Computer Vision Market Growth to Rocket with A 18.52% CAGR By 2032

Press release/- Market Research Future Published a Cooked Research Report on Global Computer Vision Market Research Report.

The intensifying call for equipping computers with vision similar to humans has generated considerable traction for the computer vision market globally. The concept of computer vision as a scientific stream encompasses the technology and theory for creating artificial systems that acquire information from images or multi-dimensional data. The computer vision market is estimated to touch USD 71.75 billion in revenues by 2032 approximately while growing at a 18.52% CAGR over the forecast period from 2024 to 2032.

As computer vision is one of the most complex processes that has been attempted to comprehend and create, the market’s development is still at the initial growth stages and is projected to generate a great deal of inertia in terms of demand, investment, research and development which will boost future growth. The development of virtual and augmented reality along with an upsurge in the demand for mobile devices are some of the driving factors for progress of the computer vision market. Moreover, the emergent technologies of artificial learning, machine learning, deep learning, virtual reality, augmented reality, neural networks are placing strong emphasis on new product development which is likely to further develop the market for computer vision. Furthermore, the market for computer vision is anticipated to expand increasingly in the forecast period due to the use of the technology in military applications especially; as it is a potentially profitable revenue segment for the market.

Factors such as high accuracy of computer vision systems, escalating need for automation, accessibility to robust & low-cost hardware, and availability of open source libraries are expected to provide the much needed push to the progress of the market. As big data is also instrumental to what computer vision can achieve, the competitors who are currently growing their presence in the market have already established themselves as leaders in the big data market previously. This factor will be vital to the growth potential that can be achieved in the computer vision market. Additionally, the computer vision market is anticipated to attain further growth due to the indirect demand stemming from the market for deep learning.

Segmental Analysis

The computer vision market globally includes segments on the basis of the component, application, and verticals. The verticals which are involved in the computer vision market consist of automotive, entertainment, agriculture, healthcare, transportation, consumer electronics and many more. The automotive segment has the largest share of the end-user segment of the computer vision market and is projected to grow with the maximum CAGR of 33.86% during the forecast period. The component basis of segmentation of the market comprises of software and hardware. The hardware components consist of scanners, cameras, sensors, sonar, processing chipsets and others. The applications based segmentation of the market for computer vision consists of gesture analysis, facial recognition, image restoration, medical image analysis, character recognition and many more.

Regional Analysis

The computer vision market globally comprises of regions such as Europe, Asia Pacific, North America, and Rest of the World. The North American region controls a significant portion of the computer vision market globally. The implementation of machine vision through numerous industries such as manufacturing and automotive are motivating the market development in this region. Escalating implementation of surveillance analytics for user behavior tracking is found to be among the major factors responsible for the market’s growth in the forecast period. The Asia Pacific region is projected to display a sharp rise throughout the forecast period. Japan, China, India, South Korea are the leading nations in the region. Previously, the Asia Pacific held an 18.20 percent market share in the computer vision market in 2017. The amplified implementation of augmented and virtual displays in automotive and 3D gaming is fuelling the market in this region further. Rising number of start-ups focussed on augmented and virtual reality technologies are cited as one of the contributing factors for the development of the market in the forecast period. The market growth is additionally promoted by the fact that computer vision is chiefly being adopted for image recognition and also in medical image analysis.

Competitive Analysis                                                                                     

The trends and players have created a positive tone for market development. The incentive for the market’s growth in turn has improved the competitive backdrop of the market. KLA-Tencor Corporation (U.S.), Facebook Inc. (U.S.), Microsoft Corporation (U.S.), Google LLC (U.S.), National Instruments Corporation (U.S.),Nvidia Corporation (U.S.), Mercedes-Benz (Germany), Wikitude GmbH (Germany), Autoliv Inc (U.S.),  IBM Corporation (U.S.), PlayfulVision (Switzerland), Cognex Corporation (U.S.), VideoIQ (U.S.), General Electric (U.S.), among others are the key players that are shaping the market significantly.