Computer Vision Market Trends And Growth Analysis Report 2024 To 2033

The computer vision market size has grown rapidly in recent years. It will grow from $14.98 billion in 2023 to $16.64 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to rise in demand for automation, increased need for quality inspection and assurance, growth in surveillance and security applications, advancements in healthcare imaging, expanding applications in retail.

The computer vision market size is expected to see rapid growth in the next few years. It will grow to $27.63 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The growth in the forecast period can be attributed to integration with autonomous vehicles, rapid growth in augmented reality (AR) and virtual reality (VR), expansion in agriculture and agtech, increased adoption in smart cities, growing role in human-computer interaction. Major trends in the forecast period include industrial automation utilizing vision systems, advancements in 3D computer vision, privacy and ethical considerations, cross-industry collaboration for innovation, integration with IoT for smart applications.

Market Overview -
Computer vision refers to artificial intelligence (AI) that enables computers and systems to extract useful information from digital photos, movies, and other visual inputs and act upon that information or provide recommendations.

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Rising Demand For Artificial Intelligence Propels Computer Vision Market Growth
The increasing demand for artificial intelligence is expected to propel the growth of the computer vision market going forward. Artificial intelligence refers to the science and engineering of making intelligent machines, especially intelligent computer programs. Artificial intelligence (AI) in computer vision enables computers and systems to extract useful information from digital photos, movies, and other visual inputs and provide recommendations, and thus, the increase in demand for artificial intelligence is boosting the growth of computer vision. For instance, in February 2022, according to an article published by the Computing Technology Industry Association (CompTIA), a US-based non-profit trade association that issues professional certifications for the information technology industry, 86% of organizations reported that artificial intelligence (AI) is considered mainstream technology in their offices as of 2021. 91.5% of leading businesses invest in AI on an ongoing basis. Therefore, the increasing demand for artificial intelligence is driving the growth of the computer vision market.

Competitive Landscape -
Major companies operating in the computer vision market report are Microsoft Corporation, Sony Semiconductor Solutions Corporation, Intel Corporation, Texas Instruments Incorporated, MediaTek Inc., Omron Corporation, Keyence Corporation, Teledyne Technologies Incorporated., Synopsys Inc., Cadence Design Systems Inc., SAS Institute, National Instruments Corporation, Cognex Corporation, Magic Leap One, Veritone, Inc, Matterport Inc., CEVA Inc., Evolv Technology, Orbital Insight, Descartes Labs, Sight Machine Inc., AiFi INC., JAI A/S., Aila Technologies, Radar Inc, Streem, Piaggio Fast Forward, Baumer Holding AG, Iterative Health, Trax Technology Solutions PTE Ltd

Technological Advancements Drive Shapes Technological Landscape In Computer Vision Market
Technological advancement is a key trend gaining popularity in the computer vision market. Major companies operating in the computer vision market are focused on innovating new technologies to sustain their position in the market. For instance, in January 2022, Amazon Web Services, Inc., a US-based cloud computing platform provider, launched AWS Panorama, a software development kit in the Asia-Pacific that improves operations with computer vision (CV). AWS Panorama is a collection of the software development kit (SDK) and machine learning (ML) devices that bring CV to on-premises internet protocol (IP) cameras. AWS Panorama is useful for businesses to automate visual inspection tasks like evaluating manufacturing quality, locating bottlenecks in industrial processes, and determining worker safety within their facilities.

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Key Segments -

The computer vision market covered in this report is segmented -

1) By Product: Smart Camera-Based Computer Vision Systems, PC-Based Computer Vision Systems
2) By Component: Hardware, Software
3) By Offering: Deep Learning, Traditional Computer Vision
4) By Application: Quality Assurance And Inspection, Positioning And Guidance, Measurement, Identification, Predictive Maintenance, 3D Visualization And Interactive 3D Modelling
5) By End-User Industry: Life Science, Manufacturing, Defense And Security, Automotive, Other End User Industries

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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