Computer Vision Market Grows to $12.91 Billion in 2023, North America Leading with $15.81 Billion Projection by 2026

The Computer Vision Market is set for substantial growth, with the market size projected to reach a value of US$ 12.91 billion in 2023 and is anticipated to surge to US$ 26.11 billion by 2033. This robust expansion is expected to be underpinned by a significant Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period.

The Computer Vision Market encompasses the industry dedicated to developing and offering technology and solutions that empower machines to interpret and comprehend visual data from their surroundings.

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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 2023-2033, 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.