Computer Vision Market Size, Analysis, Share & Forecast 2031

Report Description

The global computer vision market size valued at USD 14.16 Billion in 2022 and is projected to reach USD 81.71 Billion by 2031, expanding at a CAGR of 21.5% during the forecast period, 2023-2031. The growth of the market is attributed to the rising demand for quality inspection & automation and increasing need for vision-guided robotic systems across industries.

Computer vision is a branch of artificial intelligence (AI) that uses digital images from cameras and deep learning models to teach computers in order to interpret the visual environment. Furthermore, it analyzes real- world photos to generate numerical or symbolic data. On the other hand, computer vision algorithms provide particular adaptations and modifications that are widely used in navigation procedures such as medical picture analysis, self- driving cars, human-machine interactions, and inspection in a variety of industries.

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Moreover, biometric scanning and facial recognition technologies are used to increase the security of high-value assets using computer vision technology. Furthermore, computer vision systems can distinguish various patterns in human retinas and irises. In addition, enterprises or residential security systems that employ persons' physiological traits for identity verification are more advanced use- cases of facial recognition. Access to high-security areas such as bank vaults and research labs is similarly controlled via fingerprint analysis.

On the other hand, conventional automobiles are steadily shifting towards AI- powered or self-driving vehicles in the automotive sector. Furthermore, ultrasonic and LiDAR sensors are used in self-driving cars to detect signposts, other vehicles, and obstacles. Additionally, these cars have cameras with computer vision that allow them to read traffic signals, calculate steering angles, and make vital on-road judgments, such as yielding to fire engines or ambulances.

Moreover, automation and robots are used extensively in the manufacturing business. The demand for intelligent solutions to monitor industrial procedures and outcomes is growing as manufacturing facilities shift to completely automated manufacturing. Additionally, the Internet of Things (IoT) is transforming manufacturing and making industrial operations more computer vision, autonomous, in the form of machine vision. For example, machine vision is used in the quality inspection of manufactured products to detect non-conformities and faults.

The COVID-19 outbreak has had impact on several industries all around the world. However, this pandemic has provided several opportunities for computer vision systems to combat the outbreak. For example, Alibaba's research institute Damo Academy has created a diagnosis algorithm that uses a chest computed tomography (CT) scan to detect new coronavirus cases. Furthermore, the AI model has been developed and utilized in the systems by using data from over 5,000 COVID-19 positive cases.

Market Trends, Drivers, Restraints, and Opportunities

• Growing adoption of Artificial Intelligence (AI), deep learning, and advanced hardware and software is expected to fuel the market growth during the forecast period.

• Increasing scope of vision-guided robotic systems along with high quality assurance & inspection of industrial products is propelling the market expansion in the coming years.

• Rising incorporation of computer vision systems in the automobile and transportation industry is up surging the market growth.

• Rising security threats of neural networks and deep learning is anticipated to hamper the market expansion in the coming years.

• Increasing investment in new product development and ongoing government initiatives to encourage the incorporation of computer vision technology across businesses are estimated to provide lucrative opportunity for market during the forecast period.

Scope of the Report

The report on the global computer vision market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Market Segment Insights

Industrial segment is expected to grow at a rapid pace

Based on verticals, the global computer vision market is bifurcated into non-industrial and industrial. The industrial segment is expected to grow at a rapid pace during the forecast period, owing to the fast implementation of computer vision systems in the automotive and transportation industry.

Furthermore, the opportunity for computer vision systems in this industry has amplified due to the introduction of traffic management systems and automobile driver assistance. In addition, food & packaging, pharmaceuticals, rubber and plastics, consumer electronics, and machinery are some of the other industry verticals using computer vision systems. On the other hand, barcode scanning, packaging inspection, product and component assembly, and defect reduction are few industrial verticals where vision systems are progressively used.

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PC- based computer vision system segment is projected to expand at a considerable CAGR

On the basis of types, the market is divided into PC- based computer vision system and smart camera- based computer vision system. The PC- based computer vision system segment is projected to expand at a considerable CAGR during the forecast period, owing to the various advantages, such as product's upgradability and ability of product to be managed with ease.

