Product Code: GVR-4-68039-035-9
Computer Vision Market Growth & Trends
The global computer vision market size is expected to reach USD 58.29 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 19.6% from 2023 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. 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 in 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, the U.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 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 costs in the Asia Pacific region have 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 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 the company's 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 Report Highlights
- The hardware segment led the market in 2022 owing to the advanced hardware devices, including processors, cameras, lenses, and frame grabbers, which help in advanced functions such as fast processing, digital data handling, and multi-megapixel solutions
- The PC-based computer vision systems segment led the market in 2022 due to its cost-effective, compact, and versatile features making it easier to adopt based on changing rules and standards in these systems
- Asia Pacific dominated the market as countries such as China and Japan have the most constantly changing, competitive, and rising technology improvements in the market
- The expanding number of adoptions of computer vision globally is projected to support market expansion
- Deep learning algorithms using CNN (Convolutional Neural Network) classifiers allow image classification, object/ pattern recognition, and segmentation speed. The development of these AI-powered deep learning systems is anticipated to boost the market over the forecast period
- Facial recognition and biometric scanning systems in the security & surveillance industry are significantly driving the 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 dominated the market due to the significantly increasing investments in Chinese companies and other countries in the APAC region for computer vision technology
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Scope and Assumptions
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. Gvr's Internal Database
- 1.3.3. Secondary Sources & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Insights
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Lineage
- 3.2. Industry Value Chain Analysis
- 3.3. Regulatory Framework
- 3.4. Technology Framework
- 3.5. Computer Vision Market - Market Dynamics
- 3.5.1. Market Driver Analysis
- 3.5.1.1. Rapid adoption of process automation in manufacturing industry
- 3.5.1.2. Surge in demand for vision-guided robotic systems
- 3.5.1.3. Increasing favorable government initiatives
- 3.5.1.4. Increasing demand for hybrid and electric cars
- 3.5.2. Market Restraint Analysis
- 3.5.2.1. Variation In Application-Specific Requirements
- 3.5.3. Industry Challenges
- 3.6. Business Environmental Tools Analysis: Computer Vision Market
- 3.6.1. porter's Five Forces Analysis
- 3.6.1.1. Bargaining Power of Suppliers
- 3.6.1.2. Bargaining Power of Buyers
- 3.6.1.3. Threat of Substitution
- 3.6.1.4. Threat of New Entrants
- 3.6.1.5. Competitive Rivalry
- 3.6.2. Pestle Analysis
- 3.6.2.1. Political Landscape
- 3.6.2.2. Economic Landscape
- 3.6.2.3. Social Landscape
- 3.6.2.4. Technology Landscape
- 3.6.2.5. Environmental Landscape
- 3.6.2.6. Legal Landscape
- 3.7. Economic Mega Trend Analysis
Chapter 4. Computer Vision Market: Component Estimates & Trend Analysis
- 4.1. Computer Vision Market, by Component: Key Takeaways
- 4.2. Computer Vision Market: Component Movement Analysis, 2022 & 2030
- 4.3. Hardware
- 4.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 4.4. Software
- 4.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 5. Computer Vision Market: Product Type Estimates & Trend Analysis
- 5.1. Computer Vision Market, by Product Type: Key Takeaways
- 5.2. Computer Vision Market: Product Type Movement Analysis, 2022 & 2030
- 5.3. Smart Cameras-Based Computer Vision Systems
- 5.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 5.4. PC-Based Computer Vision Systems
- 5.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 6. Computer Vision Market: Vertical Estimates & Trend Analysis
- 6.1. Computer Vision Market, By Vertical: Key Takeaways
- 6.2. Computer Vision Market: Vertical Movement Analysis, 2022 & 2030
- 6.3. Industrial
- 6.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.3.1.1. Automotive
- 6.3.1.1.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.3.1.2. Pharmaceuticals
- 6.3.1.2.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.3.1.3. Electronics & Semiconductor
- 6.3.1.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.3.1.4. Food & Packaging
- 6.3.1.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.3.1.5. Wood And Paper
- 6.3.1.5.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.3.1.6. Printing
- 6.3.1.6.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.3.1.7. Machinery
- 6.3.1.7.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.3.1.8. Others
- 6.3.1.8.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.4. Non-Industrial
- 6.4.1. market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.4.1.1. Healthcare
- 6.4.1.1.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.4.1.2. Consumer Electronics
- 6.4.1.2.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.4.1.3. Security & Surveillance
- 6.4.1.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million
- 6.4.1.4. Retail
- 6.4.1.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.4.1.5. Sports And Entertainment
- 6.4.1.5.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.4.1.6. Autonomous And Semiautonomous Vehicles
- 6.4.1.6.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 6.4.1.7. Others
- 6.4.1.7.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 7. Computer Vision Market: Application Estimates & Trend Analysis
- 7.1. Computer Vision Market, by Application: Key Takeaways
- 7.2. Computer Vision Market: Application Movement Analysis, 2022 & 2030
- 7.3. Quality Assurance & Inspection
- 7.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.4. Positioning & Guidance
- 7.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.5. Measurement
- 7.5.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.6. Identification
- 7.6.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.7. Predictive Maintenance
- 7.7.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 7.8. 3D Visualization & Interactive 3D Modeling
- 7.8.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 8. Computer Vision Market: Regional Estimates & Trend Analysis
- 8.1. Computer Vision Market: Regional Movement Analysis, 2022 & 2030
- 8.2. North America
- 8.2.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.2.2. U.S.
