Global Computer Vision Market By Component (Hardware, Software), Product Type (Smart Camera-Based Computer Vision System, PC-Based Computer Vision System), By Application (Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification, Predictive Maintenance, 3D Visualization & Interactive 3D Imaging Modelling), By Vertical (Industrial, Non-Industrial), By Region, and Key Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2024-2033
- Published date: Nov. 2023
- Report ID: 56728
- Number of Pages: 253
- Format:
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Report Overview
The Global Computer Vision Market size is expected to be worth around USD 58.9 billion by 2033 from USD 16.6 billion in 2023, growing at a CAGR of 13.5% during the forecast period from 2024 to 2033.
“Computer Vision” refers to the area of artificial intelligence and technology that allows computers to process and interpret visual information in videos and images. It includes a range of functions like identification of objects, image recognition face recognition and much more. Computer Vision plays a crucial function in applications that range from autonomous vehicles to medical imaging, to surveillance systems and Augmented Reality. The development in Computer Vision continues to shape our digital world, which makes it a major area of research and development.
Note: Actual Numbers Might Vary In Final Report
Computer Vision is revolutionary field that gives machines the ability to process and process visual information like human vision. Computer vision allows computers to analyse videos and images, gaining valuable information from the pixels. This technology, usually coupled by machine learning allows systems to improve and learn over time, allowing it to be more adaptable to changes in pattern and object. Applications are varied that range from facial recognition to secure authentication, to detection of objects in videos or photos.
Key Takeaways
- Market Growth Projection: The Computer Vision Market is projected to reach USD 58.9 billion by 2033, an impressive increase from its valuation in 2023 of USD 16.6 billion at a compound annual compound rate of 13.5% over its forecast period from 2024-2033.
- Definition of Computer Vision: Computer Vision is a branch of artificial intelligence that enables devices to analyze and comprehend information from videos and images. It covers functions such as object recognition such as image recognition, object identification, and facial recognition. Applications that include autonomous vehicles and surveillance, medical imaging as well as Augmented Reality.
- Component Analysis: The Computer Vision market is segmented into Hardware and Software. Hardware dominates the market, capturing more than 74% market share, driven by advancements in technology and the integration of high-resolution cameras with powerful GPUs.
- Product Type Analysis: In 2023, Smart Camera-Based Computer Vision System holds a dominant market position, accounting for over 51.3% share. PC-Based Computer Vision Systems represent the remaining market share, with 48.7%.
- Application Analysis: Quality Assurance & Inspection leads the market with over 25% share in 2023, playing a crucial role in ensuring product quality and adherence to industry standards. Other significant segments include Positioning & Guidance, Measurement, Identification, Predictive Maintenance, and 3D Visualization & Interactive 3D Imaging Modelling.
- Vertical Analysis: In 2023, the Industrial vertical holds the dominant market share of over 48%. It finds extensive application in manufacturing, aerospace, automotive, and other industries, enhancing productivity and reducing operational costs. The Non-Industrial vertical encompasses healthcare, retail, and agriculture applications.
- Market Drivers: Key drivers for the Computer Vision Market include the increasing demand for automation, advancements in AI and machine learning, the versatility of applications, and the proliferation of cameras in various sectors.
- Market Restraints: Privacy concerns and the complexity of implementation pose challenges to the growth of Computer Vision. Ensuring data privacy and making Computer Vision systems accurate and safe are ongoing challenges.
- Market Opportunities: Computer Vision offers opportunities in healthcare for disease diagnosis and surgery assistance, as well as in retail for enhancing the shopping experience.
- Regional Analysis: The Asia Pacific dominates the market, accounting for 38% of global revenue in 2023. China’s significant investments in computer vision technology contribute to its leadership. North America is also experiencing growth, supported by favorable government initiatives.
- Key Players: Major players in the Computer Vision Market include Cognex Corporation, Keyence Corporation, Intel Corporation, Matterport Inc., OMRON Corporation, National Instruments, Teledyne Digital Imaging Inc., Sony Semiconductor Solutions Corporation, and others.
Component Analysis
The Computer Vision market exhibited a significant segmentation that was by its main components, which are primarily Hardware and Software. Hardware emerged as the leading segment, and has established a dominant market share by capturing more than 74% market share. This is due to the crucial importance of hardware components like cameras sensors, processors, and other components in the development of an ecosystem of computer vision.
