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The computer vision market is going through unique changes, powered by quick innovative progressions and developing interest across different ventures. Computer vision is, at its core, the creation of algorithms and systems that enable machines to comprehend and interpret visual information in a manner analogous to human vision. One of the main thrusts behind the market's dynamism is the heightening incorporation of computer vision across assorted areas, going from medical care and car to retail and assembling.
Computer vision systems' capabilities have been significantly enhanced in recent years thanks to the proliferation of data and the development of sophisticated deep learning methods. Applications like image and facial recognition, object detection, and autonomous vehicles have increased as a result. The interest in computer vision arrangements is moved by the requirement for mechanization, proficiency, and improved dynamic cycles in different enterprises. For example, in medical care, computer vision is being utilized for clinical picture examination, illness conclusion, and careful help, adding to worked on quiet results.
The market elements of the computer vision industry are likewise formed by the rising reception of man-made consciousness (simulated intelligence) advances. Computer vision and AI are intertwined, with ML algorithms enabling computers in learning from and adapting to novel visual data. This cooperative energy has prompted the improvement of cutting-edge PC vision applications with higher precision and dependability. As organizations perceive the potential for simulated intelligence fuelled computer vision to reform their tasks, the market observers a developing deluge of speculations and associations to cultivate development.
The computer vision market's dynamics are also being influenced by the rise of edge computing. Edge registering includes handling information nearer to the wellspring of age, diminishing dormancy and empowering ongoing navigation. This translates into on-device processing capabilities in cameras, drones, and other devices, making surveillance, smart cities, and augmented reality applications easier. The shift towards edge registering improves execution as well as addresses concerns connected with information protection and security.
Worldwide rivalry and coordinated effort among tech monsters, new businesses, and research organizations further add to the unique idea of the computer vision market. Organizations are participated in a competition to foster state of the art arrangements and gain an upper hand. Coordinated efforts between innovation suppliers and industry players are encouraging advancement and the improvement of fitted answers for meet explicit industry needs.
Challenges, in any case, go with the development of the computer vision market. Moral contemplations, information security concerns, and the interpretability of simulated intelligence calculations are main points of contention that should be tended to. Finding some kind of harmony among advancement and mindful organization of computer vision innovations is pivotal to guarantee cultural acknowledgment and forestall potentially negative results.
Computer Vision Market Highlights:
Computer Vision Market Overview
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
Computer Vision Market Trends
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.
Computer Vision Market Segment Insights
Computer Vision Component Insights
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.
Computer Vision Application Insights
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
Computer Vision End-user Insights
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.
Computer Vision Regional Insights
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.
Computer Vision Key Market Players& Competitive Insights
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.
Key Companies In The Computer Vision Market Include
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Intel Corporation (U.S.)
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Keyence Corporation (Japan)
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National Instruments (U.S.)
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Microsoft Corporation (U.S.)
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Nvidia Corporation (U.S.)
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Cognex Corporation (U.S.)
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IBM Corporation (U.S.)
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Autoliv Inc. (U.S.
Computer Vision Industry Developments
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:
UltronAI announced the launch of the UltronAI platform in January 2024. The platform is an AI-driven computer vision engine designed to drive the development of product-centric retail solutions of the next generation. UltronAI has initiated the seed round of funding, subsequent to the triumphant conclusion of its preceding, heavily subscribed pre-seed round, now that the platform is generally accessible. UltronAI is a system that has been purposefully developed to operate in a high-volume, transactional setting. It utilizes advancements derived from extensive research spanning several decades to tackle distinctive retail obstacles, including rapid transactions, extensive product catalogs that are ever-changing, and fluctuations in lighting and product placement. The UltronAI platform is now available to retailers and retail solution providers for the development of scalable solutions encompassing self-checkout, inventory management, analytics, and other related areas.
August 2023:Nvidia announced the launch of its new Jetson Xavier NX Developer Kit, which is a powerful AI platform for embedded and edge devices. The new developer kit is expected to accelerate the development of computer vision applications in various industries, such as automotive, manufacturing, and retail.
Computer Vision Market Segmentation
Computer Vision Component Outlook
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Hardware
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Software
Computer Vision Application Outlook
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Face recognition
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gesture recognition
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and character recognition
Computer Vision End-user Outlook
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Agriculture
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healthcare
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automotive
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consumer electronics
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entertainment
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transportation
Computer Vision Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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