Market Overview
The computer vision market is expected to grow substantially in the coming years driven by advancements in artificial intelligence and increasing adoption across various industries. The global computer vision market size was valued at USD 11.11 billion in 2022 and is projected to reach USD 46.131 billion by 2032, growing at a compound annual growth rate (CAGR) of 15.21% from 2023 to 2032 according to Market Research Future.
Industry Latest News:
Recent developments in the computer vision space include Nvidia unveiling its Omniverse Avatar software for generating AI-powered 3D avatars and Microsoft open-sourcing its computer vision algorithm for image captioning. Major cloud providers like AWS, Google Cloud, and Microsoft Azure are also enhancing their computer vision capabilities to support developer needs.
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Market Opportunities:
Key opportunities for the computer vision industry lie in sectors like automotive, healthcare, retail, manufacturing, and consumer applications. Computer vision is playing a pivotal role in autonomous vehicles by enabling capabilities like lane detection, traffic sign recognition, driver monitoring, and more. In healthcare, it is aiding in medical image analysis for improved diagnosis while in retail it powers critical applications like facial recognition, product identification, and more.
Market Segmentation:
The computer vision market is segmented into components, products, applications, verticals, and regions.
By component, it is bifurcated into hardware and software. The hardware segment accounted for the largest revenue share in 2022. Based on the product, it is categorized into PC-based and smart cameras. The smart camera segment is slated to grow at the highest CAGR during the forecast period. Key applications of computer vision include quality assurance & inspection, gesture recognition, barcode recognition, image recognition, and others. Manufacturing currently accounts for the highest share of the computer vision market by vertical.
Key Companies:
Prominent companies operating in this market include Cognex Corporation, Basler AG, Omron Corporation, Keyence Corporation, National Instruments Corporation, Sony Corporation, Teledyne Technologies Inc., Texas Instruments Inc, Intel Corporation, Baumer Optronic GMBH, Tordivel AS, Isra Vision AG, Mediatek Inc., and Cadence Design Systems Inc. among others.
Regional Insights:
North America dominated the global industry landscape in 2022 holding a share of 36.8% in terms of revenue. Asia Pacific is however expected to exhibit the fastest growth over the forecast period owing to rising adoption across China, Japan and India. Countries like China and Japan are investing heavily in computer vision research and applications.
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