Computer Vision Market Size to be Worth $20.88 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, Sept. 28, 2022 /PRNewswire/ -- The global computer vision market size is expected to reach USD 20.88 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.0% from 2022 to 2030. This technology has emerged as an emulation of a human visual system to support the automation tasks that require visual cognition. However, image deciphering is more complicated than analyzing data in a binary form due to the vast amount of multi-dimensional data in an image for analysis.

Key Industry Insights & Findings from the report:

• Computer Vision inspection solutions for food & beverages, pharmaceuticals, and automotive industries, provide vision systems for robotic vision, and quality control is expected to be prevalent over the projected period.
• Deep learning algorithms using Convolutional Neural Network (CNN) classifiers allow image classification, object/ pattern recognition, and segmentation speed. The development of these AI-powered deep learning systems is anticipated to boost the computer vision market over the forecast period.
• Facial recognition and biometric scanning systems in the security & surveillance industry are significantly driving the computer vision market with the growing use of pattern recognition in high-confidentiality workplaces, such as research labs, nuclear power plants, and bank vaults.
• Tasks automation in manufacturing units is a significant use-case of computer vision technology as machine vision is highly used to inspect manufactured products for non-conformities and defects.
• The Asia Pacific region dominated the market due to the significantly increasing investments in Chinese companies and other countries in the APAC region for computer vision technology.

Read 100-page full market research report, "Computer Vision Market Size, Share & Trends Analysis Report By Component, By Product Type (Smart Camera-based Computer Vision System, PC-based Computer Vision System), By Application, By Vertical, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Computer Vision Market Growth & Trends

Artificial neural networks and deep learning are being used to increase computer vision's capabilities of replicating human ideas to address such complexity in developing AI systems to recognize visual data. Besides, this technology has become more adept at pattern recognition than the human optical cognitive system with the advent of deep learning techniques. For instance, in May 2022, the University of Illinois, a public land grant university, partnered with The Allen Institute for Artificial Intelligence, also known as AI2, a non-profit institute in the U.S., to develop the "General Robust Image Task" (GRIT) for computer vision models. This collaboration aimed to help AI engineers create computer vision systems that can be utilized for various generic jobs and complex challenges.

Also, different trends are emerging in computer vision techniques and tools after the COVID-19 outbreak. It is being used for multiple purposes of fighting against COVID-19, such as medical data monitoring to diagnose patients and movement & traffic control in urban spaces, among others. For instance, in March 2022, theU.ae, an official portal of the UAE Government, introduced the Alhosn app to get information regarding health status and contact tracing related to COVID-19. With this application, one can quickly get a notification if the individual has been in contact with the COVID-19 infected person, the record of all previous COVID-19 tests with their dates, information about the vaccination types, and their data, and the dose of date.

Besides, in October 2021, BD, a U.S.-based medical technology company that manufactures instrument systems and medical devices, launched the new "BD Veritor," a rapid COVID-19 test at home that would use computer vision technology in a smartphone with a mobile app named "Scanwell." With the help of computer vision technology, the app will display the result in 15 minutes, and an automated report will be shared with state and federal health agencies.

Several major players in the market have developed various platforms that can be used for data storage and analysis using the application software. Companies such as OMRON Corporation have developed different software for applications such as automation, integration, communication, and control. Increasing adoption of various digital healthcare solutions to meet the sensitive regulatory requirements for patient safety is anticipated to drive the demand for vision systems over the forecast period.

Less stringent government regulations and lower manufacturing cost in the Asia Pacific region has led significant technology giants to establish manufacturing bases, thus driving the regional industry. For instance, in June 2022, Nexar, a computer vision technology provider of dash cams for cars, announced its expansion in the Asia Pacific by opening a new office and a manufacturing base in Singapore. The growth would let the company offer its computer vision capabilities to the hi-tech cities, and these offerings will protect the drivers, roads, and highways in the Asia Pacific.

Besides, in June 2022, Paravision, a computer vision technology provider specializing in face recognition, expanded its presence in the Asia Pacific region. The expansion would scale companies' business and strengthen its position in the market by forging new partnerships and relationships in the region. Significant applications of machine vision are in the quality and inspection of the manufacturing industry. A boom in the manufacturing sector is anticipated to enhance the market demand for machine vision in the Asia Pacific region.

Computer Vision Market Segmentation

Grand View Research has segmented the global computer vision market based on component, product type, application, vertical, and region: 

Computer Vision Market - Component Outlook (Revenue, USD Million, 2017 - 2030)

• Hardware
• Software

Computer Vision Market - Product Type Outlook (Revenue, USD Million, 2017 - 2030)

• Smart Camera-Based Computer Vision System
• PC-Based Computer Vision System

Computer Vision Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Quality Assurance & Inspection
• Positioning & Guidance
• Measurement
• Identification
• Predictive Maintenance
• 3D Visualization & Interactive 3D Modeling

Computer Vision Market - Vertical Outlook (Revenue, USD Million, 2017 - 2030)

• Industrial
• Non-Industrial

Computer Vision Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Asia Pacific
• China
• Japan
• India
• South America
• Brazil
• Middle East and Africa (MEA)

List of Key Players in the Computer Vision Market

• Cognex Corporation
• Intel Corporation
• Keyence Corporation
• Matterport, Inc.
• NATIONAL INSTRUMENTS CORP
• OMRON Corporation
• Sony Semiconductor Solutions Corporation
• Teledyne Technologies Incorporated.
• Teledyne Geospatial.
• Texas Instruments Incorporated

Check out more related studies published by Grand View Research:

• Computer Aided Dispatch Market - The global computer aided dispatch market size is expected to reach USD 3.14 billion by 2027, according to a new study by Grand View Research, Inc., expanding at a CAGR of 11.1% during the forecast period. The increasing need for public safety and technological advancements are projected to drive the computer aided dispatch (CAD) market growth.
• Vision Positioning System Market - The global vision positioning system market size is expected to reach USD 9.68 billion by 2025, according to a new report by Grand View Research, Inc., registering a 12.0% CAGR during the forecast period. Increased applications in healthcare, defense, and industrial automation sectors are expected to drive the market over the forecast period.
• 3D Machine Vision Market - The global 3D machine vision market size is expected to reach USD 3.46 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 14.7% over the forecast period. The ability of 3D machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market growth.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc