Computer Vision Market

Report Scope & Overview:

Computer Vision Market size was valued at USD 12.59 Bn in 2022 and is expected to reach USD 22.58 Bn by 2030, and grow at a CAGR of 7.57% over the forecast period 2023-2030.

A Computer Vision System gathers, processes, and analyses real-world pictures to provide numerical or symbolic information, frequently presented in the form of a judgment. Although certain fundamental blocks of algorithms are common, each application necessitates a particular adaptation and modification to the computer vision algorithm.

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After decades as a research technique, computer vision is currently being commercialized in a variety of applications such as security and surveillance, automotive, consumer, industrial, medical, and entertainment, to mention a few.

AI with computer vision technology is becoming increasingly popular in a variety of applications, including computer vision solutions in consumer drones and autonomous and semi-autonomous cars. Furthermore, recent advances in computer vision, such as image sensors, advanced cameras, and deep learning techniques, have expanded the scope for computer vision systems in a variety of industries, including education, healthcare, robotics, consumer electronics, retail, manufacturing, and security & surveillance, to name a few.

MARKET DYNAMICS:

KEY DRIVERS:

• Automation and quality inspection are becoming increasingly crucial.

• Growing Interest in Vision-Guided Robotic Systems.

• Demand for Application-Specific Computer Vision Systems is Growing.

• 3D Computer Vision System Adoption is Growing.

RESTRAINTS:

• End-User Requirements Vary.

• a scarcity of adaptable computer vision solutions.

OPPORTUNITY:

• Industry 4.0 is becoming more popular.

• Increasing Hybrid and Electric Vehicle Production.

• Initiatives by the Government to Promote Industrial Automation.

• Artificial Intelligence (AI) in Computer Vision is in high demand.

• Initiatives by the Government to Advance AI-Related Technologies.

CHALLENGES:

• The Difficulty of Integrating Computer Vision Systems.

• User Ignorance of Rapidly Changing Computer Vision Technology.

IMPACT OF COVID-19:

Many sectors suffered considerable economic losses as a result of the worldwide pandemic. These sectors encountered and caused many production and supply chain slowdowns. Furthermore, staff shortages and local market regulations have hampered corporate operations. This led important market sectors (manufacturing, retail, and hospitality) to contract, stifling the worldwide computer vision industry's growth. However, the increasing use of computer vision and artificial intelligence in non-industrial applications such as healthcare, surveillance and monitoring, and transportation has resulted in a massive profit margin for the sector. This tendency persisted after the epidemic, with several corporations expressing a willingness to enhance their AI efforts following the outbreak. During the projection period, this has resulted in massive demand for the market.

MARKET ESTIMATION:

In 2022, hardware components dominated the computer vision industry, accounting for the lion's share of worldwide sales. The section discusses numerous hardware components such as CPUs, cameras, lenses, frame grabbers, and LED illumination. By providing alternative networking topologies, high-performance hardware components have simplified the installation of vision systems and served a wide range of diverse applications. The software segment, on the other hand, is predicted to see a significant change in demand, with a CAGR of growth during the projection period. The part discusses the different software that enables the system's operation to provide optimal identification and inspection. Many firms lack the resources and computational capability to handle massive amounts of visual data, which may stymie the computer vision software industry.

In 2022, the PC-based computer vision systems category led the market and accounted for the biggest part of worldwide revenue. A PC-based vision system is often dedicated to image processing, necessitating the use of a number of peripheral devices for activities such as data transport, frame capturing, storage, and illumination. Because a PC-based vision system is typically dedicated to image processing, it requires a number of peripheral devices for activities such as data transport, frame capturing, storage, and illumination, among others. The smart camera-based computer vision system category is predicted to show a significant change in demand, with a CAGR of growth during the forecast period. Smart camera-based vision systems are developed using open-embedded processing technology, which eliminates the need for peripherals like an external computer or a frame-capture card. This rapid expansion can be due to the low cost, small size, and ease of integration of a smart camera-based computer vision system.

In 2022, the quality assurance and inspection segment dominated the market and accounted for the biggest proportion of global sales. Quality assurance is a component of the quality management department that focuses on ensuring that quality criteria are met. The quality management department provides assurance on two levels: internally to management and externally to consumers, regulators, government agencies, third parties, and certifiers. Furthermore, the predictive maintenance category is expected to increase significantly throughout the projection period. Predictive maintenance use machine learning algorithms in conjunction with IoT devices to monitor equipment and associated component data. It frequently employs sensors for data point collecting and signal identification in order to make accurate judgments prior to asset or component failure.

In 2022, the industrial sector led the market and accounted for the biggest proportion of worldwide sales. Automotive, consumer electronics, metals, wood & paper, food & packaging, machinery, and textiles are examples of verticals that use computer vision applications in manufacturing processes. The fast use of computer vision systems in the automotive and transportation industries is responsible for this high percentage. Other industrial verticals for computer vision systems include food and packaging, pharmaceuticals, consumer electronics, rubber and plastics, and equipment, among others. Packaging inspection, barcode scanning, product & component assembly, and defect reduction are some of the uses of vision systems in industrial verticals. Furthermore, among non-industrial sectors, the healthcare sector has rapidly adopted computer vision technology for a variety of applications, including patient monitoring in nursing care, facial recognition for visually impaired users, and medical picture analysis.

KEY MARKET SEGMENTS:

On The Basis of Component

• Hardware

• Software

On The Basis of Product Type 

• Smart Camera-Based Computer Vision System

• PC-Based Computer Vision System

On The Basis of Application

• Quality Assurance & Inspection

• Positioning & Guidance

• Measurement

• Identification

• Predictive Maintenance

• 3D Visualization & Interactive 3D Modelling

On The Basis of Vertical

• Industrial

• Non-Industrial

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REGIONAL ANALYSIS:

North America controls the majority of the global computer vision market. Pharmaceuticals and food and packaging are the two primary industries utilizing computer vision systems due to obligatory government restrictions, quality assurance, and simplicity of operation. This is projected to propel the computer vision industry in this area forward. Due to a large millennial population, increased disposable income resulting in high demand for premium alcohol, and the availability of diverse flavored-based alcohol in countries such as China and Japan within the area, Asia-Pacific is predicted to develop significantly between 2023 and 2030.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are Cognex, Basler Omron, Keyence, National Instruments, Sony, Teledyne Technologies, Texas Instruments, Intel, Baumer Optronic and Other Players

Texas Instruments - Company R&D Analysis