Computer Vision Market Overview:
Market Research Future (MRFR) believes that the computer vision market 2020 can attain a valuation of more than USD 48,300 Mn by 2023. The market also holds the potential to expand at a high rate during the evaluation period (between 2017 and 2023), despite the COVID-19 impact. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
The COVID-19 outbreak has almost ambushed the healthcare infrastructure across countries. For instance, the situation in the United States was exacerbated by the use of defective test kits, which led to inaccurate screening of the patients with SARS-CoV-2. This wouldn’t have been the case with the use of AI-based computer vision technologies that can accurately detect the symptoms associated with the novel coronavirus, including abnormal respiratory issues and fevers, and that too in real time and with high precision. The integration of artificial intelligence, deep learning, virtual reality, machine learning, neural networks and augmented reality with computer vision has managed to boost its efficacy level, leading to higher demand across various industries.
Moving ahead, Taiwan seems to be doing quite well in these uncertain times, despite its closeness to the epicenter of the pandemic, with only 300 cases or less and only two deaths. This could be attributed to the country’s fast response to the pandemic virus by adopting measures that include using temperature monitoring systems at airports that help screen passengers for any symptoms. Taiwan airports have been making use of deep learning along with high-resolution thermal cameras for capturing the infrared images of travellers. The pixels are processed using the NVIDIA graphics engines, while computer vision algorithms are executed by the multicore CPUs.
Many of the leading companies are coming to the forefront with their expertise in Computer Vision Marketto address the pandemic induced challenges, which can also benefit the market. A case in point, in June 2020, RayVision, a leading computer vision-based services provider ventured into the battle against COVID-19 with monitoring applications like crowding violation, detection of face masks violation, PPE violation, social distancing violation, usage of hand sanitizers and more. This has been beneficial post the lockdown imposed and also highlights the various ways computer vision is being leveraged to deal with the challenges.
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Leading Industry Vendors:
Some of the leading industry vendors are National Instruments Corporation (U.S.), Autoliv Inc (U.S.), VideoIQ (U.S.), Nvidia Corporation (U.S.), KLA-Tencor Corporation (U.S.), Cognex Corporation (U.S.), IBM Corporation (U.S.), Mercedes-Benz (Germany), General Electric (U.S.), Google LLC (U.S.), Microsoft Corporation (U.S.), Facebook Inc. (U.S.), PlayfulVision (Switzerland), Wikitude GmbH (Germany), to name a few.
Market Segmentation:
- The computer vision market analysis by MRFR considers a few key segments, namely component, application, and verticals.
- The component-based market categories can be software as well as hardware. Some of the hardware-based segments are processing chipsets, cameras, scanners, sonar, sensors, and others.
- The key applications considered in the market study are character recognition, facial recognition, gesture analysis, medical image analysis, image restoration, and more.
- The vertical section of the report comprises entertainment, automotive, healthcare, agriculture, consumer electronics, transportation, and more. The automotive section of the market is the biggest, and can achieve the highest expansion rate of 33.86% over the next few years.
Regional Insight:
The computer vision market has been regionally considered for Europe, APAC/Asia Pacific, North America, and RoW/the Rest of the World.
The North American region controls a significant portion of the computer vision market globally. The implementation of machine vision through numerous industries such as manufacturing and automotive are motivating the market development in this region. Escalating implementation of surveillance analytics for user behavior tracking is found to be among the major factors responsible for the market’s growth in the forecast period.
The Asia Pacific region is projected to display a sharp rise throughout the forecast period. Japan, China, India, South Korea are the leading nations in the region. Previously, the Asia Pacific held an 18.20 percent market share in the computer vision market in 2017. The amplified implementation of augmented and virtual displays in automotive and 3D gaming is fuelling the market in this region further. Rising number of start-ups focused on augmented and virtual reality technologies are cited as one of the contributing factors for the development of the market in the forecast period. The market growth is additionally promoted by the fact that computer vision is chiefly being adopted for image recognition and also in medical image analysis.
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Recent News June 2020:
Facebook recently acquired Mapillary, a leading Google Street View contender with expertise in computer vision. Mapillary extensively uses computer vision to capture all the street-level imagery for mapping businesses, cities and communities. It is anticipated that post the acquisition, these maps can now be used to back products like Facebook Marketplace coupled with supplying data to the humanitarian organizations.
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