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).

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.

Global Computer Vision Market Report Snapshots

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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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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

Global Computer Vision Market Insights

Global Computer Vision Market Report Snapshots

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