Computer Vision Market to Reach $82.1 Billion, Globally, by 2032 at 18.7% CAGR: Allied Market Research

The global computer vision market is experiencing rapid growth worldwide due to several factors, including faster processing, better accuracy, and economic advantage of computer vision systems. 

NEW CASTLE, Del., Oct. 25, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Computer Vision Market Component (Hardware, Software, and Services), Product (PC-based Computer Vision Systems and Smart Cameras-based Computer Vision Systems), Application (Quality Assurance and Inspection, Positioning and Guidance Measurement, Identification, and Predictive Maintenance), and End User (Industrial and Non-industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global computer vision industry generated $15.0 billion in 2022 and is estimated to reach $82.1 billion by 2032, exhibiting a CAGR of 18.7% from 2023 to 2032. 

Computer vision is a field of artificial intelligence (AI) and computer science concerned with the development of algorithms and techniques that enable computers to understand and process visual data in a similar way to how humans view and process visual information. Computer vision is the process of analyzing, processing, and interpreting images or videos to extract relevant information and make decisions. 

Drivers, Restraints, and Opportunities- 

 The global computer vision market is experiencing rapid growth worldwide due to several factors, including faster processing, better accuracy, and economic advantage of computer vision systems. However, the intense requirement of highly skilled and experienced professionals and user data privacy and safety concerns is primarily expected to hamper the growth of the market. Furthermore, the growing application of computer vision in non-industrial applications and advancements in the field of computer vision and AI are expected to create lucrative growth opportunities for the market. 

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 Report Coverage & Details: 

COVID-19 Scenario- 

• Various sectors adopted automation technologies more quickly as a result of the pandemic. To eliminate human touch and boost efficiency, manufacturing, healthcare, and logistics have seen a growth in demand for computer vision systems, which can perform tasks like quality control, object recognition, and autonomous navigation. 
• In the healthcare industry, computer vision has been used to check mask compliance, detect social withdrawal, and even detect COVID-19 signs in X-rays and CT scans. The development of computer vision in healthcare was facilitated by these applications. 
• Increased interest in computer vision for video conferencing, remote monitoring, and proctoring during online tests is a result of the demand for distant employment and education. This sparked creativity and financial support for these uses of computer vision. 

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The PC-based computer vision systems segment to maintain its dominance during the forecast period- 

By product, the PC-based computer vision segment held the major share in 2022, accounted for nearly three-fourths of the global computer vision market revenue, and is expected to maintain its dominance during the forecast period. This is due to handling a wide range of applications, added flexibility over smart camera systems and ability to process more inputs at once. On the other hand, the smart cameras-based computer vision systems segment would display the fastest CAGR of 21.5% throughout the forecast period, owing to perform some predefined function/tasks and is designed according to the needs of that particular task. 

The quality assurance and inspection segment to maintain its leadership status throughout the forecast period- 

By application, the quality assurance and inspection segment held the major share in 2022, contributed for nearly one-third of the global computer vision market revenue, and is expected to maintain its leadership status throughout the forecast period. owing to offers discrepancies in the quality of produced goods from the required product quality are determined through a timely quality inspection process. However, the identification segment would cite the fastest CAGR of 22.4% throughout the forecast period, owing to offer easy to differentiate between different objects and their features in an image or video data.

The industrial segment to rule the roost by 2032- 

By end user, the industrial segment accounted for nearly three-fourths of the global computer vision market revenue in 2022 and is projected to rule the roost by 2032. Owing to advancements in the field of artificial intelligence and machine learning technologies over the years have made computer vision systems more accurate and reliable than human-based systems (processes). However, the non-industrial segment would portray the fastest CAGR of 21.9% throughout the forecast period, owing to dependent on AI and computer vision solutions for increasing transportation efficiency, effectiveness, and safety.

Asia-Pacific garnered the major share in 2032-

By region, North America region held the highest share in 2022, holding more than one-third of the global computer vision market revenue. This is due to rise in number of IoT applications hosted on cloud and increasing investments in emerging technologies such as big data, social media, and due to artificial intelligence supporting a smarter and safer mobility aiding the growth of the computer vision market. On the other hand, the Asia-Pacific region is expected to maintain its dominance throughout the forecast timeframe. The same region would also showcase the fastest CAGR of 22.6% during the forecast period. This is due to the rapid shift in accelerating inspection procedures and increasing application efficiency and operating efficiencies which is expected to fuel the market growth in Asia-Pacific. 

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Leading Market Players- 

•  Intel Corporation 
•  Texas Instruments Incorporated 
•  Cognex Corporation 
•  Keyence Corporation 
•  Sony Corporation 
•  Basler AG 
•  Omron Corporation. 
•  Mediatek Inc. 
•  National Instruments Corporation 
•  Teledyne Technologies Incorporated 

The report analyzes these key players in the global computer vision market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player. 

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