Computer Vision Market Research Report- Forecast till 2032

Computer Vision Market Research Report: Information By Component (Hardware and Software), By Application (Face Recognition, Gesture Recognition, And Character Recognition), By End-User (Agriculture, Healthcare, Automotive, Consumer Electronics, Entertainment, Transportation), and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) – Market Forecast Till 2032.

ID: MRFR/ICT/4050-CR | 100 Pages | Author: Shubham Munde | February 2020         

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Computer Vision Market Overview

Computer Vision Market Size was valued at USD 12.9 billion in 2022. The Computer Vision market industry is projected to grow from USD14.86209 Billion in 2023 to USD 46.13189554 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 15.21% during the forecast period (2023 - 2032). The increased need for quality inspection and automation and the major factors driving the computer vision markets during the forecast period are the key market drivers enhancing the market growth.

Computer Vision Market Overview.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Computer Vision Market Trends

Increasing demand for automation and efficiency is driving market growth.

The increasing demand for automation and efficiency drives the growth of AI in the computer vision market. Businesses across industries are adopting AI computer vision technologies to automate processes and improve decision-making accuracy. For example, computer vision systems inspect products and identify defects in the manufacturing industry, leading to quicker issue recognition and resolution. This enhances efficiency and reduces waste, saving time and resources. This factor drives market CAGR.

Additionally, Al computer vision has numerous emerging applications in several fields, including agriculture, logistics, and manufacturing, which can significantly benefit from the Application of this technology. Al computer vision is used in agriculture to automate various processes, such as crop monitoring, yield prediction, and disease identification. Al algorithms can analyze images of crops and provide information on their growth, health, and potential yield. This information can help farmers determine the best methods to care for their crops and improve their products. Thus, driving the Computer Vision market revenue.

Computer Vision Market Segment Insights

Computer Vision Component Insights

The Computer Vision market segmentation, based on components, includes hardware and software. The dominance of the software segment in the computer vision market can be attributed to the advancements in artificial intelligence (AI) and machine learning algorithms. These technologies have significantly enhanced the capabilities of computer vision software, making it a preferred choice for various applications. The software segment benefits from the continuous development and innovation in AI, enabling businesses to leverage powerful algorithms for improved image recognition and analysis. These technologies enable software solutions to process, analyze, and interpret visual data effectively, improving accuracy and performance in various computer vision applications.

Computer Vision Application Insights

Based on application, the Computer Vision market segmentation includes face, gesture, and character recognition. The face recognition segment dominated the market because it offered a secure and convenient method for user authentication and access control. Computer vision technology finds extensive applications across sectors such as banking, government, and corporate environments. Its primary use involves identity verification and granting authorized access to restricted areas or digital systems. By leveraging computer vision, organizations can ensure enhanced security measures and streamline access control processes, ultimately safeguarding sensitive information and resources.

Figure 1: Computer Vision Market, by Application, 2022 & 2032 (USD billion)

Computer Vision Market, by Application

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Computer Vision End-user Insights

Based on end-user, the Computer Vision market segmentation includes agriculture, healthcare, automotive, consumer electronics, entertainment, and transportation. The healthcare segment dominated the market because it enables the analysis and interpretation of medical images such as X-rays, CT scans, MRIs, and ultrasounds. Computer vision algorithms can detect abnormalities, assist in disease diagnosis, and aid healthcare professionals in making informed decisions for patient care.

Computer Vision Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and Rest of the World. The North American Computer Vision market will dominate this market. The computer vision market experiences significant growth due to the influence of one of the world's leading manufacturing hubs, known for its exceptional productivity and output.

Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Computer Vision market accounts for the second-largest market share. The rising demand for quality inspection and automation drives the growth of the computer vision market during the forecast period. Further, the German Computer Vision market held the largest market share, and The computer vision market in the UK experienced the highest growth rate among European countries.

The Asia-Pacific Computer Vision Market is expected to grow fastest from 2023 to 2032. Significant players such as OMRON Corporation and Sony Semiconductor Solutions Corporation are expected to boost the market growth in the Region. Moreover, China’s Computer Vision market held the largest market share, and the Indian Computer Vision market was the fastest-growing market in the Asia-Pacific region.

