This report delivers an unbiased market foresight on Computer Vision Industry for the next five years. It also discusses the key developments that took place in the global computer vision market in recent years, as a part of the market’s historical analysis. The users of the report will come across market opportunities and trends that are likely to arise during course of the projected years. The scope of research covers components such as hardware and software. The global market for computer vision is expected to surpass a valuation of USD 48,300 Mn by 2023. It stood at over USD 9,200 Mn in 2017.
Key end-users discussed in report include agriculture, automotive, healthcare, entertainment, consumer electronics, transportation. This will allow report users to identify the segments that are highly lucrative and capitalize on growth opportunities while minimizing risks. All the segments and sub-segments are profiled under four major geographies– North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA) with the respective country-level market sizes.
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Autoliv Inc., Keyence Corporation, Sony Corporation, Intel Corporation, Microsoft Corporation, Cognex Corporation, Nvidia Corporation, Basler AG, National Instruments, and IBM Corporation are key players of the global computer vision market.
By component, it is divided into hardware and software. The hardware segment accounted for a large market share owing to affordability of semiconductor packages and rise in disposable income levels of consumers. It can reach a value of USD 26.43 billion by 2023. The market is also analysed based on computer vision applications comprising gesture recognition, face recognition, and character recognition. Gesture recognition is expected to dominate the market owing to lack of consumer electronic devices with the capability of recognizing objects and persons. Key end-users discussed in report include transportation, agriculture, entertainment, automotive, healthcare, and consumer electronics. The healthcare sector is likely to command a huge share of the global computer vision market owing to the use of AI in cranial imaging for detection of neurological disorders at a preventive stage. On the other hand, the automotive
segment is predicted to display a CAGR of 33.86% during the forecast period. Developments in vehicles from conventional to self-driven vehicles can drive the demand for computer vision in automotive systems.
North America leads the global computer vision market, with the most significant contribution of growth coming from the U.S. The region, which accounts for over a third of the global market, is expected to maintain its leading position during the forecast period.
The computer vision market in North America is driven by the increasing demand from the gaming industry. and the strong presence of global IT leaders. Meanwhile, the Asia Pacific is poised to be the fastest growing region in the computer vision market and is projected to witness an astounding 35.95% CAGR during the assessment period. The accelerated growth of the regional economy and the emergence of start-ups have encouraged a strong demand for computer vision products. Countries with growing disposable incomes such as China, India, and Japan account for the most significant share of the Asia Pacific market and growth is being driven by factors such as developing AI talent to encourage the implementation of computer vision technology in the domestic market and the surging demand from media &, entertainment verticals.
The global Computer vision market has been affected due to the lockdown across the regions. This pandemic situation has hampered the Computer vision market as well as its productivity, supply chain, and others. Moreover, the global market has lost its investors due to the increasing loss for the products, supply, transportation, workforce, and others. However, in the meantime, the key market players have implied various strategic techniques to boost global market growth. Thus, to meet the global market demands, the global market increased its speed in producing more valuable products for its intended customers. Recently, the global market has stabilized its position in the global market and is expected to register a higher Computer vision market Size for the forecast period.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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