Computer Vision Market is Estimated to Attain Worth of USD 32.45 Billion by 2031, Owing to Increase in Applications of Computer Vision Systems

Computer Vision Market Size, Share, Growth Analysis, By Component (Hardware, Software), By Product (Smart Camera Based, PC-Based), By Application (Quality Assurance & Inspection, Positioning & Guidance), By End-Use (Industrial, Non-Industrial), By Region-Industry Forecast 2024-2031
Computer Vision Market [https://www.skyquestt.com/report/computer-vision-market] size was valued at around USD 16.10 billion in 2022 and is projected to grow from USD 17.4 billion in 2023 to USD 32.45 billion by 2031, at a CAGR of 8.1% over the forecast period (2024-2031).

Biometric scanning and face recognition technologies are used with computer vision technology to enhance high-value assets' security. Computer vision systems can detect a variety of patterns in human retinas and iris; the most common use for facial recognition is smartphone security. More advanced facial recognition applications include companies and residential security systems that use people's physiological data to verify their identities. Computer vision systems are becoming more prevalent in the industry. Computer vision applications have extended across a wide number of industries in recent years, and this trend is projected to continue in the future. Face recognition applications have risen in popularity in both the public and private sectors, as more people use facial recognition technology in their daily lives, generating a lucrative market growth opportunity.

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Top Players Company Profiles

* Cognex (US)
* Basler (Germany)
* Omron (Japan)
* Keyence (Japan)
* National Instruments (US)
* Sony (Japan)
* Teledyne Technologies (US)
* Texas Instruments (US)
* Intel (US)
* Baumer Optronic (Germany)
* Jai A/S (Denmark)
* Mvtec Software (Germany)
* Isra Vision (Germany)
* Sick (Germany)
* Mediatek (Taiwan)
* Cadence Design Systems (US)
* Ceva (Israel)
* Synopsys (US)
* Tordivel As (Norway)

From IoT to Computer Vision: Enhancing Manufacturing Through Automation

Rise in the usage of computer vision in several applications is a significant trend within the market. For instance, the industrial sector is experiencing the greatest adoption of computer vision systems for automation and robots. As manufacturing facilities shift to completely automated manufacturing, there is an increased demand for smart solutions to monitor industrial processes and outcomes. Computer vision helps in improving them while the Internet of Things (IoT) is revolutionizing manufacturing and boosting the autonomy of industrial operations. It is used in quality control to identify nonconformities and faults in manufactured goods.

Partnerships and Acquisitions: Evolving Landscape of Computer Vision

Key market players in the business have expanded their global footprint by offering solutions that are specialized and tailored to specific sectors. They have formed relationships and acquired local businesses to establish a strong presence in many locations. These businesses are working on developing new marketing tactics and solutions to maintain their effectiveness and increase their market share. Thus, the increasing demand for computer vision solutions is expected to create important business prospects for market participants.

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Segments covered

Component

Hardware (Cameras [Interface Standards {USB 2.0, USB 3.0, Camera Link, Camera Link HS, Gige and Others], Frame Rate {

Product

Smart Camera Based, and PC-Based

Application

Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification, Predictive Maintenance, and Visualization & Interactive 3D Modeling

End-Use

Industrial (Automotive, Pharmaceuticals, Electronics & Semiconductor, Food & Packaging [Food & Packaging], Wood and Paper, Printing, Machinery, Others), and Non-Industrial (Healthcare, Consumer Electronics, Security & Surveillance, Retail, Sports and Entertainment, Autonomous and Semiautonomous Vehicles and Others)

Significant Developments in Computer Vision Technology

* July 2024: Velasea, a leading OEM services provider, signed a strategic agreement with Cincoze, a well-known industrial PC manufacturer. The cooperation aims to develop high-performance industrial PC systems for automation and computer vision applications across a range of sectors. This collaboration involves Velasea's OEM services knowledge and Cincoze's advanced technology. It is expected to offer reliable and effective solutions for difficult industrial applications.
* July 2024: FRAMOS, an imaging expert, announced a strategic collaboration with software-driven technology business Antmicro. This partnership aims to speed up the development of open-source embedded vision systems by integrating FRAMOS' image expertise with Antmicro's open-source hardware and software capabilities. Through this agreement, customers will benefit from speedier time-to-market for their image.
* April 2024: Syntax Systems came into collaboration with Cogniac Corporation. By adding advanced computer vision capabilities into manufacturing processes, this collaborative effort aims to accelerate the development of industrial AI applications. Syntax and Cogniac intend to improvise automation, efficiency, and safety across a variety of industries.

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Growth and Opportunities in Computer Vision

The computer vision sector is rapidly changing due to technological advancements and increased applicability across a wide range of industries. Major firms are increasing their global reach through strategic alliances and customized solutions, thereby strengthening their market position. As demand for advanced, automated solutions rises, the industry is positioned for rapid growth, providing opportunities for innovation and global expansion.

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