USD 11.22 billion
Global Computer Vision Market Size, Share, Growth Analysis, By Component(Hardware, Software), By Product(Smart Camera Based, PC-Based), By End-Use(Industrial, Non-industrial) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2084 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
87 |
Figures:
76
Global Computer Vision Market Insights
Computer Vision Market size was valued at USD 11.22 billion in 2019 and is poised to grow from USD 12.01 billion in 2023 to USD 22.07 billion by 2031, growing at a CAGR of 7% in the forecast period (2024-2031).
Biometric scanning and face recognition technologies are used to increase the security of high-value assets using computer vision technology. Computer vision systems can identify distinct patterns in human retinas and irises, the most common use case for facial recognition is smartphone security. Companies and residential security systems that employ people's physiological characteristics for identification verification are more sophisticated use-cases of face recognition. Human-driven or conventional automobiles are giving way to AI-powered or self-driving vehicles in the automotive sector. Due to the requirement for decision-making capabilities, the implementation of computer vision systems in self-driving automobiles is projected to drive the growth of the computer vision market. Automation and robots are used most extensively in the industrial business. The demand for increasingly sophisticated solutions to monitor industrial processes and results is growing as manufacturing facilities migrate to completely automated manufacturing.
Computer vision applications have grown at a breakneck speed over the previous decade, reaching a fever pitch with the advent of the COVID-19 epidemic. From retail software and healthcare platforms to sophisticated manufacturing and government systems, companies are investing substantially in AI-driven solutions.
US Computer Vision Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Industrial
Fastest Growth
Industrial
Growth Rate
7% CAGR
Global Computer Vision Market, 2021-2027 ($ Mn)
Country Share for Asia Pacific Region- 2021 (%)
Global Computer Vision Market Size By End-User , 2021-2027 ($ Mn)
Global Computer Vision Market Size By End-User , 2021-2027 (%)
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Global Computer Vision Market Segmental Analysis
The global computer vision market is segmented on the basis of component, product, end-use, and region. Based on the component, the Computer Vision Market is segmented into hardware and software. Based on the product, the market is segmented into SmartCamera based and PC-based. Based on the end-use, the Computer Vision Market is segmented into industrial and non-industrial. Whereas, based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Computer Vision Market Analysis by Component
In 2021, the hardware segment of the Computer Vision Market is projected to hold the most lucrative share of more than 50% of the market. The hardware segment comprises a wide scope of diverse hardware components such as processors, cameras, lenses, frame grabbers, and LED lighting among many others. The segmental growth of the Computer Vision Market is attributed to the wide availability of advanced hardware platforms with convenient component interconnection and advanced capabilities including fast processing, multi-mega-pixel resolution, and fully digital data handling. This thus contributes to the growth of the Computer Vision Market during the forecast period.
Computer Vision Market Analysis by Product
In 2021, the smart camera-based segment of the Computer Vision Market is projected to hold the most lucrative share of more than 50% of the market. The segmental growth of the market is attributed to the advancements in smart camera technology & IoT along with the increasing penetration of smart camera-based computer vision systems. Smart camera-based computer vision systems are cost-effective, compact, and versatile, which makes them easier to make modifications in response to new regulations and requirements. This thus encourages the growth of the Computer Vision Market during the forecast period.
Computer Vision Market Analysis by End-Use
In 2021, the industrial segment of the Computer Vision Market is projected to hold the most lucrative share of more than 50% of the market. The segmental growth of the market is attributed to the enormous growth in various applications of the computer vision market, for an instance, automotive. The automotive industry is one of the first industries to embrace computer vision systems and continues to have the largest proportion of the computer vision market. In this business, automation is commonly used for automobile assembly, hence computer vision systems are widely used. This is helping to drive the computer vision Computer Vision Market in the automobile industry forward.
Global Computer Vision Market By End-User , 2021(%), 2023 (%)
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Global Computer Vision Market Regional Insights
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.
Further, in 2021, the Asia-Pacific region also led the market, accounting for a significant share of worldwide sales. This can be attributed to the considerable increase in computer vision technology investments in Chinese enterprises. Inclination towards smart manufacturing and industrial automation is another major aspect that contributes to the regional growth of the Computer Vision Market during the forecast period.
Global Computer Vision Market By Geography, 2021 - 2027, 2024-2031
- Largest
- Fastest
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Global Computer Vision Market Dynamics
Computer Vision Market Driver
- 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.
- Another major aspect that drives the industry growth includes increasing applications of computer vision systems. Computer vision applications have expanded into a variety of industries in recent years, and this trend is projected to continue in the coming years. Face recognition applications have become popular in both the public and private sectors, as people use facial recognition technology in their daily lives, resulting in a profitable Computer Vision Market growth opportunity. Furthermore, newer applications, such as product/content discovery systems prevalent in the online retail business, use computer vision systems to assist customers with their items based on photographs given by users. These rising applications of computer vision are likely to open up significant prospects for the computer vision market.
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Global Computer Vision Market Competitive Landscape
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.
Computer Vision Market Top Players Company Profiles
- Cognex Corporation
- Intel Corporation
- Keyence Corporation
- Microsoft
- 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
Computer Vision Market Recent Developments
- In May 2022, Intel is planning on introducing Sonoma Creek named computer vision software. The software provides simplify and speed up the training of AI models for computer vision. it is scheduled to be launched in the last quarter of the year 2022.
- In May 2022, PIXM has announced the release of a new computer vision solution for mobile phishing. PIXM Mobile employs computer vision technology to detect and prevent phishing attacks on mobile devices as soon as a user clicks on a malicious link.
Global Computer Vision Key Market Trends
- 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.
- Further, computer vision algorithms also enable in-store navigation systems to identify the most efficient route to products on a customer's in-app shopping list and to recalculate the route if the user selects to look at other things.
Global Computer Vision Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research. SQ identified the key dominating segments of the Computer Vision Market by offerings and verticals.
According to our analysis, among the component, the hardware segment is projected to hold a dominating share during the period. Among the product, the smart camera-based segment is projected to hold a dominating share during the period. While, among the end-use, the industrial segment is projected to hold a dominating share during the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 11.22 billion |
| Market size value in 2031 | USD 22.07 billion |
| Growth Rate | 7% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Computer Vision Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Computer Vision Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Computer Vision Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Computer Vision Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Computer Vision Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Computer Vision Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Computer Vision Market Report Snapshots
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