The continual advances in technology for hardware and the integration of high-resolution cameras with powerful GPUs, have increased the effectiveness and precision that computer vision technologies. Additionally, the increasing need for computer vision solutions across different industries, such as healthcare, automotive manufacturing, and even healthcare and healthcare, has further contributed to the growth of the hardware market.
In the end, Hardware will continue to hold its dominance in the market for computer vision to the constant technological advancements and the growing acceptance of computer vision solutions across a variety of industries.
Product Type Analysis
In 2023, Smart Camera-Based Computer Vision System held a dominant market position, capturing more than a 51.3% share. This can be attributed to its versatility and ease of integration across various industries. These systems leverage embedded cameras with advanced image processing capabilities, making them a preferred choice for real-time object recognition and tracking.
PC-Based Computer Vision Systems, on the other hand, accounted for the remaining market share. With a share of 48.7%, these systems play a crucial role in applications requiring complex computational power. They are commonly employed in industries such as manufacturing and healthcare, where extensive data processing is necessary for quality control and diagnostics.
Both segments exhibit growth potential, with smart camera-based computer vision systems benefiting from their cost-effective nature and ease of deployment. In contrast, PC-Based Computer Vision Systems continue to thrive in sectors demanding high computational capabilities. The market’s overall positive trajectory indicates a promising outlook for both product types, underlining the continued expansion of computer vision technology across industries.
Application Analysis
In 2023, Quality Assurance & Inspection held a dominant market position, capturing more than a 25% share. This segment’s significance lies in its critical role in ensuring product quality and adherence to industry standards across various sectors. Computer vision systems have been instrumental in automating quality control processes, contributing to improved efficiency and reduced defects in manufacturing.
Positioning & Guidance emerged as another substantial segment. These applications find extensive use in autonomous navigation systems, robotics, and drones. The precision and accuracy provided by computer vision technology make it indispensable for applications requiring real-time spatial awareness and guidance.
Measurement applications held a notable share, driven by the demand for highly accurate measurements in industries like healthcare, metrology, and construction. Computer vision systems enable precise measurements without human errors, enhancing overall operational efficiency.
Identification plays a pivotal role in security and access control. Facial recognition, biometrics, and object identification are key areas where computer vision systems are applied, contributing to enhanced security protocols.
Predictive Maintenance leverages computer vision for equipment and machinery health monitoring. This proactive approach minimizes downtime and maintenance costs, making it a valuable segment for industries reliant on machinery.
Finally, 3D Visualization & Interactive 3D Imaging Modelling finds application in diverse sectors like gaming, architecture, and medical imaging. The immersive and interactive capabilities of computer vision technology continue to drive its adoption for creating realistic 3D models and simulations.
In conclusion, the computer vision market exhibits a diverse landscape of applications, with Quality Assurance & Inspection leading the way. These segments collectively reflect the broad spectrum of opportunities and the pervasive influence of computer vision technology across industries.
Vertical Analysis
In 2023, the Industrial vertical held a dominant market position, capturing more than a 48% share. This significant presence can be explained by the increasing use of computer vision technologies in the industrial setting. Industries like manufacturing aerospace, automotive, and manufacturing have increased reliance on computer vision to ensure the control of quality, automation and detection of defects. The precision and efficiency offered by computer vision systems have significantly contributed to enhancing productivity and reducing operational costs in these sectors.
Conversely, the Non-Industrial vertical accounted for the remaining market share. While not as prominent as its industrial counterpart, this segment encompasses diverse applications in areas like healthcare, retail, and agriculture. In healthcare, computer vision aids in medical imaging and diagnostics, while in retail, it enhances customer experience through shelf monitoring and checkout automation. Additionally, agriculture benefits from computer vision in crop monitoring and precision farming practices.
Key Market Segments
Component
- Hardware
- Software
Product Type
- Smart Camera-Based Computer Vision System
- PC-Based Computer Vision System
Application
- Quality Assurance & Inspection
- Positioning & Guidance
- Measurement
- Identification
- Predictive Maintenance
- 3D Visualization & Interactive 3D Imaging Modelling
Vertical
- Industrial
- Non-Industrial
Drivers
- Automation Demand: The Computer Vision market is on the rise because industries want more automation. Think of factories, hospitals, and cars – they all want computers to “see” and understand things, which makes work faster and better.
