According to the latest report by IMARC Group “Computer Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″, The global computer vision market is expected to exhibit a CAGR of 7.1% during 2023-2028.
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Computer vision (CV) refers to a field of artificial intelligence (AI) that trains computers to understand and interpret the visual world using digital images from cameras and deep learning models. It can also identify and analyze real-world images to deliver numerical and symbolic information. It involves data and image acquisition, classification, and processing and offers transportation data solutions, including radar detection, wrong-way detection, and license plate recognition systems. At present, the increasing need for quality inspection has driven the demand for CV-guided and smart camera-based robotic systems in numerous industries across the globe.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
There is an increase in the adoption of CV in the education sector to provide security to institutions by scanning and analyzing video footage and detecting any suspicious activities, such as loitering, intrusion, and abnormal events. This, coupled with the expanding number of schools, colleges, and other institutions and the rising number of applicants, represent one of the major factors strengthening the market growth around the world. Moreover, CV is employed in the healthcare sector to improve medical treatments, procedures, and overall patient experience. It also allows healthcare professionals to make better decisions about patient treatment. It is used in various medical devices, such as X-rays, computed tomography (CT) scan, magnetic resonance imaging (MRI), and ultrasounds, to improve the accuracy of diagnosing diseases. Besides this, the escalating demand for remote patient monitoring (RPM) services on account of the growing prevalence of chronic conditions and viral infections, such as cancer, cystic fibrosis, osteoporosis, and cardiovascular diseases (CVD), among the masses is influencing the market positively.
In addition, CV finds extensive application in the automotive industry for the designing, manufacturing, and after-service processes to monitor and indicate repairs and maintenance of the vehicle. Along with this, the increasing demand for autonomous vehicles (AVs) due to rapid urbanization and inflating income levels is providing a thrust to the market growth. Apart from this, rising sales of consumer electronics, such as smartphones, laptops, desktops, tablets, scanners, and other smart wearables, are offering lucrative growth opportunities to leading players operating in the industry. Furthermore, the growing adoption of CV in augmented reality (AR) and virtual reality (VR) technologies to detect the eye and body movement of the user and consequently adapt to the VR environment is creating a positive outlook for the market. Besides this, the emerging trend of automation and 3D imaging is driving the demand for CV in numerous industries worldwide.
Breakup by Component:
- Hardware
- Software
Breakup by Product Type:
- Smart Camera-based
- PC-based
Breakup by Application:
- Quality Assurance and Inspection
- Positioning and Guidance
- Measurement
- Identification
- Predictive Maintenance
- 3D Visualization and Interactive 3D Modelling
Breakup by Vertical:
- Industrial
- Non-Industrial
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Basler AG
- Baumer Optronic
- CEVA Inc.
- Cognex Corporation
- Intel Corporation
- Jai A/S
- Keyence Corporation
- Matterport Inc.
- Microsoft Corporation
- National Instruments
- Sony Corporation
- Teledyne Technologies Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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