- 8.2.2.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
- 8.2.3. CANADA
- 8.2.3.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
- 8.3. Europe
- 8.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.3.2. Germany
- 8.3.2.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.3.3. France
- 8.3.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.3.4. Uk
- 8.3.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.4. Asia Pacific
- 8.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.4.2. China
- 8.4.2.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
- 8.4.3. JAPAN
- 8.4.3.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
- 8.4.4. INDIA
- 8.4.4.1. Market estimates and forecasts, 2017 - 2030 (USD Million)
- 8.4.5. South Korea
- 8.4.5.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.4.6. Australia
- 8.4.6.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.5. Latin America
- 8.5.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.5.2. Brazil
- 8.5.2.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.5.3. Mexico
- 8.5.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.6. Middle East & Africa
- 8.6.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.6.2. Kingdom Of Saudi Arabia (Ksa)
- 8.6.2.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.6.3. Uae
- 8.6.3.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
- 8.6.4. South Africa
- 8.6.4.1. Market Estimates And Forecasts, 2017 - 2030 (USD Million)
Chapter 9. Competitive Landscape
- 9.1. Company Categorization
- 9.2. Company Market Positioning
- 9.3. Company Market Share Analysis, 2022
- 9.4. Company Heat Map Analysis
- 9.5. Strategy Mapping
- 9.6. Company Profiles/Listing
- 9.6.1. Cognex Corporation
- 9.6.1.1. Overview
- 9.6.1.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 9.6.1.3. Product Benchmarking
- 9.6.1.4. Strategic Initiatives
- 9.6.2. INTEL CORPORATION
- 9.6.2.1. Overview
- 9.6.2.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 9.6.2.3. Product Benchmarking
- 9.6.2.4. Strategic Initiatives
- 9.6.3. KEYENCE CORPORATION
- 9.6.3.1. Overview
- 9.6.3.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 9.6.3.3. Product Benchmarking
- 9.6.3.4. Strategic Initiatives
- 9.6.4. MATTERPORT, INC.
- 9.6.4.1. Overview
- 9.6.4.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 9.6.4.3. Product Benchmarking
- 9.6.4.4. Strategic Initiatives
- 9.6.5. NATIONAL INSTRUMENTS CORP.
- 9.6.5.1. Overview
- 9.6.5.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 9.6.5.3. Product Benchmarking
- 9.6.5.4. Strategic Initiatives
- 9.6.6. OMRON CORPORATION
- 9.6.6.1. Overview
- 9.6.6.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 9.6.6.3. Product Benchmarking
- 9.6.6.4. Strategic Initiatives
- 9.6.7. SONY SEMICONDUCTOR SOLUTIONS CORPORATION
- 9.6.7.1. Overview
- 9.6.7.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 9.6.7.3. Product Benchmarking
- 9.6.7.4. Strategic Initiatives
- 9.6.8. TELEDYNE TECHNOLOGIES INCORPORATED.
- 9.6.8.1. Overview
- 9.6.8.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 9.6.8.3. Product Benchmarking
- 9.6.8.4. Strategic Initiatives
- 9.6.9. BAUMER
- 9.6.9.1. Overview
- 9.6.9.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 9.6.9.3. Product Benchmarking
- 9.6.9.4. Strategic Initiatives
- 9.6.10. GENERAL ELECTRIC
- 9.6.10.1. Overview
- 9.6.10.2. Financial Performance (Net Revenue/Sales/EBITDA/Gross Profit)
- 9.6.10.3. Product Benchmarking
- 9.6.10.4. Strategic Initiatives