Computer Vision Market to be Dominated by the Industrial Segment Through 2028
Computer
vision market is growing due to the rising demand for electric vehicles (EVs)
and developments made in image sensors and image processing across the globe.
According to TechSci Research report, “Computer Vision Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018–2028,” the global
computer vision market is anticipated to register a robust growth during the
forecast period, 2024-2028.” The computer vision market is expected to
grow significantly in the coming years, the advances made in image sensors and
image processing technologies. Image sensors are devices that capture light and
convert it into electrical signals, while image processing is the manipulation
and analysis of these signals to extract useful information. Together, these
technologies enable computers to perceive and understand the visual world, and
perform tasks such as face recognition, object detection, medical diagnosis,
and autonomous driving. The demand for computer vision applications is
increasing across various industries, such as healthcare, automotive, security,
and retail, as it offers benefits such as improved accuracy, efficiency, and
safety.
Artificial intelligence (AI) and machine learning (ML) are changing the game of
computer vision by enabling machines to learn from data and perform tasks that
were previously impossible or impractical. AI and ML can automatically identify
objects and concepts in images, extract text from various sources, and generate
natural language descriptions of scenes. These capabilities can streamline
processes, such as robotic process automation and digital asset management, and
create new value for businesses and customers.
One example of a computer vision solution powered by AI and ML is Microsoft
Azure's Cognitive Services, which offers a suite of cloud-based APIs that can
perform tasks such as image analysis, face detection, optical character
recognition, and text analytics. These services can be easily integrated into
existing applications or workflows, without requiring extensive coding or
infrastructure. Azure's computer vision service can automatically identify more
than 10,000 objects and concepts in images, extract printed and handwritten
text from multiple image and document types, leveraging support for multiple
languages and mixed writing styles, and apply these features to streamline
processes, such as robotic process automation and digital asset management. As
AI and ML continue to advance and become more accessible, computer vision
solutions will become more powerful and diverse, enabling new possibilities for
innovation and impact across industries and domains.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC
on the "Global Computer Vision Market."
Based on Component, the market is segmented into hardware and software. Based
on product type, the market is segmented into smart camera-based and PC-based.
Based on application, the market is further bifurcated into quality assurance
& inspection, positioning & guidance, measurement, identification, 3D
visualization & interactive 3D modelling, and predictive maintenance. Based
on vertical, the market is further split into industrial and non-industrial.
The market analysis also studies the regional segmentation to devise regional
market segmentation, divided among North America, Europe, Asia-Pacific, South
America, and Middle East & Africa.
The computer vision market in North America is one of the largest and most
advanced markets across the world. The key factors driving the growth of the
North America computer vision market are the increasing adoption of artificial
intelligence (AI) and machine learning (ML) in computer vision solutions, which
enhance the accuracy, speed, and efficiency of visual analysis and decision
making, the rising demand for computer vision systems in various industries,
such as automotive, healthcare, retail, and defense, which require advanced
capabilities for image recognition, quality inspection, surveillance,
diagnosis, and navigation, the supportive government policies and initiatives
that promote the adoption of computer vision solutions for public safety,
national security, smart cities, and education.
The presence of prominent market players in the Asia Pacific region, such as
Sony Semiconductor Solutions Corporation and OMRON Corporation, has helped to
drive the growth of the computer vision industry. Furthermore, market growth in
the region has been increasing as a result of increased investment in Chinese
businesses and other APAC nations. For instance, the AWS Panorama from cloud
computing platform provider Amazon Web Services, Inc. was made available in the
Asia Pacific region in January 2022. Computer vision is used to improve
operations in this software development kit. Businesses invest in AWS Panorama,
which would be available in Sydney and Singapore, to automate visual inspection
duties such as finding bottlenecks in industrial processes, assessing
manufacturing quality, and determining worker safety within their facilities.
Key market
players in the global computer vision market include:
- Alphabet Inc.
- Cognex
Corporation
- Intel
Corporation
- Keyence
Corporation
- Matterport,
Inc.
- National
Instruments Corp.
- Omron
Corporation
- Sony Group
Corporation
- Teledyne
Technologies Inc.
- Texas
Instruments Incorporated.
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“The North America region shows substantial growth prospects for computer
vision which can be attributed to the significant benefits. The computer vision
is gaining traction and is expanding to various countries in North America,
including the United States, Canada, and Mexico. Owing to the early adoption of
technologies, the United States leads the market and is expected to continue
its dominance in the global computer vision market during the forecast period
as well. The rapid growth of technologies has led to a surge in the adoption of
computer vision systems,” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Computer Vision Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028, Segmented By Component (Hardware, Software), By Product
Type (Smart Camera-Based, and PC-Based), By Application (Quality Assurance
& Inspection, Positioning & Guidance, Measurement, Identification, 3D
Visualization & Interactive 3D Modelling, Predictive Maintenance), By
Vertical (Industrial, Non-Industrial), By Region, Competition,” has evaluated the future growth
potential of computer vision and provides statistics and information on market
structure, size, share, and future growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in the global
computer vision market.
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