Computer Vision Market Size Worth USD 22.76 Billion in 2032 | Emergen Research

VANCOUVER, B.C., March 9, 2023 /PRNewswire/ -- The Computer Vision market size reached USD 11.90 Billion in 2022 and is expected to register a CAGR of 6.7% during the forecast period, according to the latest analysis by Emergen Research. The increasing demand for automation across industries, advancements in artificial intelligence and machine learning, and the growing need for surveillance and security systems are some key factors driving the growth of the Computer Vision market. 

The integration of computer vision technology in various applications, such as autonomous vehicles, industrial automation, and healthcare, is expected to fuel the growth of the market. The demand for automated solutions in manufacturing and logistics is driving the adoption of computer vision technology to enhance operational efficiency, minimize errors, and reduce costs.

Governments across the globe are also investing in the development and implementation of computer vision technology for surveillance and security purposes. The technology is being utilized for real-time monitoring of public places, detecting criminal activities, and identifying potential security threats. For instance, the Chinese government has deployed millions of surveillance cameras that use computer vision technology to monitor citizens in public spaces.

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Drivers:

The growing demand for autonomous vehicles and advancements in artificial intelligence and machine learning are expected to drive the growth of the Computer Vision market. Computer vision technology is essential in the development of self-driving cars and drones as it enables them to perceive and interpret their environment accurately.

The healthcare industry is also adopting computer vision technology for various applications such as medical imaging and diagnostics. The technology is being used to analyze medical images, detect diseases, and identify abnormalities.

The retail industry is also leveraging computer vision technology to enhance customer experience and optimize operations. The technology is being used to track customer behavior and preferences, manage inventory, and detect fraudulent activities.

Restraints:

The lack of skilled professionals and the high cost of implementation are some key factors restraining the growth of the Computer Vision market. The complexity of the technology requires skilled professionals, which are currently in shortage in the market. Additionally, the high cost of implementing the technology is a significant barrier for small and medium-sized businesses.

Growth Projections:

The Computer Vision market is expected to register a CAGR of 6.7% over the forecast period and revenue is projected to increase from USD 11.90 Billion in 2022 to USD 22.76 Billion in 2032. The increasing adoption of computer vision technology in various industries, such as healthcare, retail, and automotive, is expected to drive the growth of the market.

The demand for surveillance and security systems is also expected to fuel the growth of the market. The technology is being utilized in public places, airports, and other high-security areas for real-time monitoring and threat detection.

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Current Trends and Innovations:

The computer vision market is witnessing exponential growth due to the increasing adoption of AI and deep learning technologies across various industries. Computer vision technology uses artificial intelligence algorithms to analyze and interpret visual data from the real world, enabling machines to perceive and understand their environment. With the rising demand for automation and digitalization across industries, computer vision has become a crucial tool for businesses to improve their efficiency and productivity.

One of the key trends in the computer vision market is the growing use of deep learning algorithms for object detection and recognition. Deep learning models are capable of identifying objects in real-time with high accuracy, making them ideal for applications such as autonomous vehicles, surveillance systems, and facial recognition. Another trend is the development of cloud-based computer vision solutions, which offer greater scalability and flexibility to businesses looking to implement computer vision technology.

The computer vision market is also witnessing significant innovation in the field of 3D vision technology. 3D vision enables machines to perceive depth and spatial information, making it possible to create 3D models of objects and environments. This technology is finding applications in areas such as augmented reality, robotics, and industrial automation.

Strategic Initiatives:

Major companies included in the computer vision market report are Intel Corporation, Cognex Corporation, Basler AG, National Instruments Corporation, Keyence Corporation, Omron Corporation, Sony Corporation, Texas Instruments, and Teledyne Technologies.

• In September 2022, Intel Corporation announced the launch of its new Movidius Myriad X VPU, a powerful vision processing unit designed to enable the development of AI-powered computer vision applications. The Myriad X VPU offers advanced features such as real-time video analysis, deep neural network processing, and support for multiple sensors, making it ideal for applications such as surveillance, drones, and robotics.
• In August 2022, Cognex Corporation, a leading provider of machine vision systems, announced the acquisition of Vidi Systems, a provider of deep learning-based image analysis software. The acquisition is expected to strengthen Cognex's position in the computer vision market by adding advanced deep learning capabilities to its product portfolio.

Overall, the computer vision market is expected to continue growing at a rapid pace, driven by the increasing demand for automation and digitalization across industries. With the development of more advanced AI and deep learning algorithms, as well as the continued innovation in 3D vision technology, computer vision is set to become an increasingly important tool for businesses in the years ahead.

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Scope of Research

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global computer vision market on the basis of component, product type, application, and region:

• Component Outlook (Revenue, USD Billion; 2019-2032)
• Hardware
• Software
• Product Type Outlook (Revenue, USD Billion; 2019-2032)
• Smart Camera-Based
• PC-Based
• Application Outlook (Revenue, USD Billion; 2019-2032)
• Quality Assurance & Inspection
• Positioning & Guidance
• Measurement
• Predictive Maintenance

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