Computer Vision Market Overview:
The intensifying call for equipping computers with vision similar to humans has generated considerable traction for the computer vision market globally. The concept of computer vision as a scientific stream encompasses the technology and theory for creating artificial systems that acquire information from images or multi-dimensional data. The computer vision market is estimated to touch USD 48.32 billion in revenues by 2023 approximately while growing at a 31.65 percent CAGR over the forecast period from 2017 to 2023.
As computer vision is one of the most complex processes that has been attempted to comprehend and create, the market’s development is still at the initial growth stages and is projected to generate a great deal of inertia in terms of demand, investment, research and development which will boost future growth. The development of virtual and augmented reality along with an upsurge in the demand for mobile devices are some of the driving factors for progress of the computer vision market. Moreover, the emergent technologies of artificial learning, machine learning, deep learning, virtual reality, augmented reality, neural networks are placing strong emphasis on new product development which is likely to further develop the market for computer vision. Furthermore, the market for Computer Vision Market is anticipated to expand increasingly in the forecast period due to the use of the technology in military applications especially; as it is a potentially profitable revenue segment for the market.
Factors such as high accuracy of computer vision systems, escalating need for automation, accessibility to robust & low-cost hardware, and availability of open source libraries are expected to provide the much needed push to the progress of the market. As big data is also instrumental to what computer vision can achieve, the competitors who are currently growing their presence in the market have already established themselves as leaders in the big data market previously. This factor will be vital to the growth potential that can be achieved in the computer vision market. Additionally, the computer vision market is anticipated to attain further growth due to the indirect demand stemming from the market for deep learning.
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Computer Vision Market Competitive Analysis:
The revolutionizations carried out in the logistic chain are anticipated to create encouraging possibilities for growth in the approaching period. The global currencies are envisaged to become steady, and as a result, place exerts a gainful impact on the market. The revival of investment inflow of capital is projected to add force to the market’s escalation in the forecast period. The market is being highlighted by the active forces that are exerting an impressive influence. The advance in the mining of natural resources is additionally sustaining market expansion. The development of alternate raw material assets is likely to further focus on the supply demands in the market. The advancement in the effectiveness of production amenities is strengthening the market’s expansion pace in the approaching years. Also, innovations in technology are projected to apply a productive stimulation on the enrichment of the market. The control of governmental plans on the market is inspiring further evolution of the market.
The central companies in the computer vision market are Intel Corporation (U.S.), Microsoft Corporation (U.S.), Keyence Corporation (Japan), Sony Corporation (Japan), National Instruments (U.S.), Nvidia Corporation (U.S.), IBM Corporation (U.S.), Autoliv Inc. (U.S.), Cognex Corporation (U.S.), and Basler AG (Germany).
Computer Vision Market Segmental Analysis:
The segment-based investigation of the computer vision market is segmented on the basis of component, application, end-user, and region. The computer vision market on the basis of component is segmented into software and hardware. The applications basis of segmenting the computer vision market comprise of face recognition, gesture recognition, character recognition, and others.
The end-users basis of segmenting the computer vision market is segmented into agriculture, entertainment, automotive, transportation, healthcare, and others. Based on the regions, the computer vision market is segmented into Europe, APAC, North America, the Middle East, and Africa.
Computer Vision Market Detailed Regional Analysis:
The regional scrutiny of the computer vision market covers regions such as North America, Europe, APAC, the Middle East, and Africa.As per the study, the North American region leads the computer vision market, with the most considerable input of the development in the U.S. The region accounts for about a third of the market and is expected to sustain its top position through the forecast period. The computer vision market in the North American region is inspired by the mounting call from the gaming industry and the deep presence of first-rate few IT companies internationally.
The Asia Pacific region is in place to be the fastest increasing region in the computer vision market and is anticipated to detect an awesome 35.95 % CAGR throughout the forecast period. The improved development of the regional economy and the beginning of start-ups has invigorated a healthy demand for computer vision products. Nations with growing disposable earnings such as China, India, and Japan are accountable for a record share of the Asia Pacific market, and the expansion is being inspired by factors such as developing AI talent to stimulate the application of computer vision technology in the regional market and the soaring demand from entertainment & media verticals.
Table of Contents
1 Executive Summary
2 Market Introduction
2.2 Scope of the Study
2.3 List of Assumptions
2.4 Market Structure
3 Market Insights
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List of Table
Table 1 Global Computer Vision Market, By Component, 2017-2023 (Usd Million)
Table 2 Global Computer Vision Market, By Application, 2017-2023 (Usd Million)
Table 3 Global Computer Vision Market, By Vertical, 2017-2023 (Usd Million)
Table 4 Global Computer Vision Market, By Region, 2017-2023 (Usd Million)
Table 5 North America Computer Vision Market, By Country, 2017-2023 (Usd Million)
List of Figure
Figure 1 Top Down & Bottomup Approach
Figure 2 Forecast Model
Figure 3 Value Chain Analysis
Figure 4 Porter’s Five Forces Analysis Of Global Computer Vision Market
Figure 5 Global Computer Vision Market, By Component, 2017-2023 (Usd Million)
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