PUBLISHER: Allied Market Research | PRODUCT CODE: 1396815
PUBLISHER: Allied Market Research | PRODUCT CODE: 1396815
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.
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.
Additional benefits you will get with this purchase are:
Possible Customization with this report (with additional cost and timeline, please talk to the sales executive to know more)