The increasing demand for high computational capability, growing demand for computer vision applications, rising adoption of artificial intelligence and machine learning technologies, and rising need for ASICs are the major factors that drive market growth.
According to the new research report "Vision Processing Unit Market by Application (Drones, Surveillance Cameras, Autonomous Vehicles, Smartphones, Wearable Devices, Domestic & Commercial Robots), Vertical (Consumer, Industrial, Automotive), and Geography - Global Forecast to 2023", the vision processing unit market is estimated to grow from USD 168.2 Million in 2018 to USD 946.0 Million by 2023, growing at a CAGR of 41.26% between 2018 and 2023.
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The growth of this market is mainly driven by the factors such as increasing demand for high computational capability, growing demand for computer vision applications, rising adoption of artificial intelligence and machine learning technologies, and rising need for ASICs.
The market for the consumer vertical is expected to hold the largest market share in 2017 for the vision processing unit because in the consumer segment includes lots of fast-growing applications such as smartphones, drones, and domestic robots. Smartphones, because of their high proliferation in coming years, are expected to drive the VPU market.
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The vision processing unit market for drones is expected to grow at the highest CAGR between 2018 and 2023. Drones have high demand globally due to advancements in technology, and the use of AI-based VPU processors would help drones to better decision-making and reduce the risk of accidents.
Industries are adopting drones, along with the existing software and patterns. Drones have several applications, such as image quality optimization, autonomous navigation, collision avoidance, terrain analysis, and subject tracking.
There is a rapid increase in the use of drones due to various reasons such as increased venture funding, rise in the demand for drone-generated data for commercial applications and rapid technological advancements. Drones are used in different verticals such as consumer, commercial, and industrial for performing various tasks.
APAC held the largest size of the vision processing unit market in 2017 and is expected to grow at the highest CAGR between 2018 and 2023. APAC is one of the largest markets for smartphones, surveillance cameras, and wearable devices, and vision processing units are integrated with these devices to accelerate their machine vision tasks.
The major players in the ecosystem of the vision processing market are MediaTek (Taiwan), Cadence Design Systems (US), CEVA (US), Synopsys (US), Movidius (US), Inuitive (Israel), Lattice Semiconductor (US), VeriSilicon (China), and Imagination Technologies (UK).
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