The Computer Vision Market was valued for $14,963.81 million in 2022 and is estimated to reach $82,141.74 million by 2032, exhibiting a CAGR of 18.7% from 2023 to 2032. A computer vision system acquires, processes, and analyzes real-world images in order to produce numerical or symbolic information, often in the form of a decision. Each application requires a specialized adaptation and enhancement to the computer vision algorithm, although several fundamental blocks of algorithms are common. Computer vision is the enterprise of automating and integrating a wide range of processes and representations used for visual perception. It includes many techniques that are useful by themselves, such as image processing (transforming, encoding, and transmitting images) and statistical pattern classification (statistical decision theory applied to general patterns, visual or otherwise). Following the current trend of automation and 3D imaging in all major industries, the market for computer vision is expected to witness growth at a high rate in the near future. Factors such as faster processing and better accuracy coupled with the economic advantage of computer vision system are the major factors that are expected to contribute to the market growth during the forecast period. However, intense requirement of highly skilled and experienced professional and user data privacy and safety concerns is primarily restraining the market growth. Moreover, growing application of computer vision in non-industrial applications and advancements in the field of computer vision and AI is creating a lucrative opportunity for the market.
Surge in increased processing and better accuracy coupled with economic advantage of computer vision system are one of the major factors that is striking the market growth during the forecast period. However, intense requirement of highly skilled and experienced professional and user data privacy and safety concerns is primarily restraining the market growth. Moreover, growing application of computer vision in non-industrial applications and advancements in the field of computer vision and AI is expected to create a lucrative opportunity for the market growth during the forecast period.
On the basis of product, PC-based computer vision systems segment dominated the computer vision market in 2022 and is expected to maintain its dominance in the upcoming years, owing to handle a wide range of applications due to its added flexibility over smart camera systems and ability to process more inputs at once propels the market growth significantly. However, the smart cameras-based computer vision systems segment is expected to witness the highest growth, owing to perform some predefined function/tasks and is designed according to the needs of that particular task.
Region-wise, the computer vision market size was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to rise in number of IoT applications hosted on cloud and increasing investments in emerging technologies such as big data, social media, and due to artificial intelligence supporting a smarter and safer mobility aiding the growth of the computer vision market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to rapid shift in accelerating inspection procedures and increasing application efficiency and operating efficiencies which is expected to fuel the market growth in this region. Furthermore, several major computer vision providers including Intel Corporation, Texas Instruments Incorporated, Cognex Corporation, Keyence Corporation, Basler AG, Omron Corporation., Mediatek Inc., National Instruments Corporation, Teledyne Technologies Incorporatec, are introducing new products & services to computer vision.
The report focuses on growth prospects, restraints, and analysis of the computer vision trend. The study provides Porter’s five forces analysis to understand the impact of numerous factors, such as the bargaining power of suppliers, the competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and the bargaining power of buyers on the computer vision market share.
The key players operating in the market include Intel Corporation, Texas Instruments Incorporated, Cognex Corporation, Keyence Corporation, Sony Corporation, Basler AG, Omron Corporation., Mediatek Inc., Teledyne Technologies Incorporate. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.
Surge in increased processing and better accuracy coupled with economic advantage of computer vision system are one of the major factors that is striking the market growth during the forecast period. However, intense requirement of highly skilled and experienced professional and user data privacy and safety concerns is primarily restraining the market growth. Moreover, growing application of computer vision in non-industrial applications and advancements in the field of computer vision and AI is expected to create a lucrative opportunity for the market growth during the forecast period.
On the basis of product, PC-based computer vision systems segment dominated the computer vision market in 2022 and is expected to maintain its dominance in the upcoming years, owing to handle a wide range of applications due to its added flexibility over smart camera systems and ability to process more inputs at once propels the market growth significantly. However, the smart cameras-based computer vision systems segment is expected to witness the highest growth, owing to perform some predefined function/tasks and is designed according to the needs of that particular task.
Region-wise, the computer vision market size was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to rise in number of IoT applications hosted on cloud and increasing investments in emerging technologies such as big data, social media, and due to artificial intelligence supporting a smarter and safer mobility aiding the growth of the computer vision market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to rapid shift in accelerating inspection procedures and increasing application efficiency and operating efficiencies which is expected to fuel the market growth in this region. Furthermore, several major computer vision providers including Intel Corporation, Texas Instruments Incorporated, Cognex Corporation, Keyence Corporation, Basler AG, Omron Corporation., Mediatek Inc., National Instruments Corporation, Teledyne Technologies Incorporatec, are introducing new products & services to computer vision.
The report focuses on growth prospects, restraints, and analysis of the computer vision trend. The study provides Porter’s five forces analysis to understand the impact of numerous factors, such as the bargaining power of suppliers, the competitive intensity of competitors, the threat of new entrants, the threat of substitutes, and the bargaining power of buyers on the computer vision market share.
Segment review
The computer vision market is segmented on the basis of components, product, application, end user and region. On the basis of component, it is divided into hardware, software and services. On the basis of product, it is bifurcated into PC based and smart camera based computer vision system. On the basis of application, it is divided into quality assurance & inspection, positioning & guidance, measurement, identification, predictive maintenance. On the basis of end user, it is fragmented into industrial and non-industrial. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.The key players operating in the market include Intel Corporation, Texas Instruments Incorporated, Cognex Corporation, Keyence Corporation, Sony Corporation, Basler AG, Omron Corporation., Mediatek Inc., Teledyne Technologies Incorporate. Furthermore, it highlights the strategies of the key players to improve the market share and sustain competition.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the computer vision market analysis from 2022 to 2032 to identify the prevailing computer vision market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the computer vision market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global computer vision market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Product
- PC-based Computer Vision Systems
- Smart Cameras-based Computer Vision Systems
By Application
- Quality Assurance and Inspection
- Positioning and Guidance
- Measurement
- Identification
- Predictive Maintenance
By End User
- Industrial
- Non-industrial
By Component
- Hardware
- Software
- Service
By Region
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- Key Market Players
- Texas Instruments Incorporated
- Cognex Corporation
- Sony Corporation
- BASLER AG
- MediaTek Inc.
