Computer Vision Market to Reach $41.11 Bn, Globally, by 2030 at 16.0% CAGR: Allied Market Research

Faster processing, better accuracy, and economic advantage of computer vision system drive the growth of the global computer vision market.

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Allied Market Research

Oct 04, 2021, 09:10 ET

PORTLAND, Ore., Oct. 4, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Computer Vision Market by Component (Hardware, Software and Services), Product (PC-Based Computer Vision Systems, Smart Cameras-Based Computer Vision Systems), Application (Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification, Predictive Maintenance), and Vertical (Industrial and Non-Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2030." According to the report, the global computer vision industry was estimated at $9.45 billion in 2020, and is anticipated to hit $41.11 billion by 2030, registering a CAGR of 16.0% from 2021 to 2030.

Drivers, restraints, and opportunities

Faster processing, better accuracy, and economic advantage of computer vision system drive the growth of the global computer vision market. On the other hand, requirement of highly skilled and experienced professionals and several data privacy & safety concerns impede the growth to some extent. However, growing applications of computer vision systems and advancements in the field of Computer vision and AI are expected to create lucrative opportunities in the industry.

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COVID-19 scenario

The global pandemic had a significant economic impact on many industries. These industries experienced and caused many slowdowns in production and supply chain. And, the computer vision market is not an exception in this regard.
However, growing applications of computer vision and artificial intelligence in non-industrial applications such as healthcare, surveillance & monitoring, and transportation have created a huge profit margin for the market, thereby creating a mixed impact on the sector.

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The hardware segment to dominate by 2030

Based on component, the hardware segment contributed to nearly three-fourths of the global computer vision market share in 2020, and is anticipated to rule the roost by 2030. Growing industrial workloads and rising demands for industrial automation has been the major factor driving the growth of the segment. The software segment, on the other hand, would register the fastest CAGR of 18.10% throughout the forecast period. The fact that software-based computer vision systems find a variety of applications in the retail, agriculture, public health, automotive, and agricultural sectors drives the segment growth.

The quality assurance and inspection segment to maintain the dominant share

Based on application, the quality assurance and inspection segment accounted for nearly one-third of the global computer vision market revenue in 2020, and is expected to lead the trail by 2030. This is because the quality assurance and inspection process is a crucial part of the manufacturing life cycle. The identification segment, however, would register the fastest CAGR of 17.60 % during the forecast period. This is due to the fact that object identification has a variety of applications in modern-day business enterprises, from facial recognition features to sorting defective parts during manufacturing.

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North America garnered the major share in 2020

Based on region, North America garnered the major share in 2020, holding nearly two-fifths of the global computer vision market. This is owing to rising focus on adopting computer vision technology into the production lines to help boost efficiency and overall productivity. However, the market across Asia-Pacific would cite the fastest CAGR of 17.5% from 2021 to 2030. This attributed to high demand for modernization and technological up scaling trends in many industrial sectors within Asia-Pacific countries such as China, Japan, India, South Korea, Southeast Asia, Australia, and the Rest of Asia-Pacific.

Key players in the industry

Basler
Omron
Keyence
Baumer Optronic
Cognex
National Instruments
Teledyne Technologies
Sony
Texas Instruments
Intel

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