Computer Vision Market projected to reach USD 21.24 Billion by 2026: Top Player Includes Cognex, Basler, Omron, Keyence, National Instruments, Sony, Teledyne Technologies, Texas Instruments, Intel, Baumer Optronic, Jai A/S, Mvtec Software

Global Computer Vision Market Analysis

According to Verified Market Research, the Global Computer Vision Market was valued at USD 11.88 Billion in 2018 and is projected to reach USD 21.24 Billion by 2026, growing at a CAGR of 7.49% from 2019 to 2026.

After being a research technology for the past few decades, computer vision is now being commercialized in a wide range of application markets including security and surveillance, automotive, consumer, industrial, medical, and entertainment, to name a few. A computer vision system acquires, processes, and analyzes real world images in order to produce numerical or symbolic information, often in the form of a decision. Each application requires a specialized adaption and enhancement to the computer vision algorithm, although several fundamental blocks of algorithms are common.

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Global Computer Vision Market Overview

Computer vision is the enterprise of automating and integrating a wide range of processes and representations used for vision perception. It includes many techniques that are useful by themselves, such as image processing (transforming, encoding, and transmitting images) and statistical pattern classification (statistical decision theory applied to general patterns, visual or otherwise). Following the current trend of automation and 3D imaging in all major industries, the market for computer vision should also grow at a high rate in near future.

Moreover, stringency in quality assurance & inspection of industrial products and rising scope of vision guided robotic systems have also contributed in driving the global computer vision market. On the other hand, factors such as existence of diverse and selective end user requirements and low penetration of computer vision in certain industries might hold back the market from growing at a high rate.

Global Computer Vision Market: Segmentation

The Computer Vision market is segmented on the basis of component, product, application, vertical and geography. On the basis of application, the market is bifurcated into Automotive, Food & Beverage, Sports & Entertainment, Consumer Electronics, Robotics, Medical and Others.

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The market for Food & Beverage is expected to grow at a highest CAGR over the forecast period. With major food retailers demanding lower costs with penalties for incorrectly labelled or sub-quality products, automated food production can gain significant improvements in profitability by applying computer vision technology. This technology applies the same criteria to the imaging process at all times

On the basis of regional analysis, the global Computer Vision market is classified into North America, Europe, Asia Pacific Latin America and Rest of the world. The Computer Vision market in the Asia Pacific region is projected to grow at the highest CAGR over the forecast period and is driven by growing technological developments in countries such as China, Japan and India.

The major players in the market are Cognex, Basler, Omron, Keyence, National Instruments, Sony, Teledyne Technologies, Texas Instruments, Intel, Baumer Optronic, Jai A/S, Mvtec Software, Isra Vision, Sick, Mediatek, Cadence Design Systems, Ceva, Synopsys and Tordivel As.

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