Newark, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 15.19 billion in 2022 global Computer Vision market will reach USD 85.92 billion by 2032. The adoption of computer vision for remote patient monitoring, telemedicine, and virtual healthcare visits is expected to grow, especially as healthcare systems seek ways to increase accessibility and reduce in-person interactions. Computer vision is increasingly used for precision agriculture, enabling the monitoring of crop health, automated harvesting, and efficient pesticide and fertilizer application, contributing to improved crop yields and sustainable farming practices. Furthermore, the rise of autonomous delivery robots and drones presents opportunities for computer vision to enhance navigation, obstacle detection, and delivery efficiency in the e-commerce and logistics sectors. Computer vision can enhance the educational experience with interactive and adaptive learning platforms, personalized tutoring, and student engagement analytics. Additionally, As AR and VR applications expand, computer vision plays a pivotal role in improving real-world tracking, object recognition, and natural interaction, creating opportunities in gaming, training, and virtual tourism. Moreover, computer vision can be employed for environmental monitoring, including wildlife conservation, pollution detection,and disaster response, contributing to the preservation of ecosystems. Besides, implementing smart city initiatives offers opportunities for computer vision in traffic management, public safety, and environmental monitoring, contributing to more efficient and sustainable urban living.
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Key Insight of the global Computer Vision market
Asia Pacific is expected to witness the highest market growth over the forecast period.
The Asia-Pacific region is undergoing quick economic growth, leading to increased consumer spending and business investment. This growth fuels the demand for innovative technologies like computer vision across various industries. Several nations in the Asia-Pacific region, such as China and India, are considered emerging markets. These markets are witnessing increased adoption of computer vision technologies for diverse applications. Additionally, governments in the region are supporting the development and deployment of AI and computer vision technologies through policies, funding, and regulatory frameworks. These initiatives create a favourable environment for market growth. The region's healthcare sector is also expanding, and computer vision plays an important function in diagnostics, medical imaging, and telemedicine. The increasing healthcare needs provide a substantial growth opportunity. Furthermore, precision agriculture is gaining traction in the Asia-Pacific region, with computer vision being used for crop monitoring, disease detection, and automation. This factor aligns with the region's agricultural needs. Besides, the region's universities and research institutions actively collaborate with industry players on computer vision research. This synergy between academia and industry has accelerated advancements in the field.
In 2022, the hardware segment held the largest market share at 70.25% and a market revenue of 10.67 billion.
The component segment is divided into hardware, software and service. In 2022, the hardware segment held the largest market share at 70.25% and a market revenue of 10.67 billion.
In 2022, the PC-based computer vision system segment dominated the market with the largest share of 62.48% and revenue of 9.49 billion.
The product type segment includes PC-based computer vision system and smart camera-based computer vision system. In 2022, the PC-based computer vision system segment dominated the market with the largest share of 62.48% and revenue of 9.49 billion.
In 2022, the quality assurance & inspection segment dominated the market with the highest share of 28.31% and market revenue of 4.30 billion.
The application segment is classified into 3D visualization & interactive 3D modelling, identification, measurement, positioning & guidance, predictive maintenance, and quality assurance & inspection. In 2022, the quality assurance & inspection segment dominated the market with the highest share of 28.31% and market revenue of 4.30 billion.
In 2022, the industrial segment held the largest market share at 53.68% and a market revenue of 8.15 billion.
The vertical segment is split into industrial and non-industrial. In 2022, the industrial segment held the largest market share at 53.68% and a market revenue of 8.15 billion.
Advancement in market
In October 2023: Cadence Design Systems, Inc. has successfully acquired Intrinsix Corporation. This strategic acquisition enriches Cadence with a team of highly proficient engineers specializing in security algorithms, mixed-signal, radio frequency and cutting-edge nodes. As a result, Cadence's capabilities in the system and IC design services are significantly bolstered. At the same time, its footprint in critical high-growth sectors, such as aerospace and defence, is substantially broadened.
In September 2023: Matterport, Inc. has unveiled the latest iteration of intelligent digital twins, enriched with robust new features driven by the company's remarkable progress in AI and data science. Currently available in beta, customers can tap into various automated functions encompassing measurements, layouts, editing, and reporting, all derived from their digital twins. This automation represents a significant milestone, streamlining customer workflows by eliminating the necessity for manual measurements and reporting, thanks to the automatic processing of the vast troves of 3D data points captured within a Matterport digital twin.
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Market Dynamics
Driver: Security and surveillance.
Computer vision is the backbone of modern video surveillance systems. These systems employ cameras with computer vision algorithms to monitor and analyze the environment in real time. This technology enables a multitude of security functions. Computer vision can track objects, vehicles, or individuals as they move within the surveillance area, ensuring nothing goes unnoticed. These characteristics are particularly important for tracking suspicious activities. In parking facilities and at entry points, computer vision can recognize and log license plate information. This feature is invaluable for security and access control, allowing for the identification of authorized vehicles or the tracking of suspicious ones. Additionally, through the analysis of video feeds, computer vision systems can identify anomalies or unusual behaviour, such as loitering in restricted areas, unauthorized access, or objects left unattended. When such anomalies are detected, security personnel can be alerted in real-time. Furthermore, facial recognition is a prominent computer vision application in the security domain. This technology captures, analyzes, and matches faces against databases of known individuals.
