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Computer Vision Industry Production Capacity Estimates and Forecasts to 2027 | Industry Size, Current Trend and Future Demands

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Computer Vision Industry Production Capacity Estimates and Forecasts to 2027 | Industry Size, Current Trend and Future Demands

Market Scenario:

The global market for Computer Vision Industry is expected to surpass a valuation of USD 48,300 Mn by 2023. It stood at over USD 9,200 Mn in 2017.

The market is projected to expand amid rising applications of augmented and virtual reality. The growing adoption of VR and AR coupled with development of deep and cognitive learning can bode well for the market. Prominent use of facial recognition in latest smartphones can drive the market scope during the forecast period. Security of valued assets and investments in security applications for fortifying defences across industries can bode well for the market. Integration of the technology into mobile applications for diagnosis of diseases will drive the need for computer vision. Engineers at the University of Cambridge have developed a mobile application for monitoring of glucose levels in diabetic patients. But lack of technical experts can restrict the market growth.

COVID-19 Analysis:

The business impact of SARS-CoV-2 has been felt across diverse sections of the information technology industry, albeit at different levels. Companies in the technology sector that supply services for verticals like travel, retail, hospitality, and entertainment have noted a dramatic decrease in sales, while the firms that provide services related to remote worker solutions have observed the opposite. Computer Vision Market  ’s fate post pandemic has been relatively less grim compared to Education Services (ES) and Professional Services (PS) that are mostly dependent on components that are generally on-site. Novel coronavirus has Computer Vision Market   to open new avenues for those firms that are on the lookout for solutions that are reliable, efficiently managed, scalable, and are subscription-based, to remain more focused on the core business. The Computer Vision Market is bearing lesser impact of the COVID-19 outbreak compared to most other segments of the tech world.

In a nutshell, COVID-19 impact on managed services has been fruitful, with the market growth enhanced than before. Given the prevalent lockdown situation, managed services vendors are now investing heavily in remote-centric worker solutions, which can make the market highly resilient in the coming years, even as the world is currently rushing to achieve a COVID-19 breakthrough.

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Competitive Outlook:

 

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.

Segmentation:

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.

Regional Analysis:

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.

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

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List of Tables

TABLE 1 GLOBAL COMPUTER VISION MARKET, BY COMPONENT, 2020-2027 (USD MILLION)

TABLE 2 GLOBAL COMPUTER VISION MARKET, BY APPLICATION, 2020-2027 (USD MILLION)

TABLE 3 GLOBAL COMPUTER VISION MARKET, BY VERTICAL, 2020-2027 (USD MILLION)

Continued…

List of Figures

FIGURE 1 TOP DOWN & BOTTOMUP APPROACH

FIGURE 2 FORECAST MODEL

FIGURE 3 VALUE CHAIN ANALYSIS

Continued…

Read More Info: https://pranali-ubella.medium.com/optical-transport-network-otn-market-industry-outlook-and-sales-analysis-2027-663888f15bc6

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About Market Research Future:

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