The Computer Vision Market size is projected to grow from USD 18.43 Billion in 2024 to USD 71.75 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.52% during the forecast period (2024 - 2032). Additionally, the market size for computer Vision was valued at USD 15.17875 Billion in 2023.
The increased need for quality inspection and automation and the major factors driving the computer vision markets during the forecast period are the key market drivers enhancing the market growth.
Figure 1: Computer Vision Market Size, 2023-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Increasing demand for automation and efficiency is driving market growth.
The increasing demand for automation and efficiency drives the growth of AI in the computer vision market. Businesses across industries are adopting AI computer vision technologies to automate processes and improve decision-making accuracy. For example, computer vision systems inspect products and identify defects in the manufacturing industry, leading to quicker issue recognition and resolution. This enhances efficiency and reduces waste, saving time and resources. This factor drives market CAGR.
Additionally, Al computer vision has numerous emerging applications in several fields, including agriculture, logistics, and manufacturing, which can significantly benefit from the Application of this technology. Al computer vision is used in agriculture to automate various processes, such as crop monitoring, yield prediction, and disease identification. Al algorithms can analyze images of crops and provide information on their growth, health, and potential yield. This information can help farmers determine the best methods to care for their crops and improve their products. Thus, driving the Computer Vision market revenue.
The Computer Vision market segmentation, based on components, includes hardware and software. The dominance of the software segment in the computer vision market can be attributed to the advancements in artificial intelligence (AI) and machine learning algorithms. These technologies have significantly enhanced the capabilities of computer vision software, making it a preferred choice for various applications. The software segment benefits from the continuous development and innovation in AI, enabling businesses to leverage powerful algorithms for improved image recognition and analysis. These technologies enable software solutions to process, analyze, and interpret visual data effectively, improving accuracy and performance in various computer vision applications.
Based on application, the Computer Vision market segmentation includes face, gesture, and character recognition. The face recognition segment dominated the market because it offered a secure and convenient method for user authentication and access control. Computer vision technology finds extensive applications across sectors such as banking, government, and corporate environments. Its primary use involves identity verification and granting authorized access to restricted areas or digital systems. By leveraging computer vision, organizations can ensure enhanced security measures and streamline access control processes, ultimately safeguarding sensitive information and resources.
Figure 2: Computer Vision Market, by Application, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Based on end-user, the Computer Vision market segmentation includes agriculture, healthcare, automotive, consumer electronics, entertainment, and transportation. The healthcare segment dominated the market because it enables the analysis and interpretation of medical images such as X-rays, CT scans, MRIs, and ultrasounds. Computer vision algorithms can detect abnormalities, assist in disease diagnosis, and aid healthcare professionals in making informed decisions for patient care.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Computer Vision market will dominate this market. The computer vision market experiences significant growth due to the influence of one of the world's leading manufacturing hubs, known for its exceptional productivity and output.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: COMPUTER VISION MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Computer Vision market accounts for the second-largest market share. The rising demand for quality inspection and automation drives the growth of the computer vision market during the forecast period. Further, the German Computer Vision market held the largest market share, and The computer vision market in the UK experienced the highest growth rate among European countries.
The Asia-Pacific Computer Vision Market is expected to grow fastest from 2023 to 2032. Significant players such as OMRON Corporation and Sony Semiconductor Solutions Corporation are expected to boost the market growth in the Region. Moreover, China’s Computer Vision market held the largest market share, and the Indian Computer Vision market was the fastest-growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development to expand their product lines, which will help the computer vision market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Computer Vision industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Computer Vision industry to benefit clients and increase the market sector. The Computer vision industry has recently offered some of the most significant medical advantages. Major players in the Computer Vision market are Intel Corporation (U.S.), Keyence Corporation (Japan), National Instruments (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Cognex Corporation (U.S.), IBM Corporation (U.S.), Autoliv Inc. (U.S.), Sony Corporation (Japan), and Basler AG (Germany).
Microsoft Corporation is a prominent American multinational technology corporation. Recognized for its renowned software products such as Windows, Microsoft Office, Internet Explorer, and Edge, the company recently revealed its extensive collaboration with OpenAI. Through a significant investment spanning multiple years and billions of dollars, Microsoft aims to expedite advancements in Artificial Intelligence (AI) to ensure widespread access to its benefits.
