New York, United States, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The subfield of artificial intelligence (AI), Computer Vision, enables computers to interpret and comprehend visual information from digital images and videos. It attempts to mimic the human visual system by gleaning insights and knowledge from visual data. Computer vision algorithms and techniques enable computers to perceive, analyze, and interpret visual content, identify objects, comprehend scenes, and make decisions based on visual input.
Computer Vision's primary responsibilities include image recognition, object detection, image segmentation, and image classification. These tasks extract features and patterns from visual data using convolutional neural networks (CNNs) and other sophisticated machine learning and deep learning algorithms. By training models on large datasets, computers can learn to identify objects, recognize features, comprehend gestures, and even estimate depth and motion. Healthcare, autonomous vehicles, robotics, surveillance, augmented reality, and image retrieval are just a few of the numerous applications of computer vision.
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Market Dynamics
Rapid Adoption of Process Automation in Manufacturing Industry Drives the Global Market
The manufacturing industry is the most reliant on automation and robotics. As manufacturing facilities transition to entirely automated production, there is a need for more intelligent systems to monitor industrial processes and results. While the Internet of Things (IoT) is transforming the manufacturing industry and making industrial operations more autonomous, computer vision is enhancing these operations via machine vision. For instance, machine vision is utilized to inspect the quality of manufactured products to identify non-conformities and flaws. Computer vision software handles image classification, object detection, object monitoring, and content-based image retrieval.
Government Programs That Increase Industrial Automation Creates Tremendous Opportunities
Governments around the globe are actively promoting the use of various automation technologies to support the structural growth of the manufacturing sector. The manufacturing sectors are vital to this prosperity, so governments in every region prioritize this industry. This is anticipated to increase the use of industrial robotics and, by extension, robotic vision. In industrial automation, autonomous vision systems enable higher-quality mass production with fewer errors, increasing output and productivity. Robotic vision is one of the essential components required for the success of industrial automation.
Regional Analysis
Asia-Pacific is the most significant global computer vision market shareholder and is estimated to exhibit a CAGR of 8.3% over the forecast period. The market for computer vision is expanding at a staggeringly rapid rate across the entirety of Asia and the Pacific area. Countries such as China, Japan, and India are among those that are making significant financial investments in artificial intelligence (AI) and computer vision technology. The expansion of the market can be attributed to several different sources, some of which include the developing manufacturing sector in the region, the existence of significant technical businesses, and the growing number of applications in the healthcare industry, retail industry, and automotive industry, among other industries.
North America is anticipated to exhibit a CAGR of 8.0% over the forecast period. North America has cemented itself as the dominant driving force in the international market for computer vision throughout the past few years. Asia formerly held this position. The presence of key market participants, rapid advancements in technology, and extensive deployment of artificial intelligence (AI) and computer vision solutions across many industries, including healthcare, automotive, and retail, are all factors fuelling the expansion of the market. In addition, the presence of these key market participants is fuelling the expansion of the market. In particular, the United States of America contributes significantly to developing the sector in this part of the world.
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Competitive Players
- Baumer
- Cognex Corporation
- Intel Corporation
- KEYENCE CORPORATION
- Matterport Inc.
- NATIONAL INSTRUMENTS CORP.
- Omron Corporation
- Sony Semiconductor Solutions Corporation
- Teledyne Technologies Incorporated
- Texas Instruments Incorporated
Recent Developments
- September 2024- Air India introduced a new feature called "AEYE Vision" on its mobile app, which uses AI-based computer vision technology to enhance the travel experience for passengers. This innovative feature allows users to scan their boarding passes, helping to streamline the boarding process and reduce delays. The app aims to improve overall efficiency and customer satisfaction.
Analyst Opinion
As per our analysts, the computer vision market is expected to witness significant expansion in the coming years, driven by the growing demand for precise fabrication and characterization across various high-tech industries, including semiconductors, aerospace, and nanotechnology. Focused Ion Beam (FIB) technology, in particular, is anticipated to gain prominence as manufacturers increasingly seek ultra-high accuracy and efficiency in production processes.
Emerging markets such as Asia are poised to play a critical role in this evolution, with countries ramping up investments in semiconductor manufacturing and advanced technologies. Government initiatives promoting local production and R&D in FIB technology are set to propel the market's growth even further, positioning the region as a key contributor to global advancements.
Segmentation
- By Component
- Hardware
- Software
- By Product
- Smart Camera-Based Computer Vision System
- PC-Based Computer Vision System
- By Applications
- Quality Assurance and Inspection
- Positioning and Guidance
- Measurement
- Identification
- Predictive Maintenance
- 3D Visualization and Interactive
- 3D Modelling
- By Vertical
- Industrial
- Non-Industrial
- By Region
- North America
- Europe
- APAC
- MEA
- LATAM
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