision systems can extend to manufacturing facilities to conduct product inspection and defect detection. It raises productivity levels and reduces waste as it allows for the identification and resolution of issues linked to production rapidly and with greater effectiveness. In addition, the main industrial growth driver is the increase of applications of computer vision systems. Over recent years, there has been an expansion of computer vision applications in several industries; further increases are expected to take place in the future. Facilitating face recognition applications within public and private sectors by more people has revitalized this area as a lucrative opportunity for market expansion in facial recognition technology.