Global Computer Vision Market Insights Forecasts to 2030
- The global computer vision market was valued at USD 11.7 billion in 2021.
- The market is growing at a CAGR of 6.9% from 2021 to 2030
- The global Computer Vision market is expected to reach USD 21.3 billion by 2030
- North America is expected to grow the fastest during the forecast period
The Global Computer Vision Market Size is expected to reach USD 21.3 billion by 2030, at a CAGR of 6.9% during the forecast period 2021 to 2030. The increasing demand for computer vision systems designed specifically for food to identify products with incorrect labels and low-quality products drives the market’s growth over the forecast period. However, the computer vision system is highly expensive, restraining the market’s growth. In addition, a low penetration rate of computer vision systems challenges the market’s growth over the forecast period.
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Computers that can comprehend digital images and movies are known as computer vision systems. They can see and understand the world around them as humans can. Artificial intelligence, visual system technology, and computing power developments have made this possible. The fundamental concepts behind these systems are data or image acquisition, processing, and categorization. The popularity of Artificial Intelligence in computer vision is increasing rapidly as it is being used in various cases, such as computer vision solutions in consumer drones and semi-autonomous & autonomous vehicles. The application of computer vision systems has been expanded in many industries, including healthcare, education, robotics, manufacturing, retail, consumer electronics, and security & surveillance, thanks to recent developments in sophisticated cameras, image sensors, and deep learning techniques. Computer vision systems use facial recognition and biometric scanning to increase the protection of valuable assets. Due to computer vision systems' ability to distinguish various patterns in human retinas and irises, smartphone security is the most common application for facial recognition technology. Additionally, more sophisticated facial recognition applications include commercial or home security systems that confirm identity using the physiological characteristics of the subject. High-security locations like bank vaults and research labs are also subject to fingerprint analysis for access control. The increasing demand for computer vision systems designed specifically for food to identify products with incorrect labels and low-quality products drives the market’s growth over the forecast period. However, the computer vision system is highly expensive, restraining the market’s growth. In addition, a low penetration rate of computer vision systems challenges the market’s growth over the forecast period.
Global Computer Vision Market Report Coverage
|Market Size in 2021:||USD 11.7 Billion|
|Forecast Period:||2021- 2030|
|Forecast Period 2021- 2030 CAGR:||6.9%|
|2030 Value Projection:||USD 21.3 Billion|
|Historical Data for:||2017 - 2020|
|No. of Pages:||198|
|Tables, Charts & Figures:||135|
|Segments covered:||By Component, By Product Type, By Application, by Region|
|Companies Covered:||Cognex Corporation, Teledyne Geospatial, KEYENCE CORPORATION, Intel Corporation, Matterport Inc., National Instruments Corp., Sony Semiconductor Solutions Corporation., Omron Corporation, Teledyne Technologies Incorporated, Texas Instruments Incorporated|
|Growth Drivers:||The hardware segment dominated the market with the largest market share|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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This research report categorizes the market for Computer Vision based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Computer Vision market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Computer Vision market.
- In 2021, the hardware segment dominated the market with the largest market share of 39.4% and market revenue of 4.60 billion.
Based on the Component, the Computer Vision market is categorized into hardware, software, and services. In 2021, the hardware segment dominated the market with the largest market share of 39.4% and market revenue of 4.60 billion. The hardware segment will account for the greatest revenue in the market owing to the availability of the latest hardware devices, which help in advanced functions such as multi-mega-pixel resolution, fast processing, and fully digital data handling. The hardware segments comprise frame grabbers, cameras, processors, lenses, and LED lighting. Additionally, by providing a variety of networking architectures, high-performance hardware components have simplified the installation of vision systems and serve a wide range of diverse applications. For instance, VisualCortex Pty Ltd partnered with i-PRO, which is the supplier of security surveillance for public safety. The main aim of this partnership was to make it easier to install enterprise-wide video analytics systems from beginning to finish in the Asia Pacific area.
- In 2021, the PC-Based Computer Vision systems segment accounted for the largest share of the market, with 61.7% and market revenue of 7.2 billion.
Based on Product Type, the Computer Vision Market is categorized into Smart Camera-Based Computer Vision systems and PC-Based Computer Vision systems. In 2021, the PC-Based Computer Vision systems segment accounted for the largest share of the market, with 61.7% and a market revenue of 7.2 billion. PC-Based Computer Vision systems segment has accounted for the largest revenue in the market due to its upgradability, low cost, and ability to be swapped. Furthermore, a PC-based computer vision system comprises an image processing unit and several peripheral devices for other tasks, such as storage, frame grabbing, data transfer, and lighting. In addition, PC-Based Computer Vision systems are compact, cost-effective, and versatile, making it easier to adopt modifications based on changing standards and rules in these systems.
- In 2021, the quality assurance & inspection segment accounted for the largest share of the market, with 17.3% and market revenue of 2.02 billion.
