USD 11.22 billion
Report ID: SQMIG45E2084 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 87 | Figures: 76
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).
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.
Global Market Size
USD 11.22 billion
To get more reports on the above market click here to Buy The Report
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.
To get detailed analysis on other segments, Request For Sample Report
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.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Computer Vision Market Driver
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
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
Computer Vision Market Recent Developments
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.
|Market size value in 2021||USD 11.22 billion|
|Market size value in 2030||USD 12.01 billion|
|Forecast Unit (Value)||USD Billion|
|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)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.