Global Computer Vision Market Size to Grow USD 21.3 Billion By 2030 | CAGR of 6.9%

The Global Computer Vision Market is projected to grow from USD 11.7 Billion in 2021 to USD 21.3 Billion by 2030 at a CAGR of 6.9% during the forecast period. as per the latest research report by Spherical Insights & Consulting.

 Computers that can comprehend digital images and movies are known as computer vision systems. They can see and understand the world around them as humans can. Artificial intelligence, visual system technology, and computing power developments have made this possible. The fundamental concepts behind these systems are data or image acquisition, processing, and categorization. The popularity of Artificial Intelligence in computer vision is increasing rapidly as it is being used in various cases, such as computer vision solutions in consumer drones and semi-autonomous & autonomous vehicles. The application of computer vision systems has been expanded in many industries, including healthcare, education, robotics, manufacturing, retail, consumer electronics, and security & surveillance, thanks to recent developments in sophisticated cameras, image sensors, and deep learning techniques. Computer vision systems use facial recognition and biometric scanning to increase the protection of valuable assets. Due to computer vision systems' ability to distinguish various patterns in human retinas and irises, smartphone security is the most common application for facial recognition technology. Additionally, more sophisticated facial recognition applications include commercial or home security systems that confirm identity using the physiological characteristics of the subject. High-security locations like bank vaults and research labs are also subject to fingerprint analysis for access control. The increasing demand for computer vision systems designed specifically for food to identify products with incorrect labels and low-quality products drives the market’s growth over the forecast period. However, the computer vision system is highly expensive, restraining the market’s growth. In addition, a low penetration rate of computer vision systems challenges the market’s growth over the forecast period.

Browse key industry insights spread across 198 pages with 135 market data tables and figures & charts from the report “Global Computer Vision Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, Services), By Product Type (Smart Camera-Based Computer Vision System, PC-Based Computer Vision System), By Application (Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification, Predictive Maintenance, 3D Visualization & Interactive 3D Modelling), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030” in detail along with the table of contents https://www.sphericalinsights.com/reports/computer-vision-market

This research report categorizes the market for Computer Vision based on various segments and regions and forecasts revenue growth and analysis trends in each of the submarkets. The report analyses the key growth drivers, opportunities, and challenges that influence the Computer Vision market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included in order to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Computer Vision market.

Based on the Component, the Computer Vision market is categorized into hardware, software, and services. The hardware segment will account for the greatest revenue in the market owing to the availability of the latest hardware devices, which help in advanced functions such as multi-mega-pixel resolution, fast processing, and fully digital data handling. The hardware segments comprise frame grabbers, cameras, processors, lenses, and LED lighting. Additionally, by providing a variety of networking architectures, high-performance hardware components have simplified the installation of vision systems and serve a wide range of diverse applications. For instance, VisualCortex Pty Ltd partnered with i-PRO, which is the supplier of security surveillance for public safety. The main aim of this partnership was to make it easier to install enterprise-wide video analytics systems from beginning to finish in the Asia Pacific area.

Based on region, the Computer Vision Market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa. Asia Pacific is expected to be the largest market. The growth of the market in the region has been increasing rapidly owing to the presence of prominent market players in the region, such as Sony Semiconductor Solutions Corporation and OMRON Corporation. Furthermore, the market's growth in the region has been growing because investments in Chinese businesses and other APAC nations have grown tremendously. For instance, in the Asia Pacific, in January 2022, cloud computing platform provider Amazon Web Services, Inc. released its AWS Panorama. This software development kit uses computer vision to enhance operations. Businesses might automate visual inspection duties, including finding bottlenecks in industrial processes, assessing manufacturing quality, and determining worker safety within their facilities by investing in AWS Panorama, which will be accessible in Sydney and Singapore.

The North America market is expected to grow at the fastest CAGR between 2021 and 2030. This market growth in the region can be attributed to helpful government programs promoting computer vision use. As an illustration, NEC Corporation of America, which creates IT infrastructure, introduced NEC National Security Systems as a new division in May 2021. The U.S. government would receive biometrics from the new subsidiary company's computer vision and artificial intelligence technologies.

Some of the Key Developments:

• In June 2022, Image signal processor (ISP) software vendor Visionary.ai joined forces with LiDAR sensor producer Innoviz Technologies Ltd. To boost the performance of 3D computer vision, the alliance plans to offer a service that combines ISP software and LiDAR sensors.

Market Segment

This study forecasts global, regional, and country revenue from 2021 to 2030. Spherical Insights has segmented the global computer vision market based on the below-mentioned segments:

Computer Vision Market, By Component

• Hardware
• Software
• Services

Computer Vision Market, By Product Type

• Smart Camera-Based Computer Vision System
• PC-Based Computer Vision System

Computer Vision Market, By Application

• Quality Assurance & Inspection
• Positioning & Guidance

• Measurement
• Identification
• Predictive Maintenance
• 3D Visualization & Interactive 3D Modelling

Computer Vision Market, Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements. 

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