Based on Application, the Computer Vision Market is categorized into quality assurance & inspection, positioning & guidance, measurement, identification, predictive maintenance, and 3D visualization & interactive 3D modeling. In 2021, the quality assurance & inspection segment accounted for the largest share of the market, with 17.3% and market revenue of 2.02 billion. The quality assurance & inspection segment has accounted for the largest revenue in the market as it is an integral part of the quality management department, which ensures the quality of products is fulfilled. The quality management department provides two types of assurance: first, on the inside, to management, and second, outside, to clients, regulators, authorities, third parties, and certifiers. This high percentage is related to the manufacturing sector's quick adoption of process automation to increase productivity.
Regional Segment Analysis of the Computer Vision Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
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The Asia Pacific emerged as the largest market for the global computer vision market, with a market share of around 39.6% and 4.6 billion of the market revenue in 2021.
- The Asia Pacific emerged as the largest market for the global computer vision market, with a market share of around 39.6% and 4.6 billion of the market revenue in 2021. The growth of the market in the region has been increasing rapidly owing to the presence of prominent market players in the region, such as Sony Semiconductor Solutions Corporation and OMRON Corporation. Furthermore, the market's growth in the region has been growing because investments in Chinese businesses and other APAC nations have grown tremendously. For instance, in the Asia Pacific, in January 2022, cloud computing platform provider Amazon Web Services, Inc. released its AWS Panorama. This software development kit uses computer vision to enhance operations. Businesses might automate visual inspection duties, including finding bottlenecks in industrial processes, assessing manufacturing quality, and determining worker safety within their facilities by investing in AWS Panorama, which will be accessible in Sydney and Singapore.
- The North American market is expected to grow at the fastest CAGR between 2021 and 2030. This market growth in the region can be attributed to helpful government programs promoting computer vision use. As an illustration, NEC Corporation of America, which creates IT infrastructure, introduced NEC National Security Systems as a new division in May 2021. The U.S. government would receive biometrics from the new subsidiary company's computer vision and artificial intelligence technologies.
The report offers the appropriate analysis of the key organizations/companies involved within the global Computer Vision market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the companies' current news and developments, including product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Market Players:
- Cognex Corporation
- Teledyne Geospatial
- KEYENCE CORPORATION
- Intel Corporation
- Matterport Inc.
- National Instruments Corp.
- Sony Semiconductor Solutions Corporation
- Omron Corporation
- Teledyne Technologies Incorporated
- Texas Instruments Incorporated
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Some of the Key Developments:
- In June 2022, Image signal processor (ISP) software vendor Visionary.ai joined forces with LiDAR sensor producer Innoviz Technologies Ltd. To boost the performance of 3D computer vision, the alliance plans to offer a service that combines ISP software and LiDAR sensors.
- In January 2022, Drishti Technologies, Inc., a supplier of AI-driven video analytics and traceability, uses computer vision and deep learning to automate the examination of floor video recordings from manufacturing facilities. In essence, the company has installed cameras on manufacturing lines to record videos, which are afterward analyzed using action recognition, anomaly detection, and object detection. The data is then made available to industrial engineers so they may improve the line.
- In July 2022, A tyre manufacturing firm called Michelin recently purchased RoadBotics, Inc., a startup in the United States that uses computer vision technology to turn data from virtual infrastructure.
This study forecasts global, regional, and country revenue from 2021 to 2030. Spherical Insights has segmented the global computer vision market based on the below-mentioned segments:
Computer Vision Market, By Component
Computer Vision Market, By Product Type
- Smart Camera-Based Computer Vision System
- PC-Based Computer Vision System
Computer Vision Market, By Application
- Quality Assurance & Inspection
- Positioning & Guidance
- Predictive Maintenance
- 3D Visualization & Interactive 3D Modelling
Computer Vision Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions (FAQ)
What is the market size of the global Computer Vision market?As per Spherical Insights, the size of the Computer Vision market was valued at USD 11.7 Billion in 2021 to USD 21.3 Billion by 2030.
What is the market growth rate of the global Computer Vision market?The global Computer Vision market is growing at a CAGR of 6.9% during the forecast period 2021-2030.
Which region dominates the global Computer Vision market?The North America emerged as the largest market for Computer Vision.
What is the significant driving factor for the Computer Vision market?Faster processing and better accuracy will influence the market's growth.
Which factor is limiting the growth of the Computer Vision market?User data privacy and safety concerns could hamper the market growth.
What is an opportunity for the Computer Vision market?Growing applications of computer vision systems will provide considerable opportunities to the market.
Who are the key players in the global Computer Vision market?Key players of the Computer Vision market are Cognex Corporation, Teledyne Geospatial, KEYENCE CORPORATION, Intel Corporation, Matterport Inc., National Instruments Corp., Sony Semiconductor Solutions Corporation, Omron Corporation, Teledyne Technologies Incorporated, and Texas Instruments Incorporated.
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