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Computer Vision Market Share

ID: MRFR//4050-CR | 100 Pages | Author: Shubham Munde| February 2020

Companies use a variety of market share positioning strategies to gain an advantage over rivals and establish a solid presence in the ever-evolving Computer Vision market. One common methodology is separation, where organizations recognize their contributions by integrating novel highlights, high level functionalities, or specific applications. By underscoring what separates their answers, organizations can draw in unambiguous client sections looking for custom fitted and imaginative PC vision arrangements.

Another key methodology includes estimating, where organizations decisively set their item or administration costs to take care of various market fragments. In order to emphasize the sophisticated and advanced capabilities of their computer vision systems, some may choose a premium pricing strategy. Others might seek after an expense initiative methodology, intending to catch a more extensive piece of the pie by offering serious costs and focusing on cost-delicate clients. Finding some kind of harmony among estimating and saw esteem is significant for portion of the overall industry situating.

Joint efforts and associations comprise one more critical methodology in the computer Vision market. Organizations frequently unite with innovation accomplices, research foundations, or industry players to use corresponding qualities. Integrated solutions, expanded product portfolios, and shared resources are all possible outcomes of these collaborations, which can ultimately boost market competitiveness.

Market division is a procedure that includes focusing on unambiguous client sections in view of their extraordinary necessities and inclinations. By fitting computer vision answers for address the particular necessities of various businesses or applications, organizations can enter specialty showcases actually. By taking a targeted approach, marketing and sales efforts can be more narrowly focused and resources can be used more effectively.

Advancement is at the very front of piece of the pie situating in the computer Vision market. Organizations put resources into innovative work to constantly improve their contributions, remaining in front of mechanical patterns. This technique not just permits them to fulfil developing client needs yet in addition positions them as industry pioneers, drawing in clients searching for front line and future-evidence arrangements.

Geological extension is an essential move to take advantage of different business sectors and benefit from provincial open doors. Through partnerships, acquisitions, or the establishment of local offices, businesses can enter new markets. Adjusting answers for meet the particular necessities of various districts can be essential in acquiring acknowledgment and piece of the pie in assorted worldwide business sectors.

Client driven techniques assume an essential part in piece of the pie situating. Building solid client connections, offering superb help, and effectively looking for client criticism add to mark unwaveringness and positive verbal. Fulfilled clients are bound to become advocates, affecting the buying choices of others and adding to piece of the pie development.

Acquisitions and consolidations are vital moves utilized by organizations to reinforce their market position. By gaining or converging with corresponding organizations, organizations can grow their item contributions, access new advances, and solidify portion of the overall industry. Synergies that can result in increased efficiency and a more formidable competitive position in the Computer Vision market are made possible by this strategy.

Portion of the overall industry situating methodologies likewise remember a concentration for versatility and adaptability. As the computer Vision market keeps on developing, organizations need to guarantee that their answers can scale to fulfil developing needs and adjust to arising patterns. Versatility empowers organizations to catch new open doors and oblige the extending needs of their client base.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2023
Forecast Period	2024-2032
Growth Rate	18.52% (2024-2032)

Computer Vision Market Highlights:

Computer Vision Market Trends

Computer Vision Market Analysis

Computer Vision Market Share

Computer Vision Companies

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)

Computer Vision Market Overview

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)

Computer Vision Market, by Application

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 (%)

COMPUTER VISION MARKET SHARE BY REGION

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

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.

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

Hardware

Software

Computer Vision Application Outlook

Face recognition

gesture recognition

and character recognition

Computer Vision End-user Outlook

Agriculture

healthcare

automotive

consumer electronics

entertainment

transportation

Computer Vision Regional Outlook

North America
- US
- Canada

Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific

Rest of the World
- Middle East
- Africa
- Latin America

Computer Vision Companies

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