Computer Vision Market

Market Overview:

The global computer vision market size is expected to exhibit a CAGR of 6.39% during 2024-2032. The increasing number of schools, colleges, and other institutions, rising need for RPM services, and the growing sales of consumer electronics like smartphones, laptops, desktops, tablets and scanners are some of the major factors propelling the market.

Computer vision (CV) refers to a field of artificial intelligence (AI) that focuses on allowing computers to interpret and understand visual data from the world. It encompasses the development of algorithms and techniques that enable computers to analyze and process images or videos like humans. It aims to extract meaningful insights, patterns, and information from visual data, which enables applications, such as object recognition, image classification, facial recognition, and autonomous navigation for vehicles.

CV finds application in the education industry to offer security to institutions by scanning and examining video footage and detecting any suspicious activities like loitering, intrusion, and abnormal events. This, coupled with the increasing number of schools, academies, colleges, and other institutions and rising number of applicants, is strengthening the growth of the market around the world. Moreover, CV is used in the healthcare sector to enhance medical treatments, procedures, and overall patient experience. This, along with the rising need for remote patient monitoring (RPM) services due to the surging prevalence of chronic conditions and viral infections like cystic fibrosis, osteoporosis, cancer, and cardiovascular diseases (CVD) among the masses, is supporting the growth of the market. In addition, the growing sales of consumer electronics, such as smartphones, laptops, tablets, scanners, desktops, and other smart wearables, on account of rapid urbanization and digitization and inflating income levels, is influencing the market positively. Apart from this, the increasing usage of CV in augmented reality (AR) and virtual reality (VR) technologies to identify the eye and body movement of the user and thus adapt to the VR environment is impelling the market growth.

Computer Vision Market Trends/Drivers:

Increase in industrial automation

Industries like manufacturing and logistics are increasingly adopting CV to optimize processes. Automation powered by CV enables real-time quality control, defect detection, and inventory management. This not only enhances production efficiency but also reduces human errors, leading to cost savings and improved product quality.

Rise in autonomous systems

Autonomous systems, such as self-driving cars and drones, heavily rely on CV. These systems use visual data to perceive their environment, make decisions, and navigate safely. As the need to develop autonomous technologies is intensifying, the demand for sophisticated CV solutions is rising to ensure safety and reliability.

Growing optimization of e-commerce and retail sectors

CV has revolutionized the e-commerce and retail sectors. Visual search capabilities allow consumers to find products based on images, while retailers can automate inventory management and personalize recommendations. This streamlines the shopping experience and also increases sales and customer satisfaction.

Computer Vision Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global computer vision market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on component, product type, application and vertical.

Breakup by Component:

• Hardware
• Software
   

Hardware dominates the market

The report has provided a detailed breakup and analysis of the market based on the component. This includes hardware and software. According to the report, hardware represented the largest segment. CV, as a field, heavily relies on various hardware components to capture, process, and interpret visual data. Cameras and sensors are primary hardware elements used to acquire images and videos. These can range from traditional webcams to more advanced devices like 3D scanners and LIDAR systems. Powerful processors and GPUs are essential for handling the complex computations required for image processing, feature extraction, and machine learning tasks.

The software component of CV encompasses a wide range of algorithms, frameworks, and tools that enable the processing and interpretation of visual data. Image processing algorithms are fundamental, performing tasks like noise reduction, edge detection, and image enhancement. Feature extraction techniques help identify key patterns and structures in images, which facilitates object recognition and tracking. Machine learning (ML) and deep learning frameworks in training and deploying sophisticated models for tasks, such as object detection, facial recognition, and scene understanding. These software tools leverage neural networks and other machine learning techniques to learn from large datasets and make intelligent decisions based on visual inputs.

Breakup by Product Type:

• Smart Camera-based
• PC-based
   

PC-based hold the largest share in the market

A detailed breakup and analysis of the market based on the product type has also been provided in the report. This includes smart camera-based and PC-based. According to the report, PC-based accounted for the largest market share. PC-based CV systems involve the use of traditional personal computers or workstations for processing and interpreting visual data. These systems leverage the computational power of the hardware components, including CPUs and GPUs, to perform complex image processing and analysis tasks. PC-based solutions offer more flexibility and customization compared to smart cameras. They can handle a broader range of tasks and applications by utilizing various software libraries and frameworks. Researchers, developers, and engineers often use PC-based setups to experiment with different CV algorithms, build and test prototypes, and fine-tune models.

