| A12701 | Pages: 345 | Sep 2021 | 5891 Views | ||
| Author(s) : Abhijith Nair | Tables: 196 | Charts: 84 |
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Pandemic disrupted the entire world and affected many industries.
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Request Now !The global computer vision market size was valued at $9.45 billion in 2020, and is projected to reach $41.11 billion by 2030, registering a CAGR of 16.0% from 2020 to 2030. Computer vision systems are those systems that can see and understand the world around it just like humans. This is possible due to advancement in technology of vision systems, artificial intelligence, and computational power. The fundamental principles used in these systems are data or image acquisition, data or image processing, data or image classification. Emotion AI analyses face appearances and eye trends in photographs and videos using computer vision technology to read an individual's emotional responses. Emotion AI, also known as Affective Computing, is a rapidly growing branch of Artificial Intelligence that allows 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.
The global pandemic had a significant economic impact on many industries. These industries experienced and caused many slowdowns in production and supply chain. Further, workforce unavailability and local market restrictions has also impacted the business operations. This caused significant market sectors (Manufacturing, retail, and hospitality) to shrink and hence, hampered the growth of the global computer vision market .
In 2020, the global computer vision market share was dominated by industrial market segment and is expected to maintain its dominance in upcoming years. The industrial segment includes verticals that involve computer vision applications in manufacturing processes, such as automotive, consumer electronics, metals, wood & paper, food & packaging, machinery, and textiles, among others.
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This high share is attributed to the rapid adoption of computer vision systems in the automotive and transportation industry. For instance, Image Sensing Systems, Inc., a provider of information management solutions, offers real-time traffic management solutions to the ITS (Intelligent Transportation Systems) sector. It also provides other transportation data solutions, including radar detection, wrong-way detection, and license plate recognition systems, among others.
The Asia-Pacific computer vision industry is analyzed across China, Japan, India, South Korea, Southeast Asia, Australia, and the rest of Asia-Pacific. Deep learning has brought a new change in the way machine vision is used for smart manufacturing and industrial automation. Integration of deep learning is propelling machine vision systems to adapt themselves to variations in production. This dramatically strengthens the machine vision value proposition by bringing a rapid shift in accelerating inspection procedures and increasing application efficiency and operating efficiencies. The Asia-Pacific is estimated to achieve a high CAGR in coming years. Asia-Pacific computer vision market growth is mainly attributed to high demand for modernization and technological up scaling trends in many industrial sectors within Asia-Pacific countries such as China, Japan, India, South Korea, Southeast Asia, Australia, and Rest of Asia-Pacific. The automotive industry is witnessing a paradigm shift to AI-powered self-driving cars from the human-driven conventional vehicles. The computer vision systems application in self-driving cars is expected to boost the growth of the market of computer vision, due to the growing need for decision-making ability. Self-driving vehicles are well-equipped and provided with LiDAR sensors and ultrasonic to identify other cars, obstacles, and sign-posts. Moreover, these vehicles are fitted with cameras that provide computer vision to compute steering angles, read road-signs, and help make critical on-road decisions, such as giving way to ambulances and fire engines.
The report focuses on the growth prospects, restraints, and computer vision market analysis. The study provides Porter’s five forces analysis of the network security industry to understand impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the computer vision market trends.
Global computer vision industry is primarily categorized on the basis of component, product, application, vertical and region. Based on component, the market is segmented into hardware, software and services. Further, the hardware segment is classified into camera, frame grabbers, optics, led lighting and processors, while software is bifurcated into traditional computer vision and deep learning. Based on product, the market is segmented into PC based and smart camera based computer vision system, while on the basis of application the market is segmented into quality assurance & inspection, positioning & guidance, measurement, identification, predictive maintenance. Based on vertical, the market is bifurcated into industrial and non-industrial. Major regions considered within the market study are North America, Europe, Asia-Pacific and LAMEA.
Post COVID-19, the size of the global computer vision market forecast is estimated to be $10,813 million in 2021, and is projected to reach $41,117 million by 2030. The global pandemic had a significant economic impact on many industries. These industries experienced and caused many slowdowns in production and supply chain. Further, workforce unavailability and local market restrictions has also impacted the business operations. This caused significant market sectors (Manufacturing, retail, and hospitality) to shrink and hence, hampered the growth of the global computer vision market.
