Market Overview
The computer vision technology landscape continues to undergo a relentless transformation, concurrently creating new application opportunities. In 2017, the market for computer vision stood at over USD 9,200 Mn and is expected to surpass a valuation of USD 41.61 Bn by 2030. Presently, computer vision is an advanced technology that has a bright future in the upcoming years. This computer vision system produces symbolic or numeric information by analyzing, acquiring, and processing real-world images.
The demand for computer vision market is growing due to the high level of technical efficiency, including the integration of artificial intelligence and deep learning with computer vision. The global market is boosting up with various factors such as growing demand for vision-guided robotic systems, growing food application-specific computer vision systems demand, and increasing need for quality automation and inspection.
However, the global market might experience restraints due to the lack of expertise, low penetration of computer vision among industries, and the presence of selective end-user requirements.
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Competitive Landscape
The prominent key players in the computer vision market trends are the following:
Intel Corporation (U.S.), Keyence Corporation (Japan), National Instruments (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Cognex Corporation (U.S.), IBM Corporation (U.S.), Autoliv Inc. (U.S.), Sony Corporation (Japan), Basler AG (Germany)
Market Segmentation
The global Computer Vision Market has been classified into different segments on the basis of application, component, and end-user.
On the basis of application segment, the global Computer Vision Industry has been classified into three types: character recognition, face recognition, and gesture recognition. Among them, the face recognition segment is projected to acquire the largest market share during the analysis period. This segment is expanding the market size due to its benefits like security and surveillance, access control, enhanced security, and many others.
In terms of component segment, the worldwide market has been segregated into two types as Software and Hardware. Among these, the hardware segment is estimated to hold the largest market share in recent years. These hardware components include cameras, optics, frame grabbers, and many more that are important for the current market.
The present market has been bifurcated into different types such as healthcare, transportation, automotive, agriculture, entertainment, consumer electronics, and others. Of these, the automotive segment is estimated to account for the largest Computer Vision Market Share over the review timeframe due to the wide usage of assembling vehicles across different industries.
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Regional Analysis
Geographically, the global market has been segmented into Europe, Asia-Pacific, North America, and the Middle East & Africa.
Out of all, the North American regional market is leading the global market by generating the largest Computer Vision Market Share over the forecast period because of the easy operation in food & packaging and pharmaceutical, and stringent government regulations to ensure quality.
Apart from that, the Asia-Pacific region holds a significant market share in the research period due to the increasing investments in Chinese companies. Moreover, this region is fueling the market growth because of the government offering large datasets access.
