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Global Computer Vision Market to Grow at a CAGR of 7.3% during 2022-2027, Propelled by the Latest Advancements in Computer Vision

Published on Aug 23, 2022

The latest report by IMARC Group, titled “Computer Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global computer vision market is expected to grow at a CAGR of 7.3% during the forecast period (2022-2027). Computer vision is a field of computer science that focuses on replicating parts of the complexity of the human vision system and enabling computers to process and identify objects in videos and images. It is also used to accurately analyze and identify real-world images to produce symbolic or numerical information. This is possible due to technological advancements in artificial intelligence (AI), vision systems, and computational power. The primary principles used in computer vision include data or image acquisition, data or image classification, and image or data processing.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect effect of the associated industries. The observations will be integrated into the report.

Global Computer Vision Market Trends:

One of the primary factors driving the market is the latest upgradations in computer vision technology comprising image sensors, deep learning techniques, and advanced cameras. Additionally, the wide scope of computer vision in various industry verticals, including healthcare, education, robotics, retail, consumer electronics, manufacturing, and security and surveillance is creating a positive market outlook. Other than this, the increasing need for quality inspection has led to the escalating demand for vision-guided and smart camera-based robotic systems, thus propelling the market growth. Besides this, computer vision has significantly been adopted in the automotive industry for assembling vehicles. Apart from this, the extensive application of this product in augmented reality (AR) and virtual reality (VR) technologies to detect the body and eye movement of the user and adapt the VR environment accordingly is providing a favorable market outlook. Furthermore, since the sudden outbreak of coronavirus disease (COVID-19), the healthcare industry has stared investing in artificial intelligence (AI) in computer vision to detect and study the virus, thus bolstering the market growth. Moreover, the utilization of this technology for identifying cancer patients, allowing doctors to increase the speed and accuracy of chemotherapy response assessments, is escalating the product demand. Other growth-inducing factors include technological improvements in advanced safety systems and the rising trend of automation and 3D imaging in industries.

Market Summary:

  • Based on the component, the market has been bifurcated into hardware and software.
  • On the basis of the product type, the market gas been segregated into smart camera-based and PC-based.
  • The market has been segmented based on the application, into quality assurance and inspection, positioning and guidance, measurement, identification, predictive maintenance, and 3D visualization and interactive 3D modelling.
  • On the basis of the vertical, the market has been divided into industrial and non-industrial.
  • Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, Indonesia, South Korea, Australia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Mexico, Brazil, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been analyzed, with some 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.

 

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