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  • Computer Vision Market Growth Analysis | 2023-2028

    Computer Vision Market Growth Analysis | 2023-2028

    Computer Vision Market Growth Analysis | 2023-2028
    Report code - SR1880 Delivery - 2 Weeks
     Computer Vision Market Size, Share, Trend, Growth, Forecast, & Industr See more...

    "The Computer Vision Market is estimated to grow from USD 11.45 billion in 2022 and is likely to grow at a CAGR of 7.10% during 2023-2028 to reach 17.34 billion by 2028".

     

    Computer Vision Market Size

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    Market Dynamics

    Introduction 

    Computer vision systems are those that can see and understand the world around them in the same way that humans do. This is possible due to advancements in vision systems, artificial intelligence, and computational power technology. These systems' fundamental principles are data or image acquisition, data or image processing, and data or image classification.

    Emotion AI uses computer vision technology to read an individual's emotional responses by analyzing facial appearances and eye trends in photographs and videos. Emotion AI, also known as Affective Computing, is a rapidly growing branch of Artificial Intelligence that enables machines to analyze and understand nonverbal signs provided by humans such as facial expressions, body language, gestures, and voice tones to assess their emotional state.

    Computer Vision Market Report Overview

    Market Size in 2028

    USD 17.34 billion

    Market Size in 2022

    USD 11.45 billion

    Market Growth (2023-2028)

    CAGR of 7.10%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

     

    Market Drivers 

    The computer vision market is driven by a host of factors, some of which are noted below:

    • Faster processing and better accuracy, combined with the economic advantage of computer vision systems.
    • The high demand for highly skilled and experienced professionals, as well as user data privacy and security concerns.
    • The growing use of computer vision in non-industrial applications, as well as advancements in the fields of computer vision and AI

    Market Opportunities:

    • High-quality data: Computer vision models require large amounts of high-quality data to train. This data can be expensive and time-consuming to collect and label.
    • High-performance computing: Computer vision models can be computationally expensive to deploy. This can be a challenge for organizations with limited resources.
    • Security and privacy: Computer vision systems collect and store large amounts of data about people and objects. This data needs to be protected from unauthorized access and misuse.

    Market Trends 

    The computer vision market is rapidly growing and evolving, with several key trends emerging that are shaping the future of the industry. These trends include:

    • Increasing adoption of AI and machine learning: AI and machine learning are playing an increasingly important role in computer vision, as they are enabling computers to better understand and interpret visual data. This is leading to the development of more sophisticated and powerful computer vision applications.

      Edge computing: Edge computing is moving processing power closer to the source of data, which reduces latency and improves the performance of computer vision applications. This is particularly important for applications that require real-time or near-real-time processing, such as autonomous vehicles and drones.

      Democratization of computer vision: Computer vision is becoming more accessible to developers and businesses, thanks to the availability of cloud-based platforms and open-source tools. This is making it easier for organizations to implement computer vision solutions without having to invest in expensive hardware or software.

      Focus on vertical applications: The computer vision market is becoming increasingly verticalized, as vendors are developing solutions tailored to specific industries, such as healthcare, retail, and manufacturing. This is leading to the development of more specialized and effective applications.

    Computer Vision Market Snapshot

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    COVID-19 Impact Analysis

    As the novel coronavirus (COVID-19) spreads globally, businesses of all sizes and across all industry verticals are struggling to keep their resources safe and productive during the pandemic. This pandemic, however, has created several opportunities for computer vision systems to combat the epidemic, as several tech start-ups and giants are working on virus prevention, mitigation, and containment.

    For example, Alibaba's Damo Academy has developed a diagnostic algorithm that can detect new coronavirus cases using a chest CT (Computed Tomography) scan. The system's AI model was trained using data from over 5,000 positive coronavirus cases.

    Recent Development 

    On 22 May 2023, Lanner Electronics and Landing AI collaborated to showcase a bundled solution combining Lanner's LEC-2290E edge AI appliance with LandingLens' Industrial AI Vision Inspection Platform, standardizing deep learning-based visual inspection for manufacturing and industrial applications.

    On 8 May 2023, Galileo launched its Galileo Data Intelligence for Computer Vision platform, addressing data quality issues in the ML workflow. The platform automates the 'needle in the haystack' approach, reducing model production time, accuracy, and data labeling costs for human-labeled datasets by 10x and 40%, respectively.

    On 23 December 2022, as a strategic move, Wipro acquired a minority stake of 20% in US-based Kibsi for $1.5 million, aiming for a business partnership in computer vision applications.

    Segment Analysis

    By Type

    "PC-based computer vision systems segment accounted for the largest share of the market in 2022"

    The market has been classified into Smart camera-based computer vision systems  & PC-based computer vision systems. Under these, the PC-based computer vision systems segment accounted for the largest share of the market in 2022 & is expected to grow rapidly during the forecast period. The primary function of a PC-based vision system is often image processing, and it requires several peripheral devices for other functions including data transfer, frame capturing, storage, and lighting. Its inexpensive cost, ability to be upgraded, and capacity to be exchanged to provide comparatively ease are credited for the significant share.

    For the forecast period, it is anticipated that demand for computer vision systems based on smart cameras will change noticeably. The open-embedded processing technology is used in the construction of smart camera-based vision systems, which eliminates the need for extraneous hardware like an external computer or a frame-capture card. This rapid expansion is credited to the low cost, small size, and straightforward integration of a sophisticated camera-based computer vision system.

    Component Trends

    "Hardware segment led the market and accounted for the highest share of global revenue in 2022" 

    The market has been bifurcated into hardware & software. The hardware segment led the market and accounted for the highest share of global revenue in 2022 & is expected to remain the largest market during the forecast period. The range of different hardware elements is covered by the hardware division, including CPUs, cameras, lenses, frame grabbers, and LED lights.

    The large proportion is credited to the accessibility of the most recent hardware platforms, which offer simple component interconnection and cutting-edge capabilities including quick processing, multi-megapixel resolution, and digital data management. 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.

    Application Trends

    "Quality assurance & inspection segment dominated the market share in 2022"

    The market has been bifurcated into quality assurance & inspection, positioning & guidance, measurement, identification, predictive maintenance, & 3d visualization & interactive 3d modeling. Under these, The quality assurance & inspection segment dominated the market share in 2022 & is expected to remain dominant during the forecast period. The quality management department's quality assurance division is essential to ensuring that the requirements for quality are met.

    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. Every product on the production line can have its inspection automated thanks to computer vision and deep learning algorithms.

    Vertical Trends

    "Industrial to hold the largest market share in 2022"

    The market has been classified into Industrial and non-industrial. Industrial to hold the largest market share in 2022, among other industries in the industrial vertical & is expected to remain the most dominant as well as the fastest-growing segment during the forecast period. Automation is widely used in this industry for vehicle assembly, so computer vision systems are widely used. This is helping to grow the market in the automotive industry.

    Regional Analysis

    "North America accounted for the largest market share in 2022 & projected to grow at a healthy CAGR"

    North America accounted for the largest market share in 2022 and is projected to grow at a healthy CAGR during the forecast period. Pharmaceuticals and food and packaging are the two major industries that are implementing computer vision systems due to mandatory government regulations, quality assurance, and ease of operation. This is expected to propel the market in this region forward. The growth is being driven by several factors, including:

    • The growing availability of data: The availability of large datasets of images and videos is making it possible to train more accurate computer vision models. This data is being collected from a variety of sources, including social media, traffic cameras, and security cameras.
    • The decreasing costs of computing power: The cost of computing power has decreased significantly in recent years, making it more affordable to deploy computer vision solutions. This is especially important for small businesses and startups.
    • The increasing demand for artificial intelligence: Computer vision is a key component of artificial intelligence (AI). As AI becomes more widely adopted, the demand for computer vision solutions is also expected to increase.

     

    Computer Vision Market By Region

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    Key Players

    The following are the key players in the Computer Vision Market (arranged alphabetically)

    • Allied Vision Technologies (Germany
    • Basler (Germany)
    • Cognex Corporation (US)
    • Intel Corporation (US
    • KEYENCE CORPORATION (Japan)
    • National Instruments (US)
    • Omron Corporation (Japan)
    • Sony Corporation (Japan)
    • Teledyne Technologies, Inc. (US
    • Texas Instruments, Inc. (US

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the computer vision market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and what is their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Computer vision systems are those that can see and understand the world around them in the same way that humans do. This is possible due to advancements in vision system, artificial intelligence, and computational power technology. These systems' fundamental principles are data or image acquisition, data or image processing, and data or image classification.

    The market was estimated to grow from USD 11.45 billion in 2022 to USD 17.34 billion by 2028 during the forecast period.

    The market is projected to grow at a CAGR of 7.10% during the forecast period.

    The study period of this market report is 2017-2028.

    The key players operating in the market are Cognex Corporation (US), Basler (Germany), Omron Corporation (Japan), KEYENCE CORPORATION (Japan), National Instruments (US), Sony Corporation (Japan), Teledyne Technologies, Inc. (US), Allied Vision Technologies (Germany), Texas Instruments, Inc. (US), Intel Corporation (US).

    The target audience of the market includes Computer Vision companies, Computer Vision distributors, Hospitals, Government organizations, Diagnostic Labs.

    One of the major factors driving the market size growth during the forecast period is faster processing and better accuracy, combined with the economic advantage of computer vision systems.