The computer vision market size is projected to be valued at USD 12.91 billion in 2023 and is expected to rise to USD 26.11 billion by 2033. The sales of computer vision are expected to record a significant CAGR of 7.3% during the forecast period.
The market refers to the industry that creates and sells technology and solutions that allow machines to interpret and comprehend visual information from their surroundings.
Various factors propelling the demand for computer vision are
Governments all over the world are investing in the development and implementation of computer vision technology for surveillance and security. Technology is being used to monitor public spaces in real time, detect criminal activity, and identify potential security threats.
The Chinese government, for example, has installed millions of surveillance cameras that use computer vision technology to monitor citizens in public places.
Edge computing and 5G networks are likely to enable real-time video data processing and analysis, opening new opportunities for computer vision applications.
Overall, the market is expected to grow significantly in the coming years, owing to technological advancements and rising demand for automation and efficiency across a wide range of industries.
| Attribute | Details |
|---|---|
| Market Estimated Size (2023) | USD 12.91 billion |
| Market CAGR (2023 to 2033) | 7.3% |
| Market Forecasted Size (2033) | USD 26.11 billion |
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The global computer vision market expanded at over 7% CAGR in 2022 and was valued at USD 11.22 billion in 2021.
The market has been growing steadily over the past decade due to advancements in deep learning and machine learning algorithms. Primarily, computer vision technology was used in research and development, but it has now become more mainstream, with various applications in different industries.
The outlook of the computer vision market is very promising, with several factors driving its growth. The increasing adoption of automation in various industries, such as manufacturing, automotive, and retail, is expected to be a significant driver of the market. Moreover, the growth of the Internet of Things (IoT) and the rise of autonomous vehicles are also expected to fuel market growth.
Overall, the market's outlook is very promising, with innovations and applications emerging in a variety of industries.
The market is anticipated to be valued at USD 26.11 billion by 2033 and record a progressive CAGR of 7.3% in the analysis period of 2023 to 2033.
The manufacturing sector is experiencing significant growth, with a focus on incorporating advanced technology to improve its processes. One such innovation is Industry 4.0, also known as ‘The Industrial Internet of Things.’ This technology is transforming the manufacturing industry by improving productivity, refining product quality, reducing waste, enhancing manufacturing flexibility, and decreasing operational costs on the factory floor.
The implementation of the Industrial Internet of Things has led to the increased use of Cyber-Physical Systems (CPS). Here components like sensors gather data for producers to identify and trace parts and subassemblies. This process enables devices to exchange information and interact independently. With the progress of data analytics capabilities, there is a growing demand for the analysis of the vast amount of data generated by vision equipment.
Another area of significant innovation in computer vision is 3D vision technology. This technology enables machines to perceive depth and spatial information, making it possible to create 3D models of objects and environments. Applications of 3D vision technology can be found in areas such as industrial automation, robotics, and augmented reality.
Machine vision systems enable efficient and accurate production with increased delivery reliability. However, these systems require careful attention and daily maintenance to ensure continued reliability, which can involve high costs for installation and purchasing.
Additionally, a lack of skilled professionals in the market is a restraining factor, as specialized knowledge is required to operate these systems effectively. However, this restraint is expected to improve in the forecast period due to increased penetration in different industries.
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The growing availability of cutting-edge hardware devices aids in advanced functions. For instance, with multi-mega-pixel resolution, fast processing, and fully digital data handling, the hardware segment is anticipated to generate significant revenue in the market.
Frame grabbers, cameras, processors, lenses, and LED lighting are among the hardware segments. Furthermore, high-performance hardware components have simplified the installation of vision systems. This serves a wide range of diverse applications by providing a variety of networking architectures.
The increasing adoption of artificial intelligence and deep learning technologies is driving demand for advanced software tools that can analyze and interpret visual data. Additionally, the growing demand for automation and digital transformation across various industries is also expected to fuel the growth of the software segment.
Cloud-based computer vision software is also expected to be a significant driver of growth in the software segment. Cloud-based solutions offer greater scalability and flexibility to businesses, enabling them to implement computer vision technology more easily and cost-effectively.
Given its upgradability, low cost, and swap ability, the PC-based computer vision systems segment has generated prominent revenue in the market. A PC-based computer vision system also includes an image processing unit and a few peripheral devices for tasks such as storage, frame grabbing, data transfer, and lighting. Furthermore, these systems are compact, cost-effective, and versatile, making it easier to modify these systems in response to changing standards and rules.