Furthermore, the capabilities of a PC- based computer vision system can be extended by installing a task- specific hardware and software package. On the other hand, a PC- based vision system is typically dedicated to image processing, necessitating the use of many peripheral devices for jobs, such as frame capturing, data transport, lighting, storage, and others. Thus, all these factors are propelling the market growth.

However, the smart camera- based computer vision system segment is anticipated to expand considerably in the coming years due to the compact dimensions, cost-effectiveness, and easy integration of a smart camera- based computer vision system.

Furthermore, the smart cameras are equipped with open- embedded processing technology that eliminates the need for external equipment such as a computer or a frame- capture card. Smart cameras with open-embedded computing are generally standalone vision systems that can perform tasks with minimal reliance on external devices. The product's prices are reduced while its operational capacity is maintained with such a streamlined approach.

Quality assurance & inspection segment is estimated to gain a large revenue share

Based on applications, the global computer vision market is segmented into 3D visualization & interactive 3D modeling, quality assurance & inspection, predictive maintenance, positioning & guidance, identification, and measurement. The quality assurance & inspection segment is estimated to gain a large revenue share during the forecast period, owing to the fast adoption of process automation in the manufacturing industry to increase the productivity.

Furthermore, inspection automation for every product in the manufacturing line is possible with the help of computer vision and deep learning algorithms. For example, Matrox, a digital imaging firm established in Canada, offers original equipment manufacturers (OEMs) and integrators in image analysis, machine vision, and medical imaging applications solutions and products for quality assurance and inspection. On the other hand, Suntory PepsiCo Vietnam Beverage, a consumer goods company, has used a Matrox imaging- based system to improve code label quality control in its factories.

However, the predictive maintenance segment is expected to expand substantially in the coming years. The predictive maintenance monitors equipment and related components data by combining machine learning algorithms with IoT devices. It frequently employs sensors for data gathering and signal identification in order to make accurate judgments prior to component failure. For example, Tesla, a California based electric vehicle and sustainable energy business, uses ultrasonic sensors in its self-driving cars to prevent accidents.

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Hardware segment is expected to register a substantial market share

On the basis of components, the market is bifurcated into software and hardware. The hardware segment is expected to register a substantial market share during the forecast period due to the accessibility of the modern hardware platforms that offer convenient component interconnection and advanced capabilities, such as completely digital data handling, fast processing, and multi-mega-pixel resolution.

Furthermore, processors and co-processors, lighting, cameras, frame grabbers, and optical components are all hardware components in a computer vision system. In addition, high-performance hardware components have simplified vision system installation and deliver a wide range of networking architectures to suit a variety of applications.

However, the software segment is anticipated to gain a considerable revenue share in the coming. Picture categorization, object detection, object tracking, and content-based image retrieval are some of the most common tasks performed by computer vision software.

On the other hand, many firms lack the resources and computational capability to process large amounts of visual data, which could standoff the computer vision software market. A few tech leading companies are attempting to overcome limitations in the development of computer vision software. For example, IBM Corp. provides services for computer vision software development to assist enterprises in developing computer vision applications.

Asia Pacific is anticipated to constitute a key market share

In terms of regions, the global computer vision market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is anticipated to constitute a key market share during the forecast period, owing to the rising investments in Chinese companies for computer vision technology. For example, in 2018, the People's Republic of China (PRC) controlled roughly three times the capital invested in US- based enterprises, accounting for approximately 66% of total capital invested by corporations.

Furthermore, China invested 20 times more in computer vision in 2016 than it did in venture capital. In addition, the government's strategic objectives are accelerating the region's adoption of computer vision technology. For example, China has deployed roughly 176 million cameras nationwide to meet the demand for improved monitoring. Furthermore, governments are granting access to enormous datasets to tech businesses in order to develop training models for computer vision applications.

However, the market for North America is estimated to grow at a significant rate in the coming years due to the promising government initiatives to encourage the implementation of computer vision in the region. Additionally, the United States General Services Administration's domain Artificial Intelligence (AI) Center of Excellence (CoE) assists organizations across the country in developing AI solutions that integrate machine learning, natural language processing, Robotic Process Automation (RPA), computer vision, and intelligent process design.

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