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The computer vision market has been encountering dynamic and extraordinary patterns that are reshaping the scene of innovation and business. One of the noticeable patterns in this area is the rising joining of computer vision across different ventures. From medical services and car to retail and assembling, associations are utilizing computer vision to upgrade productivity, robotize cycles, and gain important bits of knowledge from visual information.
Lately, there has been a perceptible flood in the reception of computer vision for facial acknowledgment applications. Facial recognition technology is being used for identity verification and access control in security and surveillance systems, making this trend particularly evident. Moreover, the retail area is embracing facial acknowledgment to customize client encounters, streamline stock administration, and forestall robbery.
Another important pattern is the developing utilization of computer vision in independent vehicles. The car business is putting vigorously in creating and consolidating computer vision frameworks for cutting edge driver help frameworks (ADAS) and self-driving capacities. These systems interpret and respond to the environment around them using computer vision algorithms, paving the way for safer and more effective transportation.
Computer vision applications are also having a significant impact on the healthcare industry. The incorporation of computer vision is transforming surgical assistance, diagnostic tools, and medical imaging. This innovation is empowering quicker and more precise conclusion, further developing therapy results, and smoothing out operations.
Besides, the ascent of edge processing is impacting the computer vision market. Edge registering includes handling information nearer to the wellspring of age, diminishing dormancy and empowering ongoing navigation. With regards to computer vision, this implies that picture and video information can be handled locally, prompting quicker experiences and diminished reliance on incorporated cloud framework. This pattern is especially significant in applications like savvy urban communities, where continuous examination of video takes care of is fundamental for metropolitan preparation and security.
Man-made brainpower (simulated intelligence) is an indistinguishable ally to computer vision, and the market is seeing a cooperative connection between the two. AI calculations are upgrading the capacities of computer vision frameworks by empowering them to gain and adjust from information. As a result, more advanced and intelligent apps are being created across a variety of industries.
Another trend which is shaping the market is the computer vision’s democratization. As innovation turns out to be more available and reasonable, more modest ventures and new businesses are entering the space, driving advancement and contest. Open-source stages, local area driven projects, and promptly accessible devices are enabling a more extensive scope of organizations to incorporate computer vision into their tasks.
However, despite these encouraging trends, the computer vision market faces obstacles. Protection concerns connected with the utilization of facial acknowledgment innovation, moral contemplations in man-made intelligence direction, and the requirement for hearty safety efforts are regions that require cautious consideration and guideline.
Computer Vision Market Highlights:
Computer Vision Market Overview
The Computer Vision Market size is projected to grow from USD 18.4315 Billion in 2024 to USD 71.7536 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 18.52% during the forecast period (2024 - 2032). Additionally, the market size for computer Vision was valued at USD 15.17875 Billion in 2023.
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.
Figure 1: Computer Vision Market Size, 2023-2032 (USD Billion)
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 2: Computer Vision Market, by Application, 2022 & 2032 (USD billion)
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.
Figure 3: COMPUTER VISION MARKET SHARE BY REGION 2022 (%)
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
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Intel Corporation (U.S.)
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Keyence Corporation (Japan)
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National Instruments (U.S.)
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Microsoft Corporation (U.S.)
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Nvidia Corporation (U.S.)
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Cognex Corporation (U.S.)
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IBM Corporation (U.S.)
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Autoliv Inc. (U.S.
Computer Vision Industry Developments
February 2024:
Assert AI announces with great pride the launch of Pratham, an innovative platform that has been granted a patent due to its pioneering approach to democratizing computer vision and artificial intelligence. A major milestone in the field of computer vision technology, Pratham enables users to harness the capabilities of Vision AI technology without requiring coding knowledge or expertise in AI. Pratham, an acronym denoting "first" in Hindi, implements a novel framework that empowers users with direct access to the capabilities of computer vision. This empowers them to effortlessly analyze and utilize video data. With the continuous evolution of technology reshaping our data interactions, computer vision exhibits tremendous potential due to the pervasive presence of cameras, ranging from mobile phones to billions of CCTVs. Assert AI is pleased to introduce Pratham, a user-friendly platform that addresses the demand for a democratized approach to artificial intelligence in video analysis. This groundbreaking platform is unparalleled globally and grants wider access to artificial intelligence by allowing users to harness the complete capabilities of computer vision without the need for AI specialists or the intricacies of coding.
January 2024:
UltronAI announced the launch of the UltronAI platform in January 2024. The platform is an AI-driven computer vision engine designed to drive the development of product-centric retail solutions of the next generation. UltronAI has initiated the seed round of funding, subsequent to the triumphant conclusion of its preceding, heavily subscribed pre-seed round, now that the platform is generally accessible. UltronAI is a system that has been purposefully developed to operate in a high-volume, transactional setting. It utilizes advancements derived from extensive research spanning several decades to tackle distinctive retail obstacles, including rapid transactions, extensive product catalogs that are ever-changing, and fluctuations in lighting and product placement. The UltronAI platform is now available to retailers and retail solution providers for the development of scalable solutions encompassing self-checkout, inventory management, analytics, and other related areas.
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.
Computer Vision Market Segmentation
Computer Vision Component Outlook
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Hardware
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Software
Computer Vision Application Outlook
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Face recognition
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gesture recognition
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and character recognition
Computer Vision End-user Outlook
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Agriculture
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healthcare
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automotive
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consumer electronics
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entertainment
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transportation
Computer Vision Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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