Selbyville, Delaware, May 16, 2023 (GLOBE NEWSWIRE) --
The computer vision market valuation is expected to cross USD 40 billion by 2032, as reported in a research study by Global Market Insights Inc.
Rapid digitalization of the retail sector is poised to have a positive impact on the market. The increasing focus on digital transformation among retailers has accelerated the adoption of digital technologies to combine operational excellence (OX), and customer experience (CX). Computer vision is increasingly used across retail applications such as inventory management, store layout improvement, self-checkout, barcode scanning smartphone apps, and virtual mirrors & recommendation engines. Furthermore, AI vision is helping retailers perform multiple tasks right from image optimization to customer behavior analysis. With the growing focus on reducing expenditure, boosting revenue, and enhancing the shopping experience, the market demand in the retail sector is set to rise in the near future.
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Computer vision market from the software component segment is predicted to reach USD 15 billion by 2032. The ongoing developments and innovations in computer vision components are allowing users to develop images and models for supporting image classification, facial recognition, tracking object mobility, and object detection. Thus, computer vision software solutions are experiencing surging demand for the development of end-to-end platforms to cater to a wide range of applications using a single server. These platforms provide constant updates, support more than one language, and technology improvement to augment efficiency.
Computer vision market from the government end-user segment will expand at over 15% CAGR till 2032. Computer vision records broad range of government applications, such as security & surveillance, fraud detection, and license plate detection. To that end, governments are heavily investing in AI vision systems to increase operational efficiencies whilst cutting down on costs. Federal agencies worldwide are also deploying advanced computer vision systems for automatically decoding license plates, processing documents & mail, measuring axial stress in railroads, and scanning for nutritional fact panels.
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Europe computer vision market was accounted 25% revenue share in 2022, due to the increasing integration of AI, IoT, and robotics in the healthcare sector. The region has a solid footprint of some of the globally leading healthcare and medical device companies, further scaling up innovation and technological advancements. Europe is anticipated to emerge as a hub for computer vision systems with the massive influx of investments in technology integration. For instance, in December 2022, WeWalk, a U.K.-based smart cane developer announced an investment worth over USD 2.4 million for the integration of computer vision to better serve the needs of visually impaired people in the region.
Key participants operating in the computer vision market include Intel corp., NVIDIA corp., Microsoft, IBM, Google (Alphabet), and Teledyne Technology. These companies are foraying into strategic collaborations and agreements to strengthen their industry presence. For instance, in September 2022, Amazon Web Services (AWS) announced a collaboration with SK Telecom to launch a new range of computer vision services allowing customers to boost productivity, maintain equipment, and improve safety within the facility.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Computer Vision industry 360° synopsis, 2018-2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Component trends
2.5 Product type trends
2.6 Application trends
2.7 End-use trends
Chapter 3 Computer Vision Market Industry Insights
3.1 Introduction
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem
3.3.1 Hardware providers
3.3.2 Software providers
3.3.3 Service providers
3.3.4 Technology providers
3.3.5 End-user
3.3.6 Profit margin analysis
3.3.7 Vendor Matrix
3.4 Technology & innovation landscape
3.4.1 Robotics
3.4.2 Autonomous Vehicles
3.4.3 Data-centric AI
3.4.4 3D construction
3.5 Patent analysis
3.6 Key initiative and news
3.6.1 Product launches
3.6.2 Mergers & acquisition
3.6.3 Collaboration and partnership
3.6.4 Investment landscape
3.7 Regulatory landscape
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing development in autonomous vehicle industry
3.8.1.2 Growing demand for predictive maintenance and quality assurance in manufacturing industry
3.8.1.3 Rise in investment in AI and IoT
3.8.1.4 Growing digitalization in retail industry
3.8.1.5 Integration of smart technologies for security & surveillance purpose
3.8.2 Industry pitfalls & challenges
3.8.2.1 Data safety and security related issues
3.9 Growth potential analysis
3.10 Porter's analysis
3.11 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
