Computers that can comprehend movies and digital images are known as computer vision systems. They can understand and see the environment around them as humans can. Visual system technology, computing power and artificial intelligence developments have made this possible. The fundamental concepts behind these systems are acquisition, processing, and categorization of data or image. The popularity of artificial intelligence in computer vision is growing rapidly because it is being used in numerous cases, for instance computer vision solutions in semi-autonomous and autonomous vehicles. The application of computer vision technologies has been expanded in numerous industries, including retail, consumer electronics, healthcare, education, robotics, manufacturing, and security and surveillance, As a result of this, the demand for the computer vision technologies increase which will enhance the market growth.
According to Data Bridge Market Research the Computer Vision Technologies accounted for USD 12.72 billion in 2021 and expected to reach USD 24.99 billion by 2029. The market is expected to grow with a CAGR of 8.80% in the forecast period of 2022 to 2029.
“Growing demand for computer vision technologies in manufacturing sector is expected to drive the market growth”
Automation and robotics are being highly used in the manufacturing sector. There is a growing requirement for more intelligent systems to monitor outcomes and industrial processes as the manufacturing facilities completely move toward automated manufacturing. Machine vision is a branch of computer vision which is further helping in improving industrial operations because the internet of tings (IoT) is transforming the manufacturing industry and making them more autonomous. Furthermore, manufacturers can use computer vision to offer predictive maintenance for remote site inspections of facilities, rigs, pipelines and fields. With the help of computer vision, product quality and packaging are closely monitored, and the quantity of defective products is also reduced. Therefore, growing demand for computer vision technologies in manufacturing sector is expected to drive the market growth.
What restraints the growth of Computer Vision Technologies Market?
“Multiple issues associated with computer vision technologies”
The major restraints of the computer vision technologies market are the low penetration of computer vision in industries and existence of selective end-user requirements. The lack of skilled professionals in complex algorithms and reducing adoption rate of machine learning, deep learning, and neural networks are some of the other factors which are hampering the market growth. Furthermore, this system is very expensive which may decrease the demand for the computer vision and negatively affected the market growth.
Segmentation: Computer Vision Technologies Market
The computer vision technologies market is segmented on the basis of component, application, end-user, product and deployment.
- On the basis of component, the computer vision technologies market is segmented into software and hardware.
- Based on application, the computer vision technologies market is segmented into face recognition, gesture recognition, character recognition and others.
- On the basis of end-user, the computer vision technologies market is segmented into industrial and non-industrial.
- On the basis of product, the computer vision technologies market is segmented into PC-based computer vision system and smart camera-based computer vision system.
- On the basis of deployment, the computer vision technologies market is segmented into general and robotic cell.
Regional Insights: North America is expected to dominate the Computer Vision Technologies Market
North America is expected to dominate the market and is expected to grow significantly because of widespread adoption of machine or computer vision in various industries, mainly in manufacturing and automotive sector in this region. Furthermore, the market growth in this region also attributed to the helpful government programs which promoting computer vision use.
- In addition, the Asia-Pacific region is likely to register highest growth rate during the forecast period of 2022 to 2029. The ongoing use of computer vision in healthcare industries for quick and accurate medical reports, and measuring blood loss during surgeries, mainly C-section procedures, is expected to drive the growth of the computer vision market in this region.
Recent Development: Computer Vision Technologies Market
- In 2022, Vedanta Limited has collaborated Detect Technologies which is an organization based on industrial artificial intelligence that makes cutting-edge technology. The alliance goals to roll out T-pulse to Detect Technologies' AI-based office software. T-pulse software will help Vedanta Limited in ensuring that its workspaces uphold the highest sanitization standards and fulfill all necessary requirements. T-computer Pulse's vision technology would also increase the digital safety monitoring system.
- In 2022, the American technology company Cisco Systems Inc. and the AI computer vision platform Cogniac has recently established a cooperation. This cooperation would allow the integration of Cogniac's computer vision technologies with MV smart cameras from Cisco Systems Inc... Both organizations would make machine learning models that use picture and video data to track the actions without any requirement for AI expertise and new infrastructure.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-computer-vision-technologies-market
The Prominent Key Players Operating in the Computer Vision Technologies Market Include:
- COGNEX CORPORATION (U.S.)
- Basler AG (Germany)
- OMRON Corporation (Japan)
- KEYENCE CORPORATION (Japan)
- NATIONAL INSTRUMENTS CORP. (U.S.)
- Sony Semiconductor Solutions Corporation (Japan)
- Teledyne Technologies Inc. (U.S.)
- Allied Vision Technologies GmbH (Germany)
- SICK AG (Germany)
- Texas Instruments Incorporated (U.S.)
- Intel Corporation (U.S.)
- Baumer (Switzerland)
- JAI A/S (Denmark)
- MVTEC SOFTWARE GMBH (Germany)
- Tordivel AS (Norway)
- ISRA VISION AG (Germany)
- FLIR Systems, Inc. (U.S.)
- AMETEK Surface Vision (U.S.)
- Qualitas Technologies Pvt Ltd (India)
- Cadence Design Systems, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list Computer Vision Technologies Market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Computer Vision Technologies Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
