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Computer Vision Market Expected to Rise at 6.39% CAGR during 2024-2032

02-07-2024 09:18 AM CET | IT, New Media & Software

Press release from: IMARC Group

Computer Vision Market Report 2024

Computer Vision Market Report 2024

IMARC Group's report titled "Computer Vision Market Report by Component (Hardware, Software), Product Type (Smart Camera-based, PC-based), Application (Quality Assurance and Inspection, Positioning and Guidance, Measurement, Identification, Predictive Maintenance, 3D Visualization and Interactive 3D Modelling), Vertical (Industrial, Non-Industrial), and Region 2024-2032". The global computer vision market size is expected to exhibit a CAGR of 6.39% during 2024-2032.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/computer-vision-market/requestsample

Factors Affecting the Growth of the Computer Vision Industry:

Technological Advancements:

Technological advancements, such as the integration of algorithms, hardware, and sensors, are propelling the market growth. Moreover, neural networks and convolutional neural networks (CNNs) significantly improve image recognition, object detection, and segmentation capabilities. These advancements enable computer vision systems to perform tasks with high precision, expanding their applications across industries. Furthermore, faster and more capable hardware, such as graphics processing units (GPUs) and specialized processors, play a vital role in handling the computational demands of complex computer vision tasks. Additionally, advancements in sensors, such as high-resolution cameras and light detection and ranging (LiDAR), contribute to improved data acquisition and image quality.

Rising Demand for Automation:

The rising demand for automation across industries is supporting the market growth. Apart from this, automation offers numerous benefits, including increased efficiency, reduced operational costs, and improved quality control. Moreover, computer vision technology plays a pivotal role in enabling automation by providing machines with the ability to understand and respond to visual information. In the manufacturing sector, computer vision systems are used for quality inspection and defect detection on assembly lines. They can identify flaws in products with high speed and accuracy, ensuring that only high-quality items reach individuals.  

Growth in AI and ML Learning:

Artificial intelligence (AI) and machine learning (ML) algorithms in computer vision enable them to learn, adapt, and make enhanced decisions based on visual data. In addition, AI and ML-powered computer vision systems are increasingly used in applications, such as autonomous vehicles, where they interpret sensor data from cameras and LiDAR to make real-time driving decisions. Furthermore, in the retail sector, recommendation engines driven by AI analyze the behavior and preferences of individuals based on visual data, leading to personalized shopping experiences.    

Leading Companies Operating in the Global Computer Vision Industry:

Basler AG
Baumer Optronic
CEVA Inc.
Cognex Corporation
Intel Corporation
Jai A/S
Keyence Corporation
Matterport Inc.
Microsoft Corporation
National Instruments
Sony Corporation
Teledyne Technologies Inc.

Explore the full report with table of contents: https://www.imarcgroup.com/computer-vision-market

Computer Vision Market Report Segmentation:

By Component:

Hardware
Software

Hardware represented the largest segment as it captures, processes, and interprets visual data.    

By Product Type:

Smart Camera-based
PC-based

PC-based accounted for the largest market share due to their rising utilization among researchers, developers, and engineers to experiment with different computer vision algorithms.

By Application:

Quality Assurance and Inspection
Positioning and Guidance
Measurement
Identification
Predictive Maintenance
3D Visualization and Interactive 3D Modelling

Quality assurance and inspection holds the biggest market share on account of the increasing need to examine products and materials for defects, inconsistencies, or deviations.    

By Vertical:

Industrial
Non-Industrial

Industrial exhibits a clear dominance in the market as it enhances efficiency, quality control, and automation.   

Regional Insights:

North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

Asia Pacific enjoys the leading position in the computer vision market on account of the rising need for image and video processing applications in various industries.       

Global Computer Vision Market Trends:

The growing number of digital images and videos on the internet, coupled with the rising the Internet of Things (IoT) devices and surveillance systems, is offering a positive market outlook. In line with this, this vast amount of data provides ample opportunities for the development and training of computer vision models, making them more robust and capable. Stringent regulations and requirements related to safety, security, and privacy are supporting the market growth. Besides this, the increasing employment of computer vision in the financial sector for fraud detection and identity verification is impelling the market growth.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Contact Us:

IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145 | United Kingdom: +44-753-713-2163

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

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