Computer Vision Market Research Report 2023 to Global Forecast till 2033

 The global computer vision market is expected to increase from US$ 12.91 billion in 2023 to US$ 26.11 billion by 2033, representing a CAGR of 7.3%.  

The market is defined as the industry that is equipped with machine learning and deep learning algorithm enabling machines to interpret visual data. 

The increasing adoption of automation in manufacturing and retail, the rise of the Internet of Things (IoT), the growth of autonomous vehicles, and the increasing demand for surveillance and security systems are some key drivers of the computer vision market.  

Governments worldwide are investing in the development and implementation of computer vision technology to monitor public spaces in real-time, detect criminal activity, and identify potential security threats.  

Request a Sample of this Report @ 
https://www.futuremarketinsights.com/reports/sample/rep-gb-17009

Key Takeaways 

  • The hardware category led the market in 2021, accounting for 39.4% of total market revenue of US$ 4.60 billion.  
  • The software segment is projected to record a CAGR of around 20-25% during the forecast period of 2023-2033, driven by the increasing adoption of artificial intelligence and deep learning technologies.  
  • Cloud-based computer vision software is also expected to be a significant driver of growth in the software segment. 
  • Over the forecast period, demand for smart camera-based computer vision systems is expected to grow, driven by low cost, small size, and ease of integration. 
  • The quality assurance and inspection segment held a significant market share in 2021, accounting for 17.3% of the total market revenue of US$ 2.02 billion. The manufacturing industry's rapid adoption of process automation to boost productivity has driven this share.  
  • The PC-Based Computer Vision systems segment accounted for 61.7% of the market in 2022.  
  • The industrial segment accounted for more than 51% of total revenue, with the automotive and transportation industries. 
  • North America is a lucrative market witnessing a progressive CAGR of 21.9%.  
  • In 2021, Asia Pacific emerged as a prominent market for computer vision market, with a market share of around 39.6% and US$ 4.6 billion in revenue.  

Competitive Landscape 

The competition among players in the computer vision technology market is moderately increasing. Recent technological advancements such as facial recognition, gesture analysis, and enhanced security are revolutionizing various industries such as manufacturing, healthcare, and so on. As a result, new companies are entering the market. Intel Corporation, National Instruments Corporation, Keyence Corporation, Texas Instruments Incorporated, and SAS Institute are among the key players.  

Latest Developments 

  • Vedanta Limited partnered with Detect Technologies in August 2022, an organization based on industrial artificial intelligence that develops cutting-edge technology. T-pulse, Detect Technologies' AI-based office software, will be made available through the alliance. The T-pulse software's COVID-19 compliance module aims to assist Vedanta Limited in ensuring that its workspaces meet all requirements and adhere to the highest sanitization standards. The vision technology developed by T-computer Pulse also improves the digital safety monitoring system. 
  • Cogniac, an AI computer vision platform, and Cisco Systems Inc. (Cisco Meraki), an American technology company, recently announced a collaboration in March 2022. The collaboration allows Cogniac's computer vision capabilities to be integrated with MV smart cameras from Cisco Systems Inc. and cloud-based platforms.

Key Segments Covered in the Market Report

Component Outlook:

  • Hardware
  • Software

Product Type Outlook:

  • Smart Camera-Based Computer Vision System
  • PC-Based Computer Vision System
  • Application Outlook
  • Quality Assurance & Inspection
  • Positioning & Guidance
  • Measurement
  • Identification
  • Predictive Maintenance

Application:

  • Quality Assurance & Inspection
  • Positioning & Guidance
  • Measurement
  • Identification
  • Predictive Maintenance
  • 3D Visualization & Interactive 3D Modelling

Vertical Outlook:

  • Industrial
  • Non-Industrial

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan (APEJ)
  • Japan
  • The Middle East & Africa (MEA)
 

Comments

Post a Comment

Popular posts from this blog

OTT Content Market Research Report 2022 to Global Forecast till 2032

 The global  OTT content market  is anticipated to reach a valuation of US$ 434.98 Bn by 2032, with the market expanding at a prolific CAGR of 17.4% from 2022 to 2032. Predicted to reach an estimated US$ 87.46 Bn in 2022, the target market is likely fueled by a notable surge in market penetration as well as escalating demand for subscription-based services in emerging economies. The heightened popularity of live streaming channels will further aid the growth of the OTT content market during the forecast period. The deep market penetration of 4G and rising 5G infrastructure development across the globe aids the market growth of OTT content. An upsurge in high-speed bandwidth- which is an important criteria for proper functioning OTT services- propels the target market growth. The widespread usage pf high speed internet and smartphones, at competitive prices, amplifies the demand for the OTT content market. The gradual preference for SVOD over conventional TV services will supplement thi
Read more

Digital Transformation in Healthcare Market Trends | Segmentation, Outlook, Industry Report to 2033

 The global  digital transformation in healthcare market  is valued at approximately USD 65.2 billion in 2023. It is anticipated to grow to about USD 253.6 billion by 2033, with a consistent annual growth rate of 14.5% from 2023 to 2033. As digital health platforms like telehealth, mobile health, and wireless technologies become more common in medical facilities and nursing homes, they are providing patients with immediate access to medical care. This has made digital health a widely recognized term in healthcare. The impact of digital technology on various sectors such as public, retail, banking, financial services, and insurance (BFSI), and production is tremendous, but it has evolved into a game-changing technology in the medical field as end users’ reliance on digital health platforms grows. Request for a Sample of this Research Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-708 The emergence of healthcare smartphone applications and incentive proposals by gover
Read more

Flame Arrestor Market 2023 Outlook, Current and Future Industry Landscape Analysis 2030

  The Flame Arrestor market is witnessing robust demand due to increased industrial safety regulations. Growing awareness of explosion prevention measures in various sectors, including oil and gas, chemicals, and manufacturing, is driving the adoption of flame arrestors. The market is poised for expansion as companies prioritize safety solutions to mitigate the risk of fire and explosions. Flame Arrestor Market size was valued at USD 923.8 million in 2022 and is expected to grow to USD 1540.4 million by 2030 and grow at a CAGR of 6.6% over the forecast period of 2023-2030. In today's fast-paced corporate world, where agility and intelligence define success, having a sophisticated understanding of market dynamics is critical. In this environment, our thoroughly prepared Flame Arrestor market research study shines as a beacon of unrivaled wisdom, guiding businesses to strategic brilliance. Our study, crafted with accuracy and predicated on thorough data analysis, doesn't just ski
Read more