Computer Vision Market Size was valued at USD 16.45 Billion in 2023 and is expected to reach USD 70.1 Billion by 2031 and grow at a CAGR of 19.85 % over the forecast period 2024-2031.
AI-based inspection and testing models, vision-guided robotic systems, and computer vision in various industries is poised for significant growth of The Computer Vision market. Factors such as quality inspection demands, advancements in image sensors and deep learning methods, and the surge in computer vision applications across sectors like healthcare, retail, and manufacturing are driving this growth. While the market benefits from increased processing power and accuracy, challenges like skilled workforce requirements and data privacy concerns persist. However, the expanding use of computer vision in non-industrial sectors and ongoing advancements present lucrative opportunities for market growth. An example is the collaboration between TachyHealth and Medical Refill, combining AI, computer vision, and big data analytics for enhanced medical solutions.
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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.
Market Dynamics
Drivers:
Increasing need for quality inspection and automation
Development of AI-based inspection and testing models
Rising demand for vision-guided robotic systems
Growing application of computer vision in various industries such as healthcare, retail, and manufacturing
Advancements in image sensors, sophisticated cameras, and deep learning methods
Economic advantages of computer vision systems such as increased processing power and accuracy
The Computer Vision Market is Driven by an Growing requirement for quality inspection and automation across industries. This is driving the development of AI-based inspection and testing models, which offer greater accuracy and efficiency compared to traditional methods. There’s a growing demand for vision-guided robotic systems that leverage computer vision technology to navigate and perform tasks autonomously, driving the market's expansion and innovation.
Restraints
Intense requirement for highly skilled and experienced professionals
Concerns regarding user data privacy and safety
Challenges in integrating computer vision technologies into existing systems
Opportunities:
Growing application of computer vision in non-industrial sectors
Advancements in the field of computer vision and AI
Collaborations and partnerships between companies to enhance technological solutions.
Industry 4.0 is becoming more popular.
Artificial Intelligence (AI) in Computer Vision is in high demand.
The Computer vision's application is diversifying beyond industries into healthcare, retail, and security domains. Progress in AI and computer vision fuels innovation, creating refined and precise solutions. Collaborations among companies drive enhanced technological development, harnessing combined expertise to expand computer vision's capabilities across sectors. These trends fuel the rapid growth of the computer vision market, creating new prospects and fostering adoption across diverse industries and applications.
Challenges:
Ensuring data privacy and security in computer vision systems
Addressing the need for continuous innovation to stay competitive.
Overcoming regulatory challenges and compliance issues
Managing the complexity of integrating computer vision with other emerging technologies
Impact of Russia-Ukraine War:
The Russia-Ukraine war has had several impacts on the computer vision market. The disrupted supply chain for critical components such as processors, cameras, and sensors, leading to potential shortages and price increases. the geopolitical uncertainty has results hesitancy among businesses to invest in new technologies, including computer vision systems. the conflict has also affected research and development collaborations between companies in Russia, Ukraine, and other countries, impacting innovation in the field. the war has introduced challenges and uncertainties that may temporarily slow down the growth of the computer vision market.
Impact of Economic Downturn:
An economic downturn can significantly impact on the Computer Vision Market in several ways. The businesses may cut back on investments in advanced technologies like computer vision due to budget constraints, leading to slower market growth. reduced consumer spending can affect industries that heavily rely on computer vision applications, such as retail and manufacturing, resulting in decreased demand for related solutions. the uncertainty and volatility during economic downturns may lead to postponed or canceled projects involving computer vision, further affecting market dynamics and revenue streams for vendors in this space.
