The computer vision is a rapidly advancing sector of artificial intelligence, with spanning industries such as healthcare, automotive, retail, manufacturing, and security. This technology is aimed at enabling machines to interpret visual information, driven by the growing demand for automation and smart technologies. The increasing recognition of the value of visual data for enhancing decision-making processes and operational efficiency contributes to the overall positive trajectory of this dynamic industry.
According to Data Bridge Market Research analyses the Global Computer Vision Market was valued at USD 12.98 billion in 2022 is expected to reach USD 29.19 billion by 2030, registering a CAGR of 8.32% during the forecast period of 2023 to 2030.
“Rise in Requirement of Computer Vision Boosts the Market Growth"
The surge in demand for computer vision is propelled by the growing needs of industries for quality inspection, automation, and application-specific solutions. The market is driven by the imperative for enhanced quality control and efficiency through automated visual inspection processes. Vision-guided robotic systems, empowered by computer vision, are in high demand across sectors such as manufacturing and logistics, enabling precise and adaptable robotic movements. Moreover, the customization of computer vision systems to address specific industry challenges, along with the rising requirement for food-specific applications to detect mislabeled and sub-quality products, further fuels market expansion.
What Restraints the Growth of Global Computer Vision Market?
“High Costs Restrain the Market Growth”
The high cost associated with computer vision systems acts as a significant restraint on market growth. This expense stems from the need for cutting-edge hardware, skilled professionals for algorithm development, integration challenges with existing infrastructure, data acquisition and processing, ongoing maintenance, and potential regulatory compliance. The substantial initial investment and total cost of ownership make it challenging for some businesses, particularly smaller enterprises with limited budgets, to adopt and implement computer vision technology.
Segmentation: Global Computer Vision Market
The global computer vision market is segmented on the basis of product type, technology, gender, end-user, and distribution channel.
- On the basis of components, the global computer vision market is segmented into hardware, software, service
- On the basis of product, the global computer vision market is segmented into smart camera-based computer vision systems, pc-based computer vision systems
- On the basis of offering, the global computer vision market is segmented into deep learning, traditional computer vision
- On the basis of application, the global computer vision market is segmented into quality assurance and inspection, positioning and guidance, identification, predictive maintenance.
- On the basis of vertical, the global computer vision market is segmented into industrial, non industrial
Regional Insights: North America dominates the Global Computer Vision Market
North America dominates the computer vision market due to increased investment in open production plants and growing demand from full-service restaurants and café/bars. The region's focus on integrating computer vision in production facilities and the hospitality sector's recognition of its benefits contribute to North America's leading position in the global market. Continued growth is anticipated as investments and demand for computer vision technologies persist.
Asia-Pacific is expected to witness significant growth in the computer vision market from 2023 to 2030. This growth is fueled by a sizable millennial population, increasing disposable income driving demand for premium alcohol, and the availability of diverse flavored alcoholic beverages in countries like China and Japan. The forecast indicates a rising adoption of computer vision technologies, particularly in the premium alcohol sector, to meet the evolving demands of this dynamic market.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-computer-vision-market
Recent Developments in Global Computer Vision Market
- In April 2020, Clobotics Holdings Ltd. acquired AtSite, fully integrating it into the Clobotics Group. This union brings together two prominent technology platforms, accelerating the development of artificial intelligence-based solutions and furthering the ongoing digitalization of the global wind Operations and Maintenance (O&M) market
- In January 2020, Snap, the parent company of Snapchat, acquired AI Factory, a Ukraine-based business, for approximately $166 million. This strategic move enables Snap to enhance its social media app by introducing a novel video service that utilizes a person's face to play short snippets, expanding the creative capabilities of the platform
The Prominent Key Players Operating in the Global Computer Vision Market Include:
- Cognex Corporation (U.S.)
- Basler AG (Germany)
- Omron Corporation (Japan)
- KEYENCE CORPORATION (Japan)
- National Instruments Corp (U.S.)
- Sony Corporation (Japan)
- Teledyne (U.S.)
- Allied Vision Technologies GmbH (Germany)
- Texas Instruments Incorporated (U.S.)
- Intel Corporation (U.S.)
- Baumer (Germany)
- JAI (Denmark)
- MediaTek, Inc. (Taiwan)
- Cadence Design Systems, Inc. (U.S.)
- CEVA, Inc. (U.S.)
- Synopsys, Inc. (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global computer vision market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Computer Vision Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
