Computer Vision Market Analysis | 2023-2028

Market Insights

The computer vision market was estimated at USD 11.45 billion in 2022 and is likely to grow at a CAGR of 7.10% during 2023-2028 to reach USD 17.34 billion in 2028.

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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.

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.

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.

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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.

Key Players

The following are the key players in the computer vision market:

• 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)

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.

By Component Type

"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.

By Application Type

"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.

By Vertical Type

"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.

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Recent Developments

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.

Research Methodology

• This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s computer vision market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• 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 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market

The computer vision market is segmented into the following categories

By Type 

• Smart Camera-Based Computer Vision System
• PC-Based Computer Vision System

By Component Type

• Hardware
• Software

By Application Type

• Quality Assurance & Inspection
• Positioning & Guidance
• Measurement
• Identification
• Predictive Maintenance
• 3D Visualization & Interactive 3D Modelling

By Vertical Type

• Industrial
• Non-Industrial

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

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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.