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A12701 | Pages: 349 | Charts: 84 | Tables: 155 |
The global computer vision market size was valued at $15 billion in 2022, and is projected to reach $82.1 billion by 2032, growing at a CAGR of 18.7% from 2023 to 2032.
Surge in increased processing and better accuracy coupled with economic advantage of computer vision system are one of the major factors that is striking the market 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 vision market is expected to create a lucrative opportunity for the market growth during the forecast period.
A computer vision system acquires, processes, and analyses real-world images in order to produce numerical or symbolic information, often in the form of a decision. Each application requires a specialized adaptation and enhancement to the computer vision algorithm, although several fundamental blocks of algorithms are common. Computer vision is the enterprise of automating and integrating a wide range of processes and representations used for visual perception. It includes many techniques that are useful by themselves, such as image processing (transforming, encoding, and transmitting images) and statistical pattern classification (statistical decision theory applied to general patterns, visual or otherwise). Following the current trend of automation and 3D imaging in all major industries, the market for computer vision and also in AI vision market is expected to witness growth at a high rate in the near future.
The global computer vision market is segmented on the basis of components, product, application, end user and region. On the basis of component, it is divided into hardware, software and services. On the basis of product, it is bifurcated into PC based and smart camera based computer vision system. On the basis of application, it is divided into quality assurance & inspection, positioning & guidance, measurement, identification, predictive maintenance. On the basis of end user, it is fragmented into industrial and non-industrial. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The market players operating in the computer vision industry are Intel Corporation, Texas Instruments Incorporated, Cognex Corporation, Keyence Corporation, Sony Corporation, Basler AG, Omron Corporation., Mediatek Inc., National Instruments Corporation, Teledyne Technologies Incorporate. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the computer vision industry globally.
[PRODUCTGRAPH]
On the basis of product, PC-based computer vision systems segment dominated the computer vision market in 2022 and is expected to maintain its dominance in the upcoming years, owing to handle a wide range of applications due to its added flexibility over smart camera systems and ability to process more inputs at once propels the market growth significantly. However, the smart cameras-based computer vision systems segment is expected to witness the highest growth during the computer vision market forecast, owing to perform some predefined function/tasks and is designed according to the needs of that particular task.
[COMPONENTGRAPH]
On the basis of component, hardware segment dominated the computer vision market in 2022 and is expected to maintain its dominance in the upcoming years owing to growing industrial workloads and rising demands for industrial automation propels the market growth significantly. However, the software segment is expected to witness the highest growth, owing to offer custom image processing applications such as facial detection, object identification, text recognition, color, and pattern recognition, and others.
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.
Moreover, computer vision powered systems 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 computer vision growth.
Computer vision and machine learning-powered systems are overall more economical than manual legacy systems. Moreover, computer vision systems can perform repetitive tasks with minimal error probability, while humans are more prone to commit mistakes that can cause complete system shutdown and have serious financial and social consequences for the organization or the business. As per a study conducted by AMR, machine learning can train with larger datasets and have over 90% more accuracy than human based systems. These factors promise computer vision systems market to grow as more applications develop based on them in the future.
The computer vision market is experiencing significant growth across various regions, driven by advancements in artificial intelligence (AI), machine learning (ML), and image processing technologies. Computer vision is being increasingly adopted across industries such as healthcare, automotive, retail, and manufacturing for applications including automation, facial recognition, and robotics. Below are regional insights and key developments within the market:
North America holds a dominant position in the computer vision market due to the strong presence of leading technology companies like Nvidia, Intel, and Google, which are investing heavily in AI and computer vision technologies. The U.S. government has also shown interest in funding AI and machine vision research, driving innovation across sectors. Key developments in the region include the growing adoption of computer vision in autonomous vehicles, with companies like Tesla and Waymo leading the way. Retailers like Amazon and Walmart are leveraging computer vision for cashier-less stores and automated checkout systems, enhancing the shopping experience. Additionally, computer vision is playing a pivotal role in healthcare, where it is used in medical imaging for disease diagnosis and treatment planning.
Europe is a major player in the computer vision market, with significant contributions from countries like Germany, France, and the UK. The region’s strong automotive industry is driving demand for computer vision, especially in the development of advanced driver-assistance systems (ADAS) and autonomous driving technologies. For example, BMW and Daimler are using computer vision to enhance vehicle safety and navigation. The European Union’s focus on Industry 4.0 and smart manufacturing is also fueling the adoption of computer vision for quality control and process automation in manufacturing plants. In healthcare, companies like Siemens Healthineers are utilizing computer vision for precise medical imaging and diagnostics. Additionally, regulatory frameworks like GDPR are influencing the development of computer vision technologies with an emphasis on data privacy.
Asia-Pacific is experiencing rapid growth in the computer vision market, primarily driven by advancements in China, Japan, and South Korea. China, in particular, is a leader in facial recognition technology, with companies like SenseTime and Megvii providing large-scale surveillance and security solutions. The Chinese government’s focus on smart city projects and AI research has propelled the development of computer vision in public security, traffic management, and urban planning. In Japan and South Korea, computer vision is being integrated into robotics, a key part of their respective manufacturing industries. Additionally, the rise of e-commerce in the region has led to increased use of computer vision in retail for personalized shopping experiences, inventory management, and fraud detection.
Key Market Segments
Key Market Players