Computer Vision Market Expected to Rise at 6.39% CAGR during 2024-2032

IMARC Group's report titled "Computer Vision Market Report by Component (Hardware, Software), Product Type (Smart Camera-based, PC-based), Application (Quality Assurance and Inspection, Positioning and Guidance, Measurement, Identification, Predictive Maintenance, 3D Visualization and Interactive 3D Modelling), Vertical (Industrial, Non-Industrial), and Region 2024-2032". The global computer vision market size is expected to exhibit a CAGR of 6.39% during 2024-2032.

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Factors Affecting the Growth of the Computer Vision Industry:

● Technological Advancements:

Technological advancements, such as the integration of algorithms, hardware, and sensors, are propelling the market growth. Moreover, neural networks and convolutional neural networks (CNNs) significantly improve image recognition, object detection, and segmentation capabilities. These advancements enable computer vision systems to perform tasks with high precision, expanding their applications across industries. Furthermore, faster and more capable hardware, such as graphics processing units (GPUs) and specialized processors, play a vital role in handling the computational demands of complex computer vision tasks. Additionally, advancements in sensors, such as high-resolution cameras and light detection and ranging (LiDAR), contribute to improved data acquisition and image quality.

● Rising Demand for Automation:

The rising demand for automation across industries is supporting the market growth. Apart from this, automation offers numerous benefits, including increased efficiency, reduced operational costs, and improved quality control. Moreover, computer vision technology plays a pivotal role in enabling automation by providing machines with the ability to understand and respond to visual information. In the manufacturing sector, computer vision systems are used for quality inspection and defect detection on assembly lines. They can identify flaws in products with high speed and accuracy, ensuring that only high-quality items reach individuals.  

● Growth in AI and ML Learning:

Artificial intelligence (AI) and machine learning (ML) algorithms in computer vision enable them to learn, adapt, and make enhanced decisions based on visual data. In addition, AI and ML-powered computer vision systems are increasingly used in applications, such as autonomous vehicles, where they interpret sensor data from cameras and LiDAR to make real-time driving decisions. Furthermore, in the retail sector, recommendation engines driven by AI analyze the behavior and preferences of individuals based on visual data, leading to personalized shopping experiences.    

Leading Companies Operating in the Global Computer Vision Industry:

● Basler AG
● Baumer Optronic
● CEVA Inc.
● Cognex Corporation
● Intel Corporation
● Jai A/S
● Keyence Corporation
● Matterport Inc.
● Microsoft Corporation
● National Instruments
● Sony Corporation
● Teledyne Technologies Inc.

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Computer Vision Market Report Segmentation:

By Component:

● Hardware
● Software

Hardware represented the largest segment as it captures, processes, and interprets visual data.    

By Product Type:

● Smart Camera-based
● PC-based

PC-based accounted for the largest market share due to their rising utilization among researchers, developers, and engineers to experiment with different computer vision algorithms.

By Application:

● Quality Assurance and Inspection
● Positioning and Guidance
● Measurement
● Identification
● Predictive Maintenance
● 3D Visualization and Interactive 3D Modelling

Quality assurance and inspection holds the biggest market share on account of the increasing need to examine products and materials for defects, inconsistencies, or deviations.    

By Vertical:

● Industrial
● Non-Industrial

Industrial exhibits a clear dominance in the market as it enhances efficiency, quality control, and automation.   

Regional Insights:

● North America: (United States, Canada)
● Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
● Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
● Latin America: (Brazil, Mexico, Others)
● Middle East and Africa

Asia Pacific enjoys the leading position in the computer vision market on account of the rising need for image and video processing applications in various industries.       

Global Computer Vision Market Trends:

The growing number of digital images and videos on the internet, coupled with the rising the Internet of Things (IoT) devices and surveillance systems, is offering a positive market outlook. In line with this, this vast amount of data provides ample opportunities for the development and training of computer vision models, making them more robust and capable. Stringent regulations and requirements related to safety, security, and privacy are supporting the market growth. Besides this, the increasing employment of computer vision in the financial sector for fraud detection and identity verification is impelling the market growth.

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