However, growing applications of computer vision and artificial intelligence in non-industrial applications such as healthcare, surveillance and monitoring, transportation has created a huge profit margin for the market. According to a survey conducted by AMR states that about 50% of the companies use at least one AI-based business function within their business model. This trend was continued through the pandemic as many of the companies expressed their desire to increase their AI investments post the pandemic. This has created a colossal demand for the market during the forecast period.
Factors such as faster processing and better accuracy coupled with economic advantage of computer vision system are one of the major factors that is fueling the computer vision market size growth during the forecast period. However, intense requirement of highly skilled and experienced professional and user data privacy and safety concerns is primarily restraining the market growth. Moreover, growing application of computer vision in non-industrial applications and advancements in the field of computer vision and AI is creating a lucrative opportunity for the computer vision market trends.
With the adoption of computer vision systems, organizations and businesses can have their simple repetitive tasks performed through an automated system, which otherwise can be time consuming when performed manually. For instance, as per a study published in IEEE Transactions on Intelligent Transportation Systems, computer vision powered traffic detection and monitoring system were found to be over 91% more reliable than traditional human-powered systems. This gives computer vision systems a fair advantage, thereby influencing larger investments to develop more applications based on computer vision application.
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Moreover, computer vision technology are faster than their human counterparts, thereby resulting in high usage, specifically within the industrial sector. For instance, manufacturing plants can use high-speed cameras powered by computer vision to detect anomalies on the product line while processing more than hundreds of products and variables in just a few seconds. Thus, with such high performance factors, computer vision system is gaining a rapid progression, thereby boosting the market growth.
Computer vision applications in the past few years have expanded into various industries and are expected to continue this trend further in the coming years as well. Applications such as facial recognition, have been popularized in both public and private sectors, as facial recognition technology is being adopted in the common lives of users, thereby creating a lucrative scope for the overall market growth. Moreover, newer applications like product/content discovery systems popularized in the online retail industry are leveraging computer vision systems to help customers’ products on the basis of user submitted images.
These expanding applications of the computer vision technology are promising great opportunities for the computer vision market opportunity in the future.
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Key Benefits For Stakeholders
Key Market Segments
By Component
By Product
By Application
By Vertical
By Region
Key Market Players
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In accordance with several interviews conducted of top level CXOs in the industry, the presence of major players such as OMRON Corporation and Sony Semiconductor Solutions Corporation is expected to boost the market growth in the Asia-Pacific region. Further, the high share is attributable to the significantly increasing investments in Chinese companies for computer vision technology. For instance, the PRC (People’s Republic of China) owned approximately 66% of the total capital invested by companies in 2018, which was nearly three times the capital invested in the U.S. companies.
Also, the capital investment by China in computer vision was pumped 20 times more than the venture capital in 2016. Also, the government’s strategic initiatives are boosting the growth of computer vision technology in the region. For instance, China has deployed nearly 176 million cameras domestically to fulfill the demand for upgraded surveillance. Furthermore, governments are providing tech companies access to large datasets to build training models for computer vision applications.
The key players are expected to focus on advancing their product line and undertake expansion by acquiring business and technologies to mark their footprint in the untapped market. For instance, in April 2020, Clobotics, a China-based computer vision company, acquired the AtSite A/S, a solution provider of visual inspection services. Clobotics executed this transaction to develop an AI-enabled offshore wind turbine inspection technology. In another instance, in January 2020, Snap Inc., a U.S.-based social media company, completed the acquisition of a Ukraine-based computer vision start-up called AI Factory. This acquisition was anticipated to help the social media application offered by Snap Inc. add a new feature called Cameos, which turns a person’s picture into a short animated video.
The Computer vision market is competitive and comprises a number of regional and global vendors competing based on factors such as cost of solutions & services, reliability, efficiency of products, and support services. The market is concentrated with major players consuming 45-50% of the share. The degree of concentration is expected to remain same during the forecast period. Furthermore, manufacturing plants can use high-speed cameras powered by computer vision to detect anomalies on the product line while processing more than hundreds of products and variables in just a few seconds. Thus, with such high performance factors, computer vision system is gaining a rapid progression, thereby boosting the market growth.
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