Market segmentation
By Component
Hardware
Software
On the basis of component, the hardware segment dominated the market with a holding revenue share of more than 68 %, encompassing processors, cameras, lenses, and lighting components. This leadership is due to advanced hardware platforms offering fast processing, high resolutions, and versatile networking architectures, easing vision system installations. For instance, VisualCortex Pty Ltd partnered with i-PRO to enhance video analytics systems in Asia Pacific using hardware components like cameras and edge devices. On the other hand, the software segment is poised for the highest CAGR, facilitating optimal identification and inspection through tasks like image classification and object tracking. However, resource and computing limitations may challenge software development, prompting tech giants to address these constraints for computer vision software advancement.
By Product Type
Smart Camera-Based Computer Vision System
PC-Based Computer Vision System
By Application
Quality Assurance & Inspection
Positioning & Guidance
Measurement
Identification
Predictive Maintenance
3D Visualization & Interactive 3D Modelling
On the basis of application, the quality assurance and inspection sector dominate the market with a holding share of more than 25%. Quality assurance, a vital aspect of quality management, ensures fulfilment of quality requirements internally to management and externally to customers, regulators, and certifiers. This dominance is driven by rapid process automation adoption in manufacturing, enhancing productivity. Computer vision, with deep learning, automates inspections across the manufacturing line, boosting efficiency. The 3D visualization and interactive 3D modelling segment is expected to grow at the fastest CAGR, alongside significant growth anticipated in predictive maintenance. Predictive maintenance, integrating machine learning and IoT devices, monitors machinery data to anticipate breakdowns, using sensors for data collection and signal analysis for timely decision-making.
By Vertical
Industrial
Non-Industrial
Regional Analysis
The North America region dominates the market with holding revenue share of more than 38%, due to extensive IoT deployments, robust IT infrastructure, and expanding computer vision applications across sectors like healthcare and retail. Asia Pacific is expected to witness the highest CAGR, driven by increasing use cases in automotive and manufacturing for safety and automation. Government initiatives and industry investments are key factors fueling market growth in this region. Europe, with its strong industrial base and early adoption in manufacturing and automotive sectors, is anticipated to show steady growth, particularly in leading markets like Germany and the U.K.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
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, MediaTek, Inc., and other players mentioned in the final report.
| Report Attributes | Details |
| Market Size in 2023 | US$ 16.45 Bn |
| Market Size by 2031 | US$ 70.1 Bn |
| CAGR | CAGR of 19.85 % From 2024 to 2031 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Component (Hardware And Software) • By Product Type (Smart Camera-Based Computer Vision System And PC-Based Computer Vision System) • By Application (Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification, Predictive Maintenance, 3D Visualization & Interactive 3D Modelling) • By Vertical (Industrial And Non-Industrial) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Cognex, Basler Omron, Keyence, National Instruments, Sony, Teledyne Technologies, Texas, Instruments, Intel, Baumer Optronic |
| Key Drivers | • Increasing need for quality inspection and automation
• Development of AI-based inspection and testing models • Rising demand for vision-guided robotic systems • Growing application of computer vision in various industries such as healthcare, retail, and manufacturing |
| Market Opportunity | • Growing application of computer vision in non-industrial sectors
• Advancements in the field of computer vision and AI • Collaborations and partnerships between companies to enhance technological solutions. • Industry 4.0 is becoming more popular |
Ans. The Compound Annual Growth rate for the Computer Vision Market over the forecast period is 19.85 %.
Ans. The projected market size for the Computer Vision Market is USD 70.1 billion by 2031.
Ans: The Hardware component segment dominated the Computer Vision Market.
Ans: North America region is dominant in Computer Vision Market.
Ans:
• Growing application of computer vision in non-industrial sectors
• Advancements in the field of computer vision and AI
• Collaborations and partnerships between companies to enhance technological solutions.
TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.9 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Computer Vision Market, By Component
9.1 Introduction
9.2 Trend Analysis
9.3 Hardware
9.4 Software
10. Computer Vision Market, By Product type
10.1 Introduction
10.2 Trend Analysis
10.3 Smart Camera-Based Computer Vision System
10.4 PC-Based Computer Vision System
11. Computer Vision Market, By application
11.1 Introduction
11.2 Trend Analysis
11.3 Quality Assurance & Inspection
11.4 Positioning & Guidance
11.5 Measurement
11.6 Identification
11.7 Predictive Maintenance
11.8 3D Visualization & Interactive 3D Modelling
12. Computer Vision Market, By Vertical
12.1 Introduction
12.2 Trend Analysis
12.3 Industrial
12.4 Non-Industrial
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Eastern Europe
13.3.1.1 Poland
13.3.1.2 Romania
13.3.1.3 Hungary
13.3.1.4 Turkey
13.3.1.5 Rest of Eastern Europe
13.3.2 Western Europe
13.3.2.1 Germany
13.3.2.2 France
13.3.2.3 UK
13.3.2.4 Italy
13.3.2.5 Spain
13.3.2.6 Netherlands
13.3.2.7 Switzerland
13.3.2.8 Austria
13.3.2.9 Rest of Western Europe
13.4 Asia-Pacific
13.4.1 China
13.4.2 India
13.4.3 Japan
13.4.4 South Korea
13.4.5 Vietnam
13.4.6 Singapore
13.4.7 Australia
13.4.8 Rest of Asia Pacific
13.5 The Middle East & Africa
13.5.1 Middle East
13.5.1.1 UAE
13.5.1.2 Egypt
13.5.1.3 Saudi Arabia
13.5.1.4 Qatar
13.5.1.5 Rest of the Middle East
13.5.2 Africa
13.5.2.1 Nigeria
13.5.2.2 South Africa
13.5.2.3 Rest of Africa
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Colombia
13.6.4 Rest of Latin America
14. Company Profiles
14.1 Cognex
14.1.1 Company Overview
14.1.2 Financials
14.1.3 Products/ Services Offered
14.1.4 SWOT Analysis
14.1.5 The SNS View
14.2 Basler Omron
14.2.1 Company Overview
14.2.2 Financials
14.2.3 Products/ Services Offered
14.2.4 SWOT Analysis
14.2.5 The SNS View
14.3 Keyence.
14.3.1 Company Overview
14.3.2 Financials
14.3.3 Products/ Services Offered
14.3.4 SWOT Analysis
14.3.5 The SNS View
14.4 National Instruments
14.4 Company Overview
14.4.2 Financials
14.4.3 Products/ Services Offered
14.4.4 SWOT Analysis
14.4.5 The SNS View
14.5 Sony.
14.5.1 Company Overview
14.5.2 Financials
14.5.3 Products/ Services Offered
14.5.4 SWOT Analysis
14.5.5 The SNS View
14.6 Teledyne Technologies
14.6.1 Company Overview
14.6.2 Financials
14.6.3 Products/ Services Offered
14.6.4 SWOT Analysis
14.6.5 The SNS View
14.7 Texas Instruments
14.7.1 Company Overview
14.7.2 Financials
14.7.3 Products/ Services Offered
14.7.4 SWOT Analysis
14.7.5 The SNS View
14.8 Intel
14.8.1 Company Overview
14.8.2 Financials
14.8.3 Products/ Services Offered
14.8.4 SWOT Analysis
14.8.5 The SNS View
14.9 Baumer Optronic.
14.9.1 Company Overview
14.9.2 Financials
14.9.3 Products/ Services Offered
14.9.4 SWOT Analysis
14.9.5 The SNS View
14.9 Telekom AG
14.9.1 Company Overview
14.9.2 Financials
14.9.3 Products/ Services Offered
14.9.4 SWOT Analysis
14.9.5 The SNS View
14.10 MediaTek, Inc.
14.10.1 Company Overview
14.10.2 Financials
14.10.3 Products/ Services Offered
14.10.4 SWOT Analysis
14.10.5 The SNS View
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
15.3.1 Industry News
15.3.2 Company News
15.3.3 Mergers & Acquisitions
16. USE Cases and Best Practices
17. Conclusion
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