New York, United States, Oct. 11, 2022 (GLOBE NEWSWIRE) -- The Global Computer Vision Market Size 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. The North America market is expected to grow at the fastest CAGR between 2021 and 2030.
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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
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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.
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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.
Key Companies & Recent Developments: The report offers the appropriate analysis of the key organizations/companies involved within the global Computer Vision market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. Companies Covered: Cognex Corporation, Teledyne Geospatial, KEYENCE CORPORATION, Intel Corporation, Matterport Inc., National Instruments Corp., Sony Semiconductor Solutions Corporation., Omron Corporation, Teledyne Technologies Incorporated, Texas Instruments Incorporated and Others.
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