Computer Vision Market Size Is Projected To Reach USD 13380 Million By 2028 At A CAGR of 6.2% - Valuates Reports

BANGALORE, India, April 21, 2022 /PRNewswire/ -- Computer Vision market is segment by Type - PC Based, Smart Camera Based, Segment by Application, Quality Control and Inspection, Positioning and Guidance, Measurement, Identification, Predictive Maintenance.  Global Opportunity Analysis and Industry Forecast, 2022 - 2028.  It is published in Valuates Reports under the Computers & Electronics Category.

The global Computer Vision market size is projected to reach USD 13380 million by 2028, from USD 8720 million in 2021, at a CAGR of 6.2% during 2022-2028.

Major Factors Driving The Growth Of The Computer Vision Market Are

The rising demand for quality inspection and automation, as well as demand for vision-guided robotic systems and food application-specific computer vision systems to detect incorrectly labeled products and sub-quality products, are some of the factors that will drive the Computer Vision market during the forecasted period.

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TRENDS INFLUENCING THE GROWTH OF THE COMPUTER VISION MARKET

Many significant advancements in industrial automation can be traced back to computer vision. The field of quality control is one of the most notable achievements. In many businesses, quality control is still done by hand. Despite the fact that humans have a high ability to visually inspect a variety of objects, subjectivity, and fatigue from performing repetitive tasks can lead to human errors. CV-based automated systems, on the other hand, provide an effective solution for quality and process control, adding value to inspection operations by providing benefits such as increased productivity, improved manufacturing process accuracy, and lower operational costs. This in turn is expected to drive the growth of the computer vision market.

Automation and robotics are used most extensively in the manufacturing industry. The demand for more intelligent systems to monitor industrial processes and outcomes is growing as manufacturing facilities transition to fully automated manufacturing. While the Internet of Things (IoT) is revolutionizing manufacturing and making industrial operations more autonomous, computer vision, in the form of machine vision, is assisting in their improvement. Machine vision, for example, is used in the quality inspection of manufactured products to detect non-conformities and defects. This is expected to drive the growth of the computer vision market.

Furthermore, Computer vision systems can find a part's position and orientation, compare it to tolerance, and make sure it's at the right angle to ensure proper assembly. The location and orientation of a part in 2D or 3D space can then be reported to a robot or machine controller, allowing the robot to locate the part of the machine to align it. In tasks like arranging parts on or off pallets, packaging parts off a conveyor belt, finding and aligning parts for assembly with other components, placing parts on a work shelf, or removing parts from bins, computer vision guidance achieves far greater speed and accuracy than manual positioning. This in turn is expected to drive the growth of the computer vision market. 

Moreover, increasing application of machine vision in the automotive industry is expected to drive the growth of the computer vision market. In the healthcare industry, AI-assisted surveillance is useful in cranial imaging, which monitors acute neurologic events and thus detects neurological illnesses. The important applications of computer vision in various industries include disease diagnosis in healthcare, quality inspection in manufacturing, biometric analysis in security, and guiding autonomous vehicles in transportation.

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COMPUTER VISION MARKET SHARE ANALYSIS

Based on type, the smart camera-based computer vision systems segment is expected to be the most lucrative. Because smart camera-based computer vision systems are cost-effective, compact, and flexible, it's easier to make changes to them in response to new regulations and standards.

Based on application, The quality assurance & inspection segment is expected to be the most lucrative. This high percentage can be attributed to the manufacturing industry's rapid adoption of process automation to increase productivity. Inspection automation for every product in the manufacturing line is possible thanks to computer vision and deep learning algorithms.

The Asia Pacific Computer Vision Market is expected to grow at the fastest CAGR during the forecast period, owing to rising technological developments in countries such as China, Japan, and India.

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Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa

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Market By Company

• Cognex
• Basler
• Omron
• Keyence
• National Instruments
• Sony
• Teledyne Technologies
• Texas Instruments
• Intel
• Baumer Optronic
• Jai A/S
• Mvtec Software
• Isra Vision
• Sick
• Mediatek
• Cadence Design Systems
• Ceva
• Synopsys

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SIMILAR REPORTS

-  The global Computer Vision in Healthcare market size is projected to reach USD 858.6 million by 2028, from USD 354.4 million in 2021, at a CAGR of 12.7% during 2022-2028.

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-  The global Machine Vision market size is projected to reach USD 11380 Million by 2027, from USD 8374.8 Million in 2020, at a CAGR of 4.0% during the forecast period 2021-2027.

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