Restraint: Limited robustness.
Computer vision systems are immensely powerful in various applications, but they do face challenges in complex and dynamic environments. One of the primary challenges is dealing with diverse lighting conditions. Computer vision systems rely on consistent lighting to detect and recognize objects accurately. Changes in lighting, such as strong shadows, reflections, or low light conditions, can make it difficult for the system to identify objects correctly. For example, in surveillance applications, shifts in lighting can obscure important details, making it challenging to track or identify individuals or objects effectively. Objects in the real world often exhibit variations in size, shape, colour, and texture. Computer vision standards should be trained on different variations to perform well in diverse scenarios. However, the presence of unexpected variations can pose a challenge. For instance, in manufacturing, the assembly line may produce products with slight variations in size or appearance, making it difficult for the system to identify and inspect them consistently. Furthermore, environmental factors, like rain, snow, fog, or dust, can disrupt computer vision systems. These factors can obstruct the camera's view and reduce the quality of the captured images. For autonomous vehicles, these environmental challenges can affect the vehicle's ability to detect obstacles and navigate safely. Also, many applications of computer vision require real-time processing. Ensuring a system can process and interpret visual data within strict time constraints can be challenging, especially in complex environments with rapidly changing conditions.
Opportunity: Augmented and virtual reality (AR/VR).
Augmented Reality and Virtual Reality applications have significantly expanded in various sectors, including gaming, education, training, and virtual tourism. Computer vision technology plays a central role in these applications, enabling real-world tracking and interaction. It is a key industry driver, facilitating immersive and interactive experiences. AR games like "Pokémon GO" overlay virtual details onto the real world, letting participants interact with digital objects and characters in their physical surroundings. Computer vision recognizes and tracks the environment, making these interactions possible. In VR gaming, computer vision can recognize hand and body movements, enabling gesture-based controls and enhancing player immersion. Players can reach out, grab objects, and perform actions in the virtual world, creating a more intuitive and engaging gaming experience. In addition, computer vision can map the player's surroundings in real-time, adapting the virtual environment to match the physical space. This factor ensures that virtual objects and characters interact realistically with the player's surroundings. Besides, AR apps provide interactive learning experiences where students can explore virtual objects and simulations overlaid on their textbooks or physical surroundings. Computer vision recognizes the target objects and enhances the educational content. VR simulations also can transport students to virtual environments, such as historical sites, the human body, or outer space. Computer vision ensures that students can interact with and explore these environments as if they were physically present.
Challenge: Data annotation and quality.
Annotating data is a labour-intensive process that requires human annotators to review each image or video frame and add descriptive labels or tags. The time required for annotation depends on the complexity of the data and the desired level of detail. For large datasets, the time investment can be significant, leading to delays in model development. Additionally, hiring and retaining skilled annotators can be costly. Annotators must be trained to understand the annotation guidelines and maintain a consistent labelling approach. Additionally, the scale of annotation projects, especially for extensive datasets, can result in substantial expenses related to labour and infrastructure. Furthermore, annotating data can be error-prone, as annotators may need to correct labelling or tagging images. This factor can lead to inaccuracies in the training data, which, in turn, affect the performance of computer vision models. Consistency and quality control are crucial to minimize errors, but they can be challenging to maintain across large annotation projects.
Report Scope
| Base Year | 2022 |
| Forecast period | 2023-2032 |
| Report Coverage | Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends |
| Regional scope | Asia Pacific, Europe, South America, North America, and Middle East & Africa |
| Market Size(unit) | USD 85.92 Billion |
| Self-Contained Breathing Apparatus (SCBA) Market CAGR | 18.92% |
| Segments Covered | Component, Product Type, Application and Vertical |
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Some of the major players operating in the global Computer Vision market are:
• Baumer
• Basler AG
• Cognex Corporation
• Cadence Design Systems, Inc.
• CEVA Inc.
• Intel Corporation
• IBM
• KEYENCE Corporation
• Matterport, Inc.
• MediaTek Inc.
• Microsoft
• National Instruments Corporation
• NVIDIA
• Omron Corporation
• Qualcom
• SAS Institute
• Synopsys, Inc.
• Teledyne Technologies Incorporated.
• Texas Instruments Incorporated
• Tordivel As
Key Segments cover in the market:
By Component
• Hardware
• Software
• Service
By Product Type
• PC-Based Computer Vision System
• Smart Camera-Based Computer Vision System
By Application
• 3D Visualization & Interactive 3D Modelling
• Identification
• Measurement
• Positioning & Guidance
• Predictive Maintenance
• Quality Assurance & Inspection
By Vertical
• Industrial
• Non-Industrial
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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