Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The computer Vision market is impacted by a bunch of variables that on the whole shape its elements and development direction. Mechanical progressions act as an essential driver, with constant developments improving the capacities of PC vision frameworks. The coordination of man-made consciousness (artificial intelligence) and AI (ML) calculations has altogether moved the market forward, empowering PCs to decipher and grasp visual data with expanding exactness.
Additionally, a crucial market factor is the rising demand for automation in various industries. Computer vision assumes a urgent part in mechanizing processes, going from assembling and medical services to retail and reconnaissance. Computer vision solutions are increasingly being used by businesses to cut down on human error, streamline processes, and increase efficiency.
The ascent of edge registering is another essential element impacting the computer Vision market. With the developing requirement for continuous handling and decreased inertness, edge processing works with the sending of PC vision applications straightforwardly on gadgets, limiting the reliance on cloud-based arrangements. This shift towards edge registering upgrades execution as well as addresses protection and security concerns related with brought together information handling.
Moreover, the rising accessibility and moderateness of equipment parts contribute fundamentally to showcase development. The openness of superior execution GPUs (Designs Handling Units) and other specific equipment gas pedals engages associations to carry out powerful computer vision arrangements without extreme expenses. This moderateness factor encourages far and wide reception across little and medium-sized undertakings, extending the market reach.
Government drives and guidelines likewise assume an essential part in forming the computer Vision market scene. Strong approaches, financing, and motivators for innovative work in computer-based intelligence and PC vision advancements support development and market development. On the other hand, administrative systems tending to security and moral worries related with the utilization of computer vision add to building trust among clients and encouraging mindful organization.
Market factors include the rise of the Internet of Things (IoT) and the prevalence of data. Computer vision depends intensely on information, and the overflow of visual data created by associated gadgets energizes the turn of events and preparing of refined calculations. As the IoT environment grows, making an enormous inundation of information, the possible applications for computer vision keep on enhancing across enterprises.
Cutthroat elements and market solidification additionally altogether influence the computer Vision market. The presence of central parts, new companies, and consolidations and acquisitions add to advertise seriousness and impact innovative headways. Coordinated efforts and organizations between industry members encourage development and expand the extent of utilizations, increasing business sector contest.
Ultimately, the mindfulness and comprehension of the advantages presented by computer vision arrangements add to advertise development. As organizations and ventures handle the groundbreaking effect of these advancements on proficiency, efficiency, and direction, the interest in computer vision arrangements is probably going to flood. Instructive drives, industry gatherings, and contextual investigations exhibit fruitful executions further hoist mindfulness and drive reception.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 15.17 Billion |
| Growth Rate | 18.52% (2024-2032) |
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
-
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
-
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
