Press release
Global Computer Vision Market: Projected Growth, Key Drivers and Coming Trends
Computer Vision Market Outlook
Surge in AI, increased automation, and expansion in AR/VR are pivotal elements driving the growth of the Computer Vision market, projected to hit a CAGR of 16.2% by 2029.
What Is The Projected Market Size Of The Global Computer Vision Market And Its Growth Rate?
The Global Computer Vