Computer Vision Market

Computer Vision Market

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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.

Computer Vision Market Outlook

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.

Attributes

Details

Report Title

Computer Vision Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2022

Historic Data

2016–2021

Forecast Period

2023–2031

Segmentation

Verticals (Non- industrial and Industrial), Types (PC- based Computer Vision System and Smart Camera- based Computer Vision System), Applications (3D Visualization & Interactive 3D Modeling, Quality Assurance & Inspection, Predictive Maintenance, Positioning & Guidance, Identification, and Measurement), and Components (Software and Hardware)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast

Key Players Covered in the Report

Texas Instruments Inc.; Cognex Corp.; Teledyne Optech; Intel Corp.; Teledyne Digital Imaging Inc.; Keyence Corp.; Matterport, Inc.; Sony Semiconductor Solutions Corp.; OMRON Corp.; and National Instruments Corp.

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.

Computer Vision Market Verticals

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.

Computer Vision Market Applications

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.

Computer Vision Market Regions

Segments

The global computer vision market has been segmented on the basis of

Verticals

  • Non- industrial
  • Industrial

Types

  • PC- based Computer Vision System
  • Smart Camera- based Computer Vision System

Applications

  • 3D Visualization & Interactive 3D Modeling
  • Quality Assurance & Inspection
  • Predictive Maintenance
  • Positioning & Guidance
  • Identification
  • Measurement

Components

  • Software
  • Hardware

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Texas Instruments Inc.
  • Cognex Corp.
  • Teledyne Optech
  • Intel Corp
  • Teledyne Digital Imaging Inc.
  • Keyence Corp.
  • Matterport, Inc.
  • Sony Semiconductor Solutions Corp.
  • OMRON Corp.
  • National Instruments Corp.

Competitive Landscape

Some of the major players competing in the global computer vision market are Texas Instruments Inc.; Cognex Corp.; Teledyne Optech; Intel Corp; Teledyne Digital Imaging Inc.; Keyence Corp.; Matterport, Inc.; Sony Semiconductor Solutions Corp.; OMRON Corp.; and National Instruments Corp.

These major players are concentrating on growing their customer base in order to acquire a competitive advantage in the market. Furthermore, market players are pursuing various marketing strategies, such as partnerships, acquisitions & mergers, and collaborations.

For example, Clobotics, a Chinese computer vision startup has purchased AtSite AS, a visual inspection solution supplier, in April 2020. This agreement was completed by Clobotics in order to create AI-enabled offshore wind-turbine inspection technology.

For instance, Snap Inc., a social media company based in the United States has acquired AI Factory, a computer vision start-up based in Ukraine, in January 2020. Snap Inc.'s social networking app was expected to benefit from this acquisition by adding a new function called Cameos, which converts a person's photo into a short animated video.

Computer Vision Market Key Players

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Computer Vision Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Computer Vision Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Computer Vision Market - Supply Chain
  4.5. Global Computer Vision Market Forecast
     4.5.1. Computer Vision Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Computer Vision Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Computer Vision Market Absolute $ Opportunity
5. Global Computer Vision Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Computer Vision Market Size and Volume Forecast by Types
     5.3.1. PC- based Computer Vision System Smart Camera- based Computer Vision System
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Computer Vision Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Computer Vision Market Size and Volume Forecast by Applications
     6.3.1. 3D Visualization & Interactive 3D Modeling Quality Assurance & Inspection Predictive Maintenance Positioning & Guidance Identification Measurement
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Computer Vision Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Computer Vision Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Computer Vision Demand Share Forecast, 2019-2026
8. North America Computer Vision Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Computer Vision Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Computer Vision Market Size and Volume Forecast by Types
     8.4.1. PC- based Computer Vision System Smart Camera- based Computer Vision System
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Computer Vision Market Size and Volume Forecast by Applications
     8.7.1. 3D Visualization & Interactive 3D Modeling Quality Assurance & Inspection Predictive Maintenance Positioning & Guidance Identification Measurement
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Computer Vision Demand Share Forecast, 2019-2026
9. Latin America Computer Vision Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Computer Vision Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Computer Vision Market Size and Volume Forecast by Types
     9.4.1. PC- based Computer Vision System Smart Camera- based Computer Vision System
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Computer Vision Market Size and Volume Forecast by Applications
     9.7.1. 3D Visualization & Interactive 3D Modeling Quality Assurance & Inspection Predictive Maintenance Positioning & Guidance Identification Measurement
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Computer Vision Demand Share Forecast, 2019-2026
10. Europe Computer Vision Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Computer Vision Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Computer Vision Market Size and Volume Forecast by Types
     10.4.1. PC- based Computer Vision System Smart Camera- based Computer Vision System
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Computer Vision Market Size and Volume Forecast by Applications
     10.7.1. 3D Visualization & Interactive 3D Modeling Quality Assurance & Inspection Predictive Maintenance Positioning & Guidance Identification Measurement
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Computer Vision Demand Share Forecast, 2019-2026
11. Asia Pacific Computer Vision Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Computer Vision Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Computer Vision Market Size and Volume Forecast by Types
     11.4.1. PC- based Computer Vision System Smart Camera- based Computer Vision System
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Computer Vision Market Size and Volume Forecast by Applications
     11.7.1. 3D Visualization & Interactive 3D Modeling Quality Assurance & Inspection Predictive Maintenance Positioning & Guidance Identification Measurement
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Computer Vision Demand Share Forecast, 2019-2026
12. Middle East & Africa Computer Vision Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Computer Vision Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Computer Vision Market Size and Volume Forecast by Types
     12.4.1. PC- based Computer Vision System Smart Camera- based Computer Vision System
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Computer Vision Market Size and Volume Forecast by Applications
     12.7.1. 3D Visualization & Interactive 3D Modeling Quality Assurance & Inspection Predictive Maintenance Positioning & Guidance Identification Measurement
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Computer Vision Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Computer Vision Market: Market Share Analysis
  13.2. Computer Vision Distributors and Customers
  13.3. Computer Vision Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Texas Instruments Inc. Cognex Corp. Teledyne Optech Intel Corp Teledyne Digital Imaging Inc. Keyence Corp.  

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