The global Computer Vision market size is expected to be worth around US$ 19.2 billion by 2028, according to a new report by Vision Research Reports.
The global Computer Vision market size was valued at US$ 10.7 billion in 2020 and is anticipated to grow at a CAGR of 7.7% during forecast period 2021 to 2028.
This technology has emerged as an emulation of a human visual system to support the automation tasks that require visual cognition. However, the process of image deciphering is more complicated than analyzing data in a binary form due to the vast amount of multi-dimensional data in an image for analysis. Artificial neural networks and are being used to increase computer vision’s capabilities of replicating human vision, to address such complexity in developing AI systems to recognize visual data. Besides, this technology has become more adept at pattern recognition than the human visual cognitive system, with the advents in deep learning techniques.
Also, different trends are emerging in the use of computer vision techniques and tools after the COVID-19 outbreaks. It is being used for multiple purposes of fighting against COVID-19, such as medical data monitoring to diagnose patients and movement and traffic control in urban spaces. For instance, Numina, a U.S.-based startup that delivers real-time insights using computer vision for the development of sustainable cities, has developed a tool that enables monitoring of social distancing in the cities, such as New York. Also, the tool built by Numina provides real-time insights on pedestrian movements to monitor how people are following social distancing guidelines (2-meter distance). For another instance, in December 2019, BlueDot, a Canadian start-up that provides an AI platform for infectious disease detection, predicted the coronavirus infections before the statement released by the World Health Organization (WHO) for the pandemic. Therefore, from accelerated drug discovery to social distancing monitoring, AI-enabled with computer vision is at the forefront in the fight against this pandemic.
The World Health Organization (WHO) has stated the novel coronavirus (COVID-19) outbreak as a pandemic, disrupting the businesses and humankind. However, this pandemic has brought several opportunities for computer vision systems to combat the epidemic as several tech startups and giants are working for prevention, mitigation, and containment of the virus. For instance, Alibaba's research institute Damo Academy has developed an algorithm for diagnosis that can detect new coronavirus cases with the chest (CT) scan. The AI model used in the system has been trained with the sample data from over 5,000 positive coronavirus cases.
Hardware component led the market and accounted for more than 70.01% share of the global revenue in 2019. The high share is attributed to the availability of the latest hardware platforms that provide convenient component interconnection and advanced capabilities, such as fast processing, multi-mega-pixel resolution, and fully digital data handling.
Besides, the software segment is expected to demonstrate a notable shift in its demand, registering a CAGR of 8.7% over the forecast period. The primary tasks performed by computer vision software include image classification, object detection, object tracking, and content-based image retrieval.
PC-based computer vision systems segment led the market and accounted for more than 58.01% share of the global revenue in 2019. This high share is attributed to the upgradability and ability of the product to be swapped to provide relative ease. For instance, the duties of a PC-based computer vision system can be extended through the installation of a hardware and software package for the respective task.
Further, the smart camera-based computer vision system segment is expected to demonstrate a notable shift in its demand, registering a CAGR of 12.9% over the forecast period. This high growth is attributed to cost-effectiveness, compact dimensions, and simple integration of a smart camera-based computer vision system.
The quality assurance and inspection segment led the market and accounted for more than 28.0% share of the global revenue in 2019. This high share is attributed to the rapid adoption of process automation in the manufacturing industry to boost productivity. Computer vision, combined with deep learning algorithms, enable inspection automation for every product in the manufacturing line.
The industrial segment led the market and accounted for more than 50.01% share of the global revenue in 2019. This high share is attributed to the rapid adoption of computer vision systems in the automotive and transportation industry. Earlier, vision systems were introduced in the automotive industry for automation in assembling vehicles. However, the scope of computer vision systems in this industry has got widened with the advent of automotive driver assistance and traffic management systems.
North America is anticipated to witness significant growth over the forecast period. This growth is attributable to favorable government initiatives to encourage the adoption of computer vision in the region. For instance, in November 2019, the National Institute of Standards and Technology, a non-regulatory agency and a physical sciences laboratory of the U.S. Department of Commerce, supported a computer vision start-up called Voxel51 Inc., to develop an AI-enabled video analytics platform, under the Public Safety Innovation Accelerator Program (PSIAP).
Sony Semiconductor Solutions Corporation
Teledyne Digital Imaging Inc.
Texas Instruments Incorporated
Product Type Outlook
Quality Assurance & Inspection
Positioning & Guidance
3D Visualization & Interactive 3D Modelling
The Middle East and Africa (MEA)
The Computer Vision market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Computer Vision market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Computer Vision market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Computer Vision market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Computer Vision market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Computer Vision capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Computer Vision by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Computer Vision market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Computer Vision market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Computer Vision market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Computer Vision industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Computer Vision market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Computer Vision market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Computer Vision market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Computer Vision market. These factors have benefited the growth of the global market for Computer Vision. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Computer Vision. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Computer Vision are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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