Computer Vision Market Growth Prospect Mapping, Regulatory Framework and PESTEL Analysis, 2028

San Francisco, Calif., USA, Aug 09, 2022 — /EPR Network/ —

Computer Vision Industry Overview

The global computer vision market size was valued at USD 11.32 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.3% from 2021 to 2028. Artificial Intelligence (AI) with computer vision technology is becoming increasingly popular in different use-cases, such as computer vision solutions in consumer drones and autonomous and semi-autonomous vehicles. Also, the recent advancements in computer vision comprising image sensors, advanced cameras, and deep learning techniques have widened the scope for computer vision systems in various industries, including education, healthcare, robotics, consumer electronics, retail, manufacturing, and security & surveillance, among others. For instance, image captioning in social media platforms is one of the most popular applications of computer vision.

Computer vision systems are used to improve the security of high-value assets by implementing biometric scanning and facial recognition systems. The most popular use-case of facial recognition is smartphone security, as computer vision systems can recognize different patterns in the retinas and irises of humans. Besides, more advanced use-cases of facial recognition are businesses or residential security systems that use individuals’ physiological features for identity verification. Fingerprint analysis is also used to control access to high-security areas, such as bank vaults and research labs. For instance, FaceKey, a U.S.-based provider of biometric products and solutions, offers an Integrated Security Access Control System for several applications in the banking industry, including access to bank vaults, safety deposit boxes, offices, and elevators, among others. Asia Pacific Computer Vision Market CAGR: 8.0%

Gather more insights about the market drivers, restraints and growth of the Global Computer Vision market

The automotive industry is witnessing a paradigm shift from human-driven or conventional vehicles into AI-powered or self-driving cars. The application of computer vision systems in self-driving cars is expected to boost the growth of the market, owing to the need for decision-making ability. Self-driving vehicles are equipped with ultrasonic and LiDAR sensors to identify signposts, other cars, and obstacles. Also, these vehicles are equipped with cameras providing computer vision to read road signs, compute steering angles, and make critical on-road decisions, such as giving way to fire engines or ambulances.

The manufacturing industry is experiencing the most extensive use of automation and robotics. As manufacturing facilities are transitioning towards fully automated manufacturing, the requirement for more intelligent systems to monitor industrial processes and outcomes is increasing. While IoT (Internet of Things) is revolutionizing the manufacturing sector and making industrial operations more autonomous, computer vision is further assisting in improving them in the form of machine vision. For instance, machine vision is used for quality inspection of manufactured products for the detection of non-conformities and defects.

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Machine Vision Market – The global machine vision market size was valued at 13.23 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.7% from 2022 to 2030.

3D Machine Vision Market – The global 3D machine vision market size to be valued at USD 3.46 billion by 2027 and is expected to grow at a compound annual growth rate (CAGR) of 14.7% during the forecast period.

Computer Vision Industry Segmentation

Grand View Research has segmented the global computer vision market based on component, product type, application, vertical, and region:

Computer Vision Component Outlook (Revenue, USD Million, 2018 – 2028)

• Hardware
• Software

Computer Vision Product Type Outlook (Revenue, USD Million, 2018 – 2028)

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

Computer Vision Application Outlook (Revenue, USD Million, 2018 – 2028)

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

Computer Vision Vertical Outlook (Revenue, USD Million, 2018 – 2028)

• Industrial
• Non-Industrial

Computer Vision Regional Outlook (Revenue, USD Million, 2018 – 2028)

• North America
• Europe
• Asia Pacific
• South America
• Middle East and Africa

Market Share Insights:

April 2020: Clobotics, a China-based computer vision company, acquired the AtSite A/S, a solution provider of visual inspection services. Clobotics executed this transaction to develop an AI-enabled offshore wind turbine inspection technology.

January 2020: Snap Inc., a U.S.-based social media company, completed the acquisition of a Ukraine-based computer vision start-up called AI Factory. This acquisition was anticipated to help the social media application offered by Snap Inc. add a new feature called Cameos, which turns a person’s picture into a short animated video.

Key Companies profiled:

Some prominent players in the global Computer Vision Industry include

• Cognex Corporation
• Intel Corporation
• Keyence Corporation
• Matterport, Inc.
• National Instruments
• OMRON Corporation
• Sony Semiconductor Solutions Corporation
• Teledyne Digital Imaging Inc.
• Teledyne Optech
• Texas Instruments Incorporated

Order a free sample PDF of the Computer Vision Market Intelligence Study, published by Grand View Research.