Computer Vision Global Market Report 2024

The computer vision market size has grown rapidly in recent years. It will grow from $14.98 billion in 2023 to $16.64 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The expansion observed in the historical period can be attributed to the increased demand for automation, a growing necessity for quality inspection and assurance, the rise in surveillance and security applications, advancements in healthcare imaging technologies, and the widening applications of this technology in the retail sector.

The computer vision market size is expected to see rapid growth in the next few years. It will grow to $27.63 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. Anticipated growth in the upcoming period is expected due to integration with autonomous vehicles, the rapid expansion of augmented reality (AR) and virtual reality (VR) technologies, increased adoption in agriculture and agtech sectors, the growing implementation in smart city initiatives, and the escalating significance in human-computer interaction. Key trends projected for this period encompass industrial automation utilizing vision systems, advancements in 3D computer vision technologies, considerations around privacy and ethics, collaborative efforts across industries for innovation, and the integration with Internet of Things (IoT) for smarter applications.

The surge in demand for artificial intelligence (AI) is expected to act as a catalyst for the growth of the computer vision market in the foreseeable future. AI, the field focused on creating intelligent machines and computer programs, plays a crucial role in enabling computer vision systems to extract valuable insights from digital images, videos, and visual inputs, thereby offering recommendations and solutions. For instance, as reported by the Computing Technology Industry Association (CompTIA), a US-based non-profit trade association specializing in professional certifications for the IT industry, 86% of organizations surveyed in 2021 considered artificial intelligence (AI) as a mainstream technology within their operations. Additionally, 91.5% of leading businesses continuously invest in AI initiatives. This widespread adoption and ongoing investment in AI technologies underscore the increasing significance and demand for AI, which in turn drives the growth trajectory of the computer vision market.

The expanding digitalization within the retail sector is poised to propel the growth of the computer vision market in the coming years. Digitalization in retail encompasses the integration of digital technologies throughout business operations to enhance efficiency, elevate customer satisfaction, and support overall business functions. This adoption includes leveraging emerging retail technologies such as cashier-less checkout, AI, data analytics, cloud computing, big data, IoT, mobility, and social media to construct Digital Experience Platforms (DXP). In the retail industry, computer vision facilitates real-time automated tracking of items on shelves, leading to more effective inventory management, reduced instances of out-of-stock products, and improved customer experiences through personalized services and streamlined shopping journeys. For instance, as per the Digital Economy Survey 2021, the retail sector accounted for the highest proportion of website sales, with 34.5% of businesses engaging in website sales. Notably, total UK website sales to customers outside the UK reached £77.8 billion in 2021, with 96.9% of sales conducted through businesses' own websites or apps. This underscores how the growing digitalization within the retail industry acts as a key driver in propelling the expansion of the computer vision market.

Technological advancement stands as a prominent trend in the computer vision market. Major players in this sector are dedicated to pioneering new technologies to maintain their competitive edge. For instance, in January 2022, Amazon Web Services, Inc., a leading US-based provider of cloud computing platforms, introduced AWS Panorama. This software development kit (SDK), launched in the Asia-Pacific region, enhances operations through computer vision (CV). AWS Panorama comprises an SDK and machine learning (ML) devices designed to integrate CV capabilities into on-premises internet protocol (IP) cameras. This technology proves beneficial for businesses, enabling the automation of visual inspection tasks such as assessing manufacturing quality, identifying bottlenecks in industrial processes, and ensuring worker safety within their facilities. The launch of AWS Panorama exemplifies the industry's commitment to advancing computer vision technology to meet the evolving needs of various sectors.

Prominent firms in the computer vision sector are pioneering cutting-edge products such as automotive vision systems. These systems leverage advanced visual technologies, such as computer vision and machine vision, to facilitate functionalities such as object and pedestrian detection, collision warning systems, and emergency braking for ADAS (Advanced Driver Assistance Systems) in addition to enabling autonomous driving. For example, in March 2023, Texas Instruments, a leading semiconductor manufacturer in the US, launched a new suite of six Arm Cortex-based vision processors, including the AM62A, AM68A, and AM69A. These processors are specifically designed to elevate computer vision solutions by allowing designers to seamlessly integrate more robust vision and artificial intelligence (AI) processing capabilities at a reduced cost and heightened energy efficiency. This technology is particularly beneficial for applications such as video doorbells, machine vision, and autonomous mobile robots.

In May 2022, BeMyEye Holdings Ltd., a UK company offering AI and retail execution management solutions, successfully acquired Metaliquid Srl for an undisclosed sum. This strategic acquisition is anticipated to empower BeMyEye’s clientele to enhance their retail sales performance on a broader scale. Metaliquid Srl, headquartered in Italy, specializes in computer vision technology utilizing deep-learning algorithms for audio and video analysis.

Major companies operating in the computer vision market report are Microsoft Corporation, Sony Semiconductor Solutions Corporation, Intel Corporation, Texas Instruments Incorporated, MediaTek Inc., Omron Corporation, Keyence Corporation, Teledyne Technologies Incorporated., Synopsys Inc., Cadence Design Systems Inc., SAS Institute, National Instruments Corporation, Cognex Corporation, Magic Leap One, Veritone, Inc., Matterport Inc., CEVA Inc., Evolv Technology, Orbital Insight, Descartes Labs, Sight Machine Inc., AiFi INC., JAI A/S., Aila Technologies, Radar Inc., Streem, Piaggio Fast Forward, Baumer Holding AG, Iterative Health, Trax Technology Solutions PTE Ltd.

Asia-Pacific was the largest region in the computer vision market in 2023. North America is expected to be the fastest-growing region in the global computer vision market during the forecast period. The regions covered in the computer vision market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the computer vision market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Computer vision encompasses two primary product categories such as smart camera-based systems and PC-based systems. Smart camera-based setups, such as image verification system (IVS) cameras, conduct high-speed inspections linked directly to production lines, providing immediate inspection and production data. These systems integrate hardware and software components for both deep learning and traditional computer vision functions. They find applications in quality assurance, inspection, positioning, guidance, measurement, identification, predictive maintenance, 3D visualization, and interactive modeling across industries such as life sciences, manufacturing, defense and security, automotive, and others.

The computer vision market research report is one of a series of new reports that provides computer vision market statistics, including computer vision industry global market size, regional shares, competitors with a computer vision market share, detailed computer vision market segments, market trends and opportunities, and any further data you may need to thrive in the computer vision industry. This computer vision market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The computer vision market consists of revenues earned by entities by providing services such as object detection, edge detection, and facial recognition. The market value includes the value of related goods sold by the service provider or included within the service offering. The computer vision market also includes sales of lighting, lens, image sensor, vision processing, and communication systems, which are used in providing computer vision services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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