- Smart Computers: People are making computers smarter with AI and learning. When computers learn, they get better at understanding images and videos. This makes Computer Vision more popular.
- Lots of Uses: People are finding many ways to use Computer Vision, like self-driving cars, checking medical images, and making shopping easier. This makes Computer Vision useful in many areas.
- Cameras Everywhere: Cameras are everywhere nowadays, in phones, homes, and stores. Computer Vision needs these cameras to work, so as cameras spread, Computer Vision grows too.
Restraints
- Privacy Worries: Some people worry about their privacy because Computer Vision needs to look at lots of images and videos. Laws and rules about privacy might slow down Computer Vision.
- Not So Easy: Making Computer Vision work can be hard. It needs to work with other computer stuff, and that can be tricky. This can make Computer Vision slower to use.
Opportunities
- Healthcare Boost: Doctors and hospitals can use Computer Vision to help patients better. It can help find diseases and do surgeries, which means big chances for Computer Vision in healthcare.
- Better Shopping: Imagine stores where you just take things and walk out, without standing in line. Computer Vision can make this happen and make shopping more fun.
Challenges
- Big Computer Needs: Making Computer Vision work needs very strong computers. These computers can be expensive and use lots of electricity.
- Getting It Right: Computer Vision needs to be very accurate and safe. For things like self-driving cars and medicine, mistakes can be very bad. Making Computer Vision reliable is a big challenge.
Regional Analysis
The Asia Pacific dominated this market and was responsible for 38% of global revenue in 2023. Major players such as Sony Semiconductor Solutions Corporation, OMRON Corporation, and Sony Semiconductor Solutions Corporation are expected to increase market growth in this major region. The demand for Computer Vision in Asia Pacific was valued at USD 6.3 billion in 2023 and is anticipated to grow significantly in the forecast period.
China has already deployed almost 176 million digital cameras to meet its demand for better surveillance. Tech companies have access to huge datasets from the government to help them build models for their computer vision application development. North America is expected to experience significant growth during the forecast period. Favorable government initiatives have contributed to this increase in computer vision adoption. The National Institute of Standards and Technology was a non-regulatory government agency and a U.S. Department of Commerce physical sciences laboratory.
Europe followed closely as a substantial player in the market. The region’s advanced automotive industry and investments in research and development have driven the adoption of computer vision for various applications.
North America maintained a competitive position in the market. The presence of leading technology companies and a strong focus on innovation have bolstered the computer vision market in this region.
Latin America and the Middle East & Africa are emerging players in the market, with growing potential. These regions are in the early stages of computer vision adoption, driven by developments in healthcare and agriculture sectors.
Note: Actual Numbers Might Vary In Final Report
Key Regions and Countries Covered in this Report
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Key Player Analysis
These key players will focus on growing their product line and expanding their reach by purchasing business annual reports and technologies. Probiotics (a China-based computer vision company) acquired At Site A/S, a visual inspection service provider. Robotics closed this deal to develop an AI-enabled offshore wind turbine inspection technology. Snap Inc., a U.S. social media company, acquired AI Factory, a Ukraine-based computer vision start-up, in January 2020. Snap Inc. hoped to use this acquisition to enhance its social media app with a new Cameos feature. Cameos turn a person’s image into an animated video.
Top Key Players
These are the top players(Industry experts) in the global market for computer vision:
- Cognex Corporation
- Keyence Corporation
- Intel Corporation
- Matterport Inc.
- OMRON Corporation
- National Instruments
- Teledyne Digital Imaging Inc.
- Sony Semiconductor Solutions Corporation
- sony corporation
- cadence design systems, inc.
- teledyne technologies
- Basler ag(Germany
- allied vision technologies
- Other Key Players
Recent Development
- In June 2022, Visionary.ai, a software vendor specializing in Image Signal Processor (ISP) software, joined forces with Innoviz Technologies Ltd., a producer of LiDAR sensors. Their collaboration aims to enhance the performance of 3D computer vision across various applications, including drones, robots, and smart cities. The alliance plans to offer a comprehensive service that combines ISP software with LiDAR sensors, promising advancements in the field.
