USD 82.1 Billion Computer Vision Market Expected to Reach by 2032 | Top Players Such as- Keyence, Mediatek & Basler

According to the report published by Allied Market Research, The USD 82.1 Billion Computer Vision Market Expected to Reach by 2032 | Top Players Such as- Keyence, Mediatek & Basler. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

Faster processing, better accuracy, and economic advantage of computer vision system drive the growth of the global computer vision market. However, the requirement of highly skilled and experienced professionals and several data privacy & safety concerns impede the growth to some extent. On the other hand, growing applications of computer vision systems and advancements in the field of Computer vision and AI are expected to create lucrative opportunities in the industry.

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The global computer vision market was valued at USD 15 billion in 2022, and is projected to reach USD 82.1 billion by 2032, growing at a CAGR of 18.7% from 2023 to 2032.

The computer vision market is segmented on the basis of components, product, application, end user and region. On the basis of component, it is divided into hardware, software and services. On the basis of product, it is bifurcated into PC based and smart camera-based computer vision system. On the basis of application, it is divided into quality assurance & inspection, positioning & guidance, measurement, identification, predictive maintenance. On the basis of end user, it is fragmented into industrial and non-industrial. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Based on component, the hardware segment held the highest market share in 2020, accounting for nearly three-fourths of the global computer vision market and is estimated to maintain its leadership status throughout the forecast period. Growing industrial workloads and rising demands for industrial automation have been the major factor driving the growth of the segment. Moreover, the software segment is projected to manifest the highest CAGR of 18.1% from 2021 to 2030. The fact that software-based computer vision systems find a variety of applications in the retail, agriculture, public health, automotive, and agricultural sectors drive the segment growth.

Based on application, the quality assurance and inspection segment accounted for the largest share in 2020, contributing to nearly one-third of the global computer vision market, and is projected to maintain its lead position during the forecast period. This is because the quality assurance and inspection process are a crucial part of the manufacturing life cycle. However, the identification segment is expected to portray the largest CAGR of 17.6% from 2021 to 2030. Identification.

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Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global computer vision industry. This is owing to rising focus on adopting computer vision technology into the production lines to help boost efficiency and overall productivity. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 17.5% during the forecast period. This attributed to high demand for modernization and technological up scaling trends in many industrial sectors within Asia-Pacific countries such as China, Japan, India, South Korea, Southeast Asia, Australia, and the Rest of Asia-Pacific.

The market players operating in the computer vision industry are Intel Corporation, Texas Instruments Incorporated, Cognex Corporation, Keyence Corporation, Sony Corporation, Basler AG, Omron Corporation., Mediatek Inc., National Instruments Corporation, Teledyne Technologies Incorporate. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the computer vision industry globally.

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Covid-19 Scenario

● The global pandemic had a significant economic impact on many industries. These industries experienced and caused slowdowns in production and supply chain. And the computer vision market is not an exception in this regard.

● However, growing applications of computer vision and artificial intelligence in non-industrial applications such as healthcare, surveillance & monitoring, and transportation have created a huge profit margin for the market, thereby creating a mixed impact on the sector.

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