The computer vision market is expected to be valued at USD 11.94 Billion in 2018 and is likely to reach USD 17.38 Billion by 2023, at a CAGR of 7.80% between 2018 and 2023.
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According to the new market research report "Computer Vision Market by Component (Hardware (Camera, Frame Grabber, Optics, Processor) and Software (Deep Learning and Traditional Software)), Product (PC Based and Smart Camera Based), Application, Vertical - Global Forecasts to 2023",
The growth of the market is mainly driven by the increasing adoption of computer vision in autonomous and semiautonomous vehicles, and consumer drones; and the rising adoption of Industry 4.0.
Recent advancements in computer vision technology, comprising advanced cameras, deep learning software, and image sensors, have increased the scope for computer vision systems to be used in a wide range of applications in various industries.
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Computer vision market for autonomous and semiautonomous vehicles to grow at a significant rate between 2018 and 2023
The ongoing developments in advanced safety systems, such as computer vision-integrated ADAS systems, are fueling the growth of the computer vision market for the semiautonomous vehicles industry. Several automobile companies are working on the concept of autonomous cars.
Hence, the computer vision market for the autonomous and semiautonomous vehicles industry is expected to grow at a significant rate during the forecast period.
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APAC to hold a major share of the computer vision market throughout the forecast period
Asia Pacific (APAC) holds ample growth opportunities for the computer vision market as it is considered as a major manufacturing hub for most industries. China is a potential market for all emerging technologies, including computer vision.
Its massive manufacturing industries have contributed to the growth and prosperity of the country. The computer vision market is likely to grow significantly in China as it perceives computer vision as a key enabler to modernization.
In addition, strong competition among consumer electronics companies in APAC is likely to boost the adoption of computer vision systems in the region.
Market for smart camera-based computer vision systems to grow at a high rate during the forecast period
There is a growing demand for smart camera-based computer vision systems as these systems comprise an embedded controller with an integrated vision software, which is directly connected to one or more cameras. Smart cameras are easy to operate and include all components, from cameras to processors and input/output devices, embedded in a small enclosure.
Owing to the abovementioned factors, the market for smart camera-based computer vision systems is expected to grow at a high rate during the forecast period.
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The major companies operating in the computer vision market are Cognex (US), Basler (Germany), OMRON (Japan), KEYENCE Corporation (Japan), National Instruments (US), Sony (Japan), Teledyne Technologies (US), Texas Instruments (US), Intel (US), Baumer Optronic (Germany), Tordivel (Norway), ISRA VISION (Germany), MVTec Software (Germany), MediaTek (Taiwan), Cadence Design Systems (US), CEVA (US), Synopsys (US), SICK (Germany), and JAI A/S (Denmark).
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