Global Computer Vision Market

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 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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FAQs

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).

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'

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.

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.

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.

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