Computer Vision Key Market Players& Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the computer vision market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Computer Vision industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Computer Vision industry to benefit clients and increase the market sector. The Computer vision industry has recently offered some of the most significant medical advantages. Major players in the Computer Vision market are Intel Corporation (U.S.), Keyence Corporation (Japan), National Instruments (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Cognex Corporation (U.S.), IBM Corporation (U.S.), Autoliv Inc. (U.S.), Sony Corporation (Japan), and Basler AG (Germany).

Microsoft Corporation is a prominent American multinational technology corporation. Recognized for its renowned software products such as Windows, Microsoft Office, Internet Explorer, and Edge, the company recently revealed its extensive collaboration with OpenAI. Through a significant investment spanning multiple years and billions of dollars, Microsoft aims to expedite advancements in Artificial Intelligence (AI) to ensure widespread access to its benefits.

IBM, a renowned multinational technology corporation founded in 1911, has partnered with the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) to establish an Al Center of Excellence. This collaboration was announced during the World Future Energy Summit at Abu Dhabi Sustainability Week, further solidifying IBM's presence in artificial intelligence.

Key Companies In The Computer Vision Market Include

Computer Vision Industry Developments

August 2023: Nvidia announced the launch of its new Jetson Xavier NX Developer Kit, which is a powerful AI platform for embedded and edge devices. The new developer kit is expected to accelerate the development of computer vision applications in various industries, such as automotive, manufacturing, and retail.

July 2023: Intel announced the acquisition of Habana Labs, an Israeli AI chipmaker. The acquisition is expected to strengthen Intel's position in the AI market and help it to develop new computer vision solutions.

June 2023: Qualcomm announced the launch of its new Snapdragon 8 Gen 2 mobile platform, which features a new AI engine that is optimized for computer vision applications. The new mobile platform is expected to drive the adoption of computer vision in smartphones and other mobile devices.

Sept 2020: Atlantech Online announced they had lit Anthem Row with fiber. The tenants on 700 K Street, NW, and 800 K Street, can now enjoy high-speed Internet bandwidth at affordable prices. Atlantech's Hosted PBX Service service can be utilized by tenants adding to the company's legacy.

Oct 2020: Vonage has teamed up with Hacktoberfest to support and recognize contributions to the Open Source community. As part of their initiative, Vonage provides access to their libraries, code snippets, and demos on GitHub to assist developers in their contributions.

Computer Vision Market Segmentation

Computer Vision Component Outlook

  • Hardware

  • Software

Computer Vision Application Outlook

  • Face recognition

  • gesture recognition

  • and character recognition

Computer Vision End-user Outlook

  • Agriculture

  • healthcare

  • automotive

  • consumer electronics

  • entertainment

  • transportation

Computer Vision Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 12.5 billion
Market Size 2023 USD 15.17875 billion
Market Size 2032 USD 71.75364509 billion
Compound Annual Growth Rate (CAGR) 21.43% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Service, Organization Size, End-user, and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Intel Corporation (U.S.), Keyence Corporation (Japan), National Instruments (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Cognex Corporation (U.S.), IBM Corporation (U.S.), Autoliv Inc. (U.S.), Sony Corporation (Japan), and Basler AG (Germany).
Key Market Opportunities The report's users will come across market opportunities and trends likely to arise during the projected years. \r\n The scope of research covers components such as hardware and software.
Key Market Dynamics Maximize profits and leverage growth potential while mitigating risks.

Frequently Asked Questions (FAQ) :

The Computer Vision market size was valued at USD 12.9 billion in 2022.

The global market is projected to grow at a CAGR of 15.21%during the forecast period, 2023-2032.

North America witnessed the largest share of the global market.

The major players in the market are Intel Corporation (U.S.), Keyence Corporation (Japan), National Instruments (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Cognex Corporation (U.S.), IBM Corporation (U.S.), Autoliv Inc. (U.S.), Sony Corporation (Japan), and Basler AG (Germany).

The Software Computer Vision category dominated the market in 2022.

Face recognition witnessed the largest share of the global market.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
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