Global Computer Vision Market, By Components (Hardware, Software, and Service), Product (Smart Camera-based Computer Vision Systems and PC-based Computer Vision Systems), Offering (Deep Learning and Traditional Computer Vision), Application (Quality Assurance and Inspection, Positioning and Guidance, Identification, and Predictive Maintenance), Vertical (Industrial and Non Industrial) – Industry Trends and Forecast to 2031.
Computer Vision Market Analysis and Size
The computer vision market is experiencing robust growth, driven by advancements in artificial intelligence (AI) and machine learning technologies. The increasing demand for automation and efficiency across various industries, such as automotive, healthcare, retail, and agriculture, is fueling the adoption of computer vision solutions. These solutions enable machines to interpret and understand the visual world, enabling a wide range of applications, from facial recognition and object detection to autonomous vehicles and augmented reality. The market is also benefiting from the growing availability of cloud computing services, which provide the necessary infrastructure for processing and analyzing large volumes of visual data.
The global computer vision market size was valued at USD 14.06 billion in 2023 and is projected to reach USD 26.65 billion by 2031, with a CAGR of 8.32% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016 - 2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Components (Hardware, Software, and Service), Product (Smart Camera-based Computer Vision Systems and PC-based Computer Vision Systems), Offering (Deep Learning and Traditional Computer Vision), Application (Quality Assurance and Inspection, Positioning and Guidance, Identification, and Predictive Maintenance), Vertical (Industrial and Non-Industrial)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America
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Market Players Covered
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Cognex Corporation (U.S.), Basler AG (Germany), OMRON Corporation (Japan), KEYENCE CORPORATION (Japan), National Instruments Corp (U.S.), Sony Corporation (Japan), Teledyne Technologies (U.S.), Allied Vision Technologies GmbH (Germany), Texas Instruments Incorporated (U.S.), Intel Corporation (U.S.), Baumer (Germany), JAI (Denmark), MediaTek, Inc. (Taiwan), Cadence Design Systems, Inc. (U.S.), CEVA, Inc. (U.S.), and Synopsys, Inc. (U.S.)
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Market Opportunities
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Market Definition
Computer vision is a field of artificial intelligence (AI) that enables computers to interpret and understand the visual world. It entails creating algorithms and methods that enable machines to extract information from images or videos, mimicking human vision. Computer vision systems can analyze and interpret visual data, such as identifying objects, recognizing faces, detecting motion, and understanding scenes.
Computer Vision Market Dynamics
Drivers
- Increasing Demand for Automation
Businesses are recognizing the benefits of automation in streamlining processes, improving efficiency, and reducing costs. Computer vision plays a crucial role in automation by enabling machines to interpret and understand visual data, allowing them to perform tasks that traditionally require human intervention. Industries such as manufacturing, logistics, and healthcare are increasingly adopting computer vision solutions to automate repetitive tasks, enhance productivity, and improve overall operational efficiency. As the demand for automation continues to grow, the computer vision market is expected to witness significant expansion.
- Advancements in AI and Machine Learning
Technological advancements in AI and machine learning are driving the capabilities of computer vision systems. These advancements enable computer vision systems to perform more accurate and sophisticated tasks, such as image recognition, object detection, and image segmentation. AI and machine learning algorithms enable computer vision systems to learn from data, improving their performance over time. This has led to significant advancements in computer vision applications, such as autonomous vehicles, facial recognition, and medical image analysis. As computer vision in AI continues to evolve, the capabilities of computer vision systems are expected to improve further, driving the growth of the computer vision market.
Opportunities
- Integration with Robotics and Automation
Computer vision is integral to robotics and automation, offering a range of applications from industrial automation to autonomous vehicles. In robotics, computer vision enables machines to interpret visual data, facilitating tasks such as object recognition, navigation, and quality control in manufacturing. This integration enhances efficiency, accuracy, and safety in various industries. For autonomous vehicles, computer vision enables vehicles to perceive their environment, detect obstacles, and navigate safely. The demand for computer vision technologies is expected to increase as robotics and automation continue to evolve, driving innovation and growth in the market.