Over the forecast period, demand for smart camera-based computer vision systems is expected to shift significantly. Smart camera-based vision systems are built with open-embedded processing technology. As a result, it eliminates the need for peripherals like an external computer or a frame-capture card. This rapid expansion can be attributed to the low cost, small size, and ease of integration of a smart camera-based computer vision system.
Quality assurance is an essential component of the quality management department that ensures quality requirements are met. The quality management department assures two levels: first to management and then to customers, regulators, government agencies, third parties, and certifiers. This high share can be attributed to the manufacturing industry's rapid adoption of process automation to boost productivity.
Automotive, consumer electronics, metals, wood & paper, food & packaging, machinery, and textiles are examples of verticals that use computer vision applications in manufacturing processes. The rapid adoption of computer vision systems in the automotive and transportation industries is responsible for this high share.
Previously, vision systems were used in the automotive industry to automate vehicle assembly. However, with the introduction of automotive driver assistance and traffic management systems, the scope of computer vision systems in this industry has expanded.
The Asia Pacific region contains one of the world's swiftly growing economies, alongside China and India. China is the world leader in the production of consumer goods and other electronic goods. Because computer vision has numerous applications in the manufacturing sector, one of the key factors promoting market growth in the area is the ‘Made in China 2025’ goal.
Furthermore, because of increased government initiatives, India's healthcare industry is rapidly expanding. The government has put in place several initiatives to promote India's emergence as a center of medical tourism. As a result, it increases the potential for significant capital investments in cutting-edge diagnostic facilities. Thereby increasing the adoption and demand for computer vision technologies.
The market in North America is likely to register a CAGR of 21.8% during the forecast period. Several leading companies in the computer vision industry, including Microsoft, Google, IBM, and Intel, are headquartered in the region. These companies are heavily investing in research and development to advance computer vision technology and improve its applications. The expanding North America regional market and scaling its operations in Canada after the United States. Furthermore, these companies plan to introduce new computer vision tools and boost their profitability in the region.
The Europe computer vision market is expanding rapidly due to increased demand for automation and the adoption of advanced technologies in a variety of industries, including automotive, healthcare, and retail. The region is also home to several leading computer vision companies, including Cognex Corporation, Basler AG, and Sony Europe BV.
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The market is highly competitive, with several key players competing for market share. These players are investing heavily in research and development to advance computer vision technology and improve its applications. A few of the leading companies in the market include
These companies are focusing on various growth strategies such as mergers and acquisitions. Moreover, to expand their market share and strengthen their position in the market, firms are indulged in partnerships and collaborations.
For example, in 2020, NVIDIA Corporation acquired Arm Limited to expand its AI and computer vision capabilities. In 2019, Cognex Corporation acquired Sualab, a South Korean company specializing in deep learning-based vision software, to enhance its machine vision offerings.
The computer vision market is witnessing the entry of several startups, which are developing innovative solutions for various industries. These startups are leveraging AI and machine learning technologies to improve the accuracy and efficiency of computer vision systems.
Recent Developments
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 7.3% from 2023 to 2033 |
| Base Year of Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | By Product Type, By Component, By Application, By Vertical, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | Cognex Corporation; Intel Corporation; Microsoft Corporation; NVIDIA Corporation; Qualcomm Incorporated; Texas Instruments Incorporated; Apple Inc.; Sony Corporation; Basler AG; National Instruments Corporation |
| Customization & Pricing | Available upon Request |
The market is valued at USD 12.91 billion in 2023.
Sony Corporation and Apple Inc. are the key market players.
The industrial segment is likely to remain preferred through 2033.
Players opt for mergers, collaborations, partnerships, and acquisitions.
The United States, China, and India dominate the global market.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Component 5.1. Hardware 5.2. Software 5.3. Service 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product Type 6.1. PC-based 6.2. Smart Camera-Based 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Predictive Maintenance 7.2. Quality Assurance & Inspection 7.3. Position & Guidance 7.4. Identification 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 8.1. Automotive & Transportation 8.2. Manufacturing 8.3. Government 8.4. Retail 8.5. BFSI 8.6. Healthcare 8.7. Others 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 9.1. North America 9.2. Latin America 9.3. Europe 9.4. South Asia 9.5. East Asia 9.6. Oceania 9.7. MEA 10. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Key Countries Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1. Avigilon 19.2. Basler AG 19.3. Cadence Design Systems 19.4. Cognex Corporation 19.5. Google LLC 19.6. IBM Corporation 19.7. Intel Corporation 19.8. Keyence 19.9. Matterport, Inc. 19.10. Microsoft Corporation 20. Assumptions & Acronyms Used 21. Research Methodology
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Computer Vision Market