- In July 2022, Michelin, a renowned tire manufacturing company, made a strategic move by acquiring RoadBotics, Inc., a U.S.-based startup specializing in computer vision technology. RoadBotics leverages computer vision to transform data from virtual infrastructure, marking a significant step forward in the tire industry’s embrace of advanced technology.
- In January 2022, Drishti Technologies, Inc., a provider of AI-driven video analytics and traceability solutions, revolutionized the manufacturing industry. They utilized computer vision and deep learning to automate the analysis of floor video recordings from manufacturing facilities. Cameras were installed on manufacturing lines to capture videos, which were then subjected to action recognition, anomaly detection, and object detection. The resulting data was made available to industrial engineers, empowering them to optimize production lines effectively.
- In March 2022, Intel Corporation, a global technology giant, announced its transformative solutions for patient rooms and critical care environments in the healthcare sector. These solutions, which include cloud computing data analytics, cloud computing computer vision, cloud computing, and machine learning, will result in improved outcomes for patients, increased operational efficiency, and greater security for patients and medical personnel. Finally, in January 2022, Amazon Web Services, Inc. introduced AWS Panorama in the Asia Pacific region.
Report Scope
Report Features Description Market Value (2023) USD 16.6 Billion Forecast Revenue (2033) USD 58.9 Billion CAGR (2023-2032) 13.5% Base Year for Estimation 2023 Historic Period 2017-2022 Forecast Period 2024-2033 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Component (Hardware, Software), Product Type (Smart Camera-Based Computer Vision System, PC-Based Computer Vision System), By Application (Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification, Predictive Maintenance, 3D Visualization & Interactive 3D Imaging Modelling), By Vertical (Industrial, Non-Industrial) Regional Analysis North America – The U.S. & Canada; Europe – Germany, France, The UK, Spain, Italy, Russia, Netherlands & Rest of Europe; APAC- China, Japan, South Korea, India, Australia, New Zealand, Singapore, Thailand, Vietnam & Rest of APAC; Latin America- Brazil, Mexico & Rest of Latin America; Middle East & Africa- South Africa, Saudi Arabia, UAE & Rest of MEA Competitive Landscape Cognex Corporation, Keyence Corporation, Intel Corporation, Matterport Inc., OMRON Corporation, National Instruments, Teledyne Digital Imaging Inc., Sony Semiconductor Solutions Corporation, sony corporation, cadence design systems, inc., teledyne technologies, Basler ag(Germany, allied vision technologies, Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is Computer Vision?Computer Vision is a field of artificial intelligence that enables computers to interpret and understand visual information from images or videos. It involves teaching computers to "see" and make sense of the world through visual data.
How big is the computer vision market?The Global Computer Vision Market size is expected to be worth around USD 58.9 billion by 2033 from USD 16.6 billion in 2023, growing at a CAGR of 13.5% during the forecast period from 2024 to 2033.
What are the key applications of computer vision technology?Computer vision has a wide range of applications, including quality assurance in manufacturing, autonomous vehicles, healthcare (medical image analysis), retail (cashier-less stores), security and surveillance, agriculture (crop monitoring), and more.
What are the major drivers of growth in the Computer Vision Market?Key drivers include the increasing demand for automation across industries, the integration of AI and machine learning with computer vision, the need for enhanced quality control, and advancements in hardware such as sensors and cameras.
Where is Computer Vision used in real-life applications?Computer Vision is used in various real-life applications, including autonomous vehicles, healthcare for medical image analysis, facial recognition for security, retail for inventory management, and industrial automation.
How does Computer Vision impact healthcare?Computer Vision plays a significant role in healthcare by aiding in disease diagnosis, medical image analysis, surgical assistance, and patient monitoring. It helps healthcare professionals make more accurate and timely decisions.
- Cognex Corporation
- Keyence Corporation
- Intel Corporation
- Matterport Inc.
- OMRON Corporation
- National Instruments
- Teledyne Digital Imaging Inc.
- Sony Semiconductor Solutions Corporation
- sony corporation
- cadence design systems, inc.
- Teledyne Technologies International Corp Company Profile
- Basler ag(Germany
- allied vision technologies
- Other Key Players
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