The worldwide computer vision market is predicted to grow from $12.91 billion in 2023 to $26.11 billion in 2033, reflecting a 7.3% CAGR. The market is characterized as an industry equipped with machine learning and deep learning algorithms that allow machines to understand visual input.
Some important drivers of the computer vision market include the growing use of automation in manufacturing and retail, the emergence of the Internet of Things (IoT), the expansion of self-driving cars, and the rising need for surveillance systems.
Governments throughout the world are investing in the development and deployment of computer vision technologies to monitor public places in real time, detect criminal activities, and identify possible security risks.
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Key Takeaways:
- The hardware category led the market in 2021, accounting for 39.4% of total market revenue of US$ 4.60 Billion.
- The software segment is projected to record a CAGR of around 20-25% during the forecast period of 2023 to 2033, driven by the increasing adoption of artificial intelligence and deep learning technologies.
- Cloud-based computer vision software is also expected to be a significant driver of growth in the software segment.
- Over the forecast period, demand for smart camera-based computer vision systems is expected to grow, driven by low cost, small size, and ease of integration.
- The quality assurance and inspection segment held a significant market share in 2021, accounting for 17.3% of the total market revenue of US$ 2.02 Billion. The manufacturing industry’s rapid adoption of process automation to boost productivity has driven this share.
- The PC-Based Computer Vision systems segment accounted for 61.7% of the market in 2022.
- The industrial segment accounted for more than 51% of total revenue, with the automotive and transportation industries.
- North America is a lucrative market witnessing a progressive CAGR of 21.9%.
- In 2021, Asia Pacific emerged as a prominent market for computer vision market, with a market share of around 39.6% and US$ 4.6 Billion in revenue.
Competitive Landscape:
The competition among players in the computer vision technology market is moderately increasing. Recent technological advancements such as facial recognition, gesture analysis, and enhanced security are revolutionizing various industries such as manufacturing, healthcare, and so on. As a result, new companies are entering the market. Intel Corporation, National Instruments Corporation, Keyence Corporation, Texas Instruments Incorporated, and SAS Institute are among the key players.
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Latest Developments:
- Vedanta Limited partnered with Detect Technologies in August 2022, an organization based on industrial artificial intelligence that develops cutting-edge technology. T-pulse, Detect Technologies’ AI-based office software, will be made available through the alliance. The T-pulse software’s COVID-19 compliance module aims to assist Vedanta Limited in ensuring that its workspaces meet all requirements and adhere to the highest sanitization standards. The vision technology developed by T-computer Pulse also improves the digital safety monitoring system.
- Cogniac, an AI computer vision platform, and Cisco Systems Inc. (Cisco Meraki), an American technology company, recently announced a collaboration in March 2022. The collaboration allows Cogniac’s computer vision capabilities to be integrated with MV smart cameras from Cisco Systems Inc. and cloud-based platforms.
Key Segments Covered in this Market Report:
Component Outlook:
- Hardware
- Software
Product Type Outlook:
- Smart Camera-Based Computer Vision System
- PC-Based Computer Vision System
- Application Outlook
- Quality Assurance & Inspection
- Positioning & Guidance
- Measurement
- Identification
- Predictive Maintenance
Application:
- Quality Assurance & Inspection
- Positioning & Guidance
- Measurement
- Identification
- Predictive Maintenance
- 3D Visualization & Interactive 3D Modelling
Vertical Outlook:
- Industrial
- Non-Industrial
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
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