- Development of Autonomous Vehicles
The development of autonomous vehicles heavily relies on computer vision technologies. Computer vision systems in autonomous vehicles interpret visual data from cameras and sensors to understand their surroundings, detect obstacles, and make informed decisions. Advancements in computer vision algorithms and hardware have significantly improved the capabilities of autonomous driving systems, enabling vehicles to navigate complex environments and operate safely. As the automotive industry continues to invest in autonomous vehicle technology, the demand for advanced computer vision solutions is expected to grow. This presents new opportunities for computer vision companies to innovate and collaborate with automakers to shape the future of transportation.
Restraints/Challenges
- Data Privacy and Security Concerns
The use of computer vision technologies raises significant concerns about data privacy and security. Since these systems often require gathering and analyzing sensitive visual data, there is a risk of unauthorized surveillance and potential data breaches. The misuse or mishandling of this data can lead to serious privacy violations and legal issues. In addition, the complexity of computer vision algorithms and the sheer volume of data they process can make them vulnerable to cyberattacks.
- High Cost of Implementation
The implementation of computer vision solutions can be costly, particularly for small and medium-sized enterprises (SMEs). The high cost is primarily attributed to the need for specialized hardware, software, and skilled personnel. Procuring and maintaining the necessary hardware, such as cameras, sensors, and processing units, can be expensive. Moreover, implementing computer vision algorithms and integrating them into existing systems requires expertise, which may require additional training or the hiring of skilled professionals. These costs can act as a barrier to entry for SMEs, limiting their ability to adopt computer vision solutions and compete with larger enterprises.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact data bridge market research for an analyst brief, our team will help you take an informed market decision to achieve market growth.
Recent Developments
- In March 2023, Texas Instruments Incorporated expanded its computer vision solutions by launching six Arm Cortex-based vision processors. These processors enable designers to incorporate enhanced vision and artificial intelligence (AI) processing into applications like video doorbells, machine vision, and autonomous mobile robots. The new processors offer improved cost-effectiveness and energy efficiency, providing significant benefits for various AI-driven applications
- In May 2022, Intel Corporation, a U.S.-based company known for its diverse technology products and services such as cloud computing, data centers, and IoT solutions, introduced a computer vision software named "Sonoma Creek." This software aims to assist developers in rapidly integrating artificial intelligence into their products
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.
Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
Computer Vision Market Scope
The computer vision market is segmented on the basis of components, product, offering, application, and vertical. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Components
- Hardware
- Software
- Service
Product
- Smart Camera-based Computer Vision Systems
- PC-based Computer Vision Systems
Offering
- Deep Learning
- Traditional Computer Vision
Application
- Quality Assurance and Inspection
- Positioning and Guidance
- Identification
- Predictive Maintenance
Vertical
- Industrial
- Non Industrial
Computer Vision Market Regional Analysis/Insights
The market is analyzed and market size insights and trends are provided by country, components, product, offering, application, and vertical as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, rest of Middle East and Africa, Brazil, Argentina, and rest of South America.
Asia-Pacific is expected to dominate the market due to the presence of key players like OMRON Corporation and Sony Semiconductor Solutions Corporation, which are expected to drive further growth. In addition, the substantial investments in Chinese firms and other APAC countries for computer vision technology contribute to the region's high market share.
North America is expected to experience significant growth due to the region being home to several prominent companies in the computer vision industry, such as Microsoft, Google, IBM, and Intel, which are headquartered there. These companies are making substantial investments in research and development to enhance computer vision technology and its applications. The North America regional market is expanding, with these companies scaling their operations in both the U.S. and Canada.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Computer Vision Market Share Analysis
The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the market are:
- Cognex Corporation (U.S.)
- Basler AG (Germany)
- OMRON Corporation (Japan)
- KEYENCE CORPORATION (Japan)
- National Instruments Corp (U.S.)
- Sony Corporation (Japan)
- Teledyne Technologies (U.S.)
- Allied Vision Technologies GmbH (Germany)
- Texas Instruments Incorporated (U.S.)
- Intel Corporation (U.S.)
- Baumer (Germany)
- JAI (Denmark)
- MediaTek, Inc. (Taiwan)
- Cadence Design Systems, Inc. (U.S.)
- CEVA, Inc. (U.S.)
- Synopsys, Inc. (U.S.)
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