- Teledyne Technologies Incorporated
- Intel Corporation
- KEYENCE CORPORATION
- Omron Corporation.
- National Instruments Corporation
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: COMPUTER VISION MARKET, BY COMPONENT
CHAPTER 5: COMPUTER VISION MARKET, BY PRODUCT
CHAPTER 6: COMPUTER VISION MARKET, BY APPLICATION
CHAPTER 7: COMPUTER VISION MARKET, BY END USER
CHAPTER 8: COMPUTER VISION MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the computer vision market was valued at $15 billion in 2022, and is estimated to reach $82.1 billion by 2032, growing at a CAGR of 18.7% from 2023 to 2032.Artificial Intelligence (AI) with computer vision technology is becoming increasingly popular in different use-cases, such as computer vision solutions in consumer drones and autonomous and semi-autonomous vehicles. Also, the recent advancements in computer vision comprising image sensors, advanced cameras, and deep learning techniques have widened the scope for computer vision systems in various industries, including education, healthcare, robotics, consumer electronics, retail, manufacturing, and security & surveillance, among others. Computer vision is a field of artificial intelligence (AI) that enables computers and systems to derive meaningful information from digital images, videos and other visual inputs and take actions or make recommendations based on that information. If AI enables computers to think, computer vision enables them to see, observe and understand. .
Furthermore, factors such as faster processing and better accuracy coupled with economic advantage of computer vision system are one of the major factors that is striking the market growth during the forecast period. However, intense requirement of highly skilled and experienced professional and user data privacy and safety concerns is primarily restraining the market growth. Moreover, growing application of computer vision in non-industrial applications and advancements in the field of computer vision and AI is expected to create a lucrative opportunity for the market growth during the forecast period.
On the basis of application, quality assurance and inspection segment dominated the computer vision market in 2022 and is expected to maintain its dominance in the upcoming years owing to offers discrepancies in the quality of actually produced goods from the required product quality are determined through a timely quality inspection process propels the market growth significantly. However, the identification segment is expected to witness the highest growth, owing to offer easy to differentiate between different objects and their features in an image or video data.
Region-wise, the computer vision market size was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to rise in number of IoT applications hosted on cloud and increasing investments in emerging technologies such as big data, social media, and due to artificial intelligence supporting a smarter and safer mobility aiding the growth of the computer vision market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to rapid shift in accelerating inspection procedures and increasing application efficiency and operating efficiencies which is expected to fuel the market growth in this region.
During the pandemic there was a rapid adoption of advanced technologies such as automation, artificial intelligence, machine learning and deep machine learning. This is attributed to the increase in need for computers and systems to derive meaningful information from digital images, videos and other visual inputs and take actions or make recommendations based on that information. For instance, in January 2022, Texas Instruments Incorporated expanded its computer vision services and automotive offerings that can help automakers improve how advanced driver assistance systems sense objects during the pandemic period. Furthermore, key players in the market adopted strategies such as product launch and product development to enhance their services during the pandemic period. For instance, in April 2020, Cognex Corporation upgraded its computer vision services and launched the in-sight D900 embedded vision system. The system is designed to solve applications including optical character recognition (OCR), assembly verification, and defect detection. Such developments helped the computer vision market to witness growth during the pandemic period.
Technological Trends
Several technological advancements are influencing the computer vision's development and opportunity. The development of deep learning algorithms and neural networks is one important trend. By improving photo recognition, object detection, and pattern analysis accurate and efficient, these technologies have completely changed computer vision. Large datasets can be used to train deep learning algorithms, which enables computer vision systems to continuously improve their efficiency and precision over time. Applications like driverless vehicles, facial recognition, and quality control in manufacturing have become new avenues to explore due to the current trend. Further, the combination of computer vision with other cutting-edge technologies, such as augmented reality (AR) and virtual reality (VR), is a significant technological development in the computer vision sector. Businesses are able to provide users with immersive and engaging experiences by fusing computer vision with AR and VR. The user's perception of and engagement with their surroundings can be improved by using AR applications, which, for instance, can overlay virtual information over real-world locations. In sectors such as gaming, retail, and healthcare where computer vision is being employed to create more realistic and immersive experiences, this integration is fuelling innovation.KEY FINDINGS OF THE STUDY
By component, the hardware segment accounted for the largest computer vision market share in 2022.On the basis of product, the on PC-based computer vision systems segment generated the highest revenue in 2022.
On the basis of application, the quality assurance and inspection segment generated the highest revenue in 2022.
On the basis of end user, the industrial segment generated the highest revenue in 2022.
Region-wise, North America generated the highest revenue in 2022.
The key players profiled in the computer vision market analysis are as Intel Corporation, Texas Instruments Incorporated, Cognex Corporation, Keyence Corporation, Sony Corporation, Basler AG, Omron Corporation., Mediatek Inc., National Instruments Corporation, Teledyne Technologies Incorporate. These players have adopted various strategies to increase their market penetration and strengthen their position in the computer vision industry.
Companies Mentioned
- Texas Instruments Incorporated
- Cognex Corporation
- Sony Corporation
- BASLER AG
- MediaTek Inc.
- Teledyne Technologies Incorporated
- Intel Corporation
- KEYENCE CORPORATION
- Omron Corporation.
- National Instruments Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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