The global market for computer vision market was estimate to be worth USD 12.78 billion in 2021 and is anticipate to grow to USD 24.19 billion by 2029, a CAGR of 8.30% over the forecast period of 2022-2029. Different use cases for computer vision technologies are growing in popularity, including consumer drones and autonomous and semi-autonomous cars. The application of computer vision systems has been expanded in many industries, including education, healthcare, robotics, consumer electronics, retail, manufacturing, and security & surveillance, among others, thanks to recent developments in image sensors, sophisticated cameras, and deep learning techniques.
Global Computer Vision Market Analysis and Size
Commercialization of computer vision, a decades-old research method, is currently taking place for a number of applications, including security and surveillance, automotive, consumer, industrial, medical, and entertainment, to name a few. Faster processing, more precision, and more affordable computer vision systems are driving the growth of the worldwide computer vision industry. As a result, it is anticipated that the worldwide market for computer vision would develop profitably.
The global market for computer vision was estimate to be worth USD 12.78 billion in 2021 and is anticipate to grow to USD 24.19 billion by 2029, a CAGR of 8.30% over the forecast period of 2022-2029. The largest product category in the computer vision market throughout the anticipated period is “smart camera-based computer vision systems.” Because they are affordable, portable, and adaptable, it is simpler to implement alterations based on altered norms and standards in these systems. The Data Bridge Market Research team’s in-depth expert analysis, import/export analysis, price analysis, production consumption analysis, and pestle analysis are all included in the market research.
Global Computer Vision Market Definition
Computers that can comprehend digital pictures and movies are known as computer vision systems. They are capable of seeing and understanding the world around them in a similar manner to humans. This is made feasible by developments in artificial intelligence, computing power, and visual system technology. These systems’ fundamental tenets involve data or picture capture, processing, and classification.
Market Segmentation and Report Scope
- Forecast Period -2022 to 2029
- Base Year – 2021
- Historic Years – 2020 (Customizable to 2019 – 2014)
- Quantitative Units – Revenue in USD Billion, Volumes in Units, Pricing in USD
- Segments Covered – By Product, Components (Hardware, Software, and Services) (Smart Camera-based Computer Vision Systems, PC-based Computer Vision Systems), Offering (Deep Learning, Traditional Computer Vision), Application (Quality Assurance and Inspection, Positioning and Guidance, Identification, Predictive Maintenance), Vertical (Industrial, Non Industrial)
- Countries Covered – The United States, Canada, Mexico, Brazil, Argentina, the rest of South America, the United Kingdom, Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, the rest of Asia-Pacific, the United Arab Emirates, Saudi Arabia, Egypt, South Africa, Israel, and the rest of Middle East and Africa
- Market Players Covered – National Instruments Corporation (U.S.), Allied Vision Technologies GmbH (Germany), Texas Instruments Incorporated (U.S.), Intel Corporation (U.S.), Baumer (Germany), JAI (Denmark), MediaTek, Inc. (Taiwan), Cadence Design Systems, Inc. (U.S.), CEVA, Inc. (U.S.), and Synopsys, Inc. are just a few of the companies that make hardware and software (U.S.)
- Market Opportunities – including a number of technical innovations
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COVID-19 Impact/ Insights
Companies of all sizes and in all industry verticals are having trouble keeping their resources secure and productive during the pandemic as the new coronavirus (COVID-19) has spread around the world. The pandemic has provided computer vision systems with a number of options to fight the disease, though. To avoid, mitigate, and limit the infection, a number of tech giants and startups are engaged.
A mining firm with core activities in the production of gold, aluminum, and iron ore has teamed with an artificial intelligence-based industrial corporation that creates cutting-edge technologies. The alliance seeks to roll out T-pulse, Detect Technologies’ AI-based office software. The COVID-19 compliance module of the T-pulse software will assist Vedanta Limited in ensuring that its workspaces satisfy all necessary requirements and uphold the highest sanitization standards. Additionally, T-computer Pulse’s vision technology would improve the digital safety monitoring systems.
The COVID-19 outbreak had a favorable impact on the computer vision sector. Lockdown and supply chain delay significantly impacted other businesses, but the pandemic-related expansion in the computer vision market was lucrative. In a number of applications, such as tracking and prediction, early alerts. The data dashboards, diagnostics and prognosis, treatments and cures, and social control, COVID-19 is being tackled. With AI-powered computer vision systems or solutions. Data dashboards that can display the current state of the pandemic have emerged as a result of the need for coronavirus spread forecasting and tracking.
Due to the growing usage of computer vision and artificial intelligence in non-industrial areas including healthcare, surveillance and monitoring, and transportation, the industry has a significant profit margin. Over half of all organizations employ at least one AI-based business function in their operations, according to an AMR survey. This pattern maintained throughout the pandemic, with some businesses declaring a readiness to step up their AI efforts after the epidemic. This has caused the market to experience tremendous demand throughout the course of the projected period.
At Site became a wholly owne subsidiary of the Clobotics Group after being purchase by Clobotics Holdings Ltd. in April 2020. The merger of two market-leading technology platforms accelerates artificial intelligence-based solutions and advances the ongoing digitization of the global wind O&M business.
In order to enable the social media app to offer a new type of video service that uses a person’s face to play brief excerpts, Snap. The parent company of Snapchat, bought AI Factory, a firm with its headquarters in the Ukraine, in January 2020. About $166 million is paid by Snap for the business.
Global Computer vision Market Scope
On the basis of components, product, offering, application, and vertical, the computer vision market is divide into segments. The expansion of these divisions will enable you to study the industries’ scarce growth segments. Give users a comprehensive market overview and industry insights to aid in the identification of key market applications.
The computer vision market is divide into three categories based on its constituent parts: hardware, software, and services.
- based on smart cameras Systems for Computer Vision
- Computer Vision Systems based on PCs
The computer vision market is divide into smart camera-base and PC-base computer vision systems according to the kind of product. The smart camera-based computer vision systems are anticipate to have the greatest market share due to its affordability, portability, and versatility. Which make it simpler for these systems to adapt alterations depending on altered norms and standards.
- In-depth Learning
- Standard Computer Vision
The computer vision market is divide into deep learning and conventional computer vision based on the offerings.
In the end, we conclude that computer vision is a disruptive technology where AI evolves at breakneck pace. With its accurate and fast capabilities, it has changed the way people work and play with computers.
To keep pace with this trend, many companies are expanding their scope of operations. In this domain to expand their profits. In such an environment, it is not surprising that so much investment have made recently by many big players like Google and Face First. Thus, this space may become less investor driven in coming years as well.