Smart camera-based CV systems are integrated devices that combine both hardware and software components within a single unit. These cameras are equipped with onboard processing capabilities, enabling them to analyze and interpret visual data in real time without the need for external computing resources. They often come with built-in algorithms for tasks like object detection, motion tracking, and image recognition. These devices are designed for specific applications such as surveillance, industrial automation, and retail analytics. Smart cameras are ideal for scenarios where immediate decision-making based on visual data is crucial, as they can operate independently and provide fast responses.

Breakup by Application:

• Quality Assurance and Inspection
• Positioning and Guidance
• Measurement
• Identification
• Predictive Maintenance
• 3D Visualization and Interactive 3D Modelling
   

Quality assurance and inspection dominate the market

The report has provided a detailed breakup and analysis of the market based on the application. This includes quality assurance and inspection, positioning and guidance, measurement, identification, predictive maintenance, and 3D visualization and interactive 3D modelling. According to the report, quality assurance and inspection represented the largest segment. CV plays a critical role in quality assurance and inspection across various industries. It involves using cameras and image processing algorithms to examine products and materials for defects, inconsistencies, or deviations from standards. This can be seen in industries, such as manufacturing, wherein CV systems inspect products on assembly lines, identifying defects like scratches, cracks, or misalignments.

CV enables the identification and classification of objects, patterns, and even individuals. In security and surveillance, facial recognition technology uses CV algorithms to identify individuals based on facial features. Object recognition applications allow computers to recognize and categorize objects within images or videos. This has applications in retail, inventory management, and security, where computers can identify items on store shelves or monitor areas for suspicious activity.

Breakup by Vertical:

• Industrial
• Non-Industrial
   

A detailed breakup and analysis of the market based on the vertical has also been provided in the report. This includes industrial and non-industrial.

The industrial vertical of CV refers to the application of CV technologies and techniques in manufacturing, production, and industrial processes. In this context, CV plays a crucial role in enhancing efficiency, quality control, and automation within industrial settings. Various industries, such as automotive, electronics, pharmaceuticals, and food processing, utilize CV to streamline production lines, ensure product quality, and optimize processes.

The non-industrial vertical of CV encompasses applications outside of traditional manufacturing and industrial contexts. This vertical involves the use of CV in areas such as healthcare, retail, entertainment, agriculture, security, transportation, and more. In healthcare, CV aids in medical imaging analysis, disease detection, and surgery assistance. In retail, it supports customer analytics, inventory management, and cashier-less checkout systems. In entertainment, CV contributes to augmented reality (AR) and virtual reality (VR) experiences. It also enhances security through facial recognition and video surveillance in various public spaces.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Asia Pacific exhibits a clear dominance, accounting for the largest computer vision market share

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share. The increasing need for quality inspection represents one of the primary factors driving the demand for CV in the Asia Pacific region. Moreover, the rising need for image and video processing applications in various industry verticals is bolstering the market growth in the region. Besides this, the growing sales of autonomous vehicles (AV) are influencing the market positively in the region.

North America is estimated to witness stable growth, owing to the rising trend of automation, growing need for identifying cancer patients, integration of advanced technologies, etc.

Competitive Landscape:

The leading companies are incorporating deep learning that can automatically learn and extract complex features from images, which enables tasks like object detection, image segmentation, and even generating realistic images and improved the accuracy and efficiency of many CV applications. They are also integrating augmented reality (AR), virtual reality (VR), and edge computing in CV that reduces latency and bandwidth requirements, which makes real time decision making possible without relying heavily on cloud resources. Edge devices, such as cameras and sensors, can process and analyze visual data locally, which enables faster response times. These advancements create immersive and interactive environments for gaming, training, education, and more by tracking and interpreting the surroundings of the user.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

• Basler AG
• Baumer Optronic
• CEVA Inc.
• Cognex Corporation
• Intel Corporation
• Jai A/S
• Keyence Corporation
• Matterport Inc.
• Microsoft Corporation
• National Instruments
• Sony Corporation
• Teledyne Technologies Inc.

Recent Developments:

• In 2023, Intel Corporation accelerated the artificial intelligence (AI) development with reference kits, which include model code, training data, instructions for the machine learning pipeline, libraries, and oneAPI components to optimize AI that help developers and data scientists innovate faster.
• In August 2021, Teledyne Technologies Inc launched Sapera Vision Software edition, which include modification of its graphical Al training tool Astrocyte and image processing, along with the Al libraries tool Sapera Processing.
• In 2023, Basler AG recently released pylon 7.3 for Mac with Apple silicon, which enables the use of their 1GigE, 5GigE, and USB3 Vision cameras on the latest macOS versions, such as Big Sur (11.7), Monterey (12.6), and Ventura (13.4).

Computer Vision Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the computer vision market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global computer vision market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the computer vision industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.