The global computer vision market exhibited strong growth during 2015-2020. Computer vision is a field of artificial intelligence (AI) that trains computers to understand and interpret the visual world using digital images from cameras and deep learning models. It can also accurately identify and analyze real-world images to produce numerical or symbolic information. Computer vision algorithms provide specialized adaptation and enhancements, which are extensively utilized in navigation procedures, such as self-driven vehicles, human-machine interactions, medical image analysis, and inspection in various industries.
The global computer vision market is primarily driven by the increasing need for quality inspection. This has resulted in the rising demand for vision-guided and smart camera-based robotic systems. The rise in the need for image and video processing applications in various industry segments is also positively influencing the market growth. In the automotive industry, there has been increased adoption of computer vision systems for assembling vehicles. Computer vision technology is also employed in augmented reality (AR) and virtual reality (VR) technologies to detect the eye and body movement of the user and adapt the VR environment accordingly. Besides this, healthcare institutions worldwide are investing in artificial intelligence (AI) in computer vision due to the outbreak of coronavirus disease (COVID-19) to detect and study the virus. Computer vision technology and deep learning models also help identify cancer patients, enabling doctors to increase the speed and accuracy of chemotherapy response assessments. Furthermore, technological advancements in advanced safety systems and the growing trend of automation and 3D imaging in industries are bolstering the market growth. Looking forward, IMARC Group expects the global computer vision market to grow at a CAGR of around 7% during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the global computer vision market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, component, product type, application and vertical.
Breakup by Component:
Breakup by Product Type:
Breakup by Application:
Breakup by Vertical:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Basler AG, Baumer Optronic, CEVA Inc., Cognex Corporation, Intel Corporation, Jai A/S, Keyence Corporation, Matterport Inc., Microsoft Corporation, National Instruments, Sony Corporation and Teledyne Technologies Inc.
According to the estimates by IMARC Group, the global computer vision market is expected to witness a CAGR of 7% during 2021-2026.
Sudden outbreak of the COVID-19 pandemic has led to the increase in demand for automated technologies, such as computer vision, across the healthcare facilities for enhanced patient health management.
The increasing need for quality inspection that has augmented the demand for vision-guided and smart camera-based robotic systems represents one of the key drivers for the global computer vision market.
Several technological advancements in safety systems, along with the growing penetration of Industry 4.0 trends, represent some of the key trends in the global computer vision market.
On the basis of the component, the market has been segregated into hardware and software. Currently, hardware exhibits a clear dominance in the global market.
On the basis of the product type, the market has been bifurcated into smart camera-based and PC-based. Currently, PC-based holds the majority of the total market share.
On the basis of the application, the market has been divided into quality assurance and inspection, positioning and guidance, measurement, identification, predictive maintenance, and 3D visualization and interactive 3D modelling. Among these, quality assurance and inspection represent the largest segment.
On the basis of the vertical, the market has been segmented into industrial and non-industrial. At present, industrial exhibits a clear dominance in the market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global computer vision market are Basler AG, Baumer Optronic, CEVA Inc., Cognex Corporation, Intel Corporation, Jai A/S, Keyence Corporation, Matterport Inc., Microsoft Corporation, National Instruments, Sony Corporation and Teledyne Technologies Inc.
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