IBM, a renowned multinational technology corporation founded in 1911, has partnered with the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) to establish an Al Center of Excellence. This collaboration was announced during the World Future Energy Summit at Abu Dhabi Sustainability Week, further solidifying IBM's presence in artificial intelligence.
Intel Corporation (U.S.)
Keyence Corporation (Japan)
National Instruments (U.S.)
Microsoft Corporation (U.S.)
Nvidia Corporation (U.S.)
Cognex Corporation (U.S.)
IBM Corporation (U.S.)
Autoliv Inc. (U.S.
February 2024:
Assert AI announces with great pride the launch of Pratham, an innovative platform that has been granted a patent due to its pioneering approach to democratizing computer vision and artificial intelligence. A major milestone in the field of computer vision technology, Pratham enables users to harness the capabilities of Vision AI technology without requiring coding knowledge or expertise in AI. Pratham, an acronym denoting "first" in Hindi, implements a novel framework that empowers users with direct access to the capabilities of computer vision. This empowers them to effortlessly analyze and utilize video data. With the continuous evolution of technology reshaping our data interactions, computer vision exhibits tremendous potential due to the pervasive presence of cameras, ranging from mobile phones to billions of CCTVs. Assert AI is pleased to introduce Pratham, a user-friendly platform that addresses the demand for a democratized approach to artificial intelligence in video analysis. This groundbreaking platform is unparalleled globally and grants wider access to artificial intelligence by allowing users to harness the complete capabilities of computer vision without the need for AI specialists or the intricacies of coding.
January 2024:
Hardware
Software
Face recognition
gesture recognition
and character recognition
Agriculture
healthcare
automotive
consumer electronics
entertainment
transportation
US
Canada
Germany
France
UK
Italy
Spain
Rest of Europe
China
Japan
India
Australia
South Korea
Australia
Rest of Asia-Pacific
Middle East
Africa
Latin America
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 15.17 Billion |
| Market Size 2024 | USD 18.43 Billion |
| Market Size 2032 | USD 71.75 Billion |
| Compound Annual Growth Rate (CAGR) | 18.52% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service, Organization Size, End-user, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Intel Corporation (U.S.), Keyence Corporation (Japan), National Instruments (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Cognex Corporation (U.S.), IBM Corporation (U.S.), Autoliv Inc. (U.S.), Sony Corporation (Japan), and Basler AG (Germany). |
| Key Market Opportunities | The report's users will come across market opportunities and trends likely to arise during the projected years. \r\n The scope of research covers components such as hardware and software. |
| Key Market Dynamics | Maximize profits and leverage growth potential while mitigating risks. |
Computer Vision Market Highlights:
Frequently Asked Questions (FAQ) :
The Computer Vision market size was valued at USD 15.17 billion in 2023.
The global market is projected to grow at a CAGR of 18.52%during the forecast period, 2024-2032.
North America witnessed the largest share of the global market.
The major players in the market are Intel Corporation (U.S.), Keyence Corporation (Japan), National Instruments (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Cognex Corporation (U.S.), IBM Corporation (U.S.), Autoliv Inc. (U.S.), Sony Corporation (Japan), and Basler AG (Germany).
The Software Computer Vision category dominated the market in 2022.
Face recognition witnessed the largest share of the global market.
Research Analyst Level II With a technical background in information technology & semiconductors, shubham has 4.5+ years of experience in market research and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the ict/semiconductor domain. shubham holds a bachelor’s in information and technology and a master of business administration (mba). shubham has executed over 150 research projects for our clients under the brand name market research future in the last 2 years. his core skill is building the research respondent relation for gathering the primary information from industry and market estimation for niche markets. he is having expertise in conducting secondary & primary research, market estimations, market projections, competitive analysis, analysing current market trends and market dynamics, deep-dive analysis on market scenarios, consumer behaviour, technological impact analysis, consulting, analytics, etc. he has worked on fortune 500 companies' syndicate and consulting projects along with several government projects. he has worked on the projects of top tech brands such as ibm, google, microsoft, aws, meta, oracle, cisco systems, samsung, accenture, vmware, schneider electric, dell, hp, ericsson, and so many others. he has worked on metaverse, web 3.0, zero-trust security, cyber-security, blockchain, quantum computing, robotics, 5g technology, high-performance computing, data centers, ai, automation, it equipment, sensors, semiconductors, consumer electronics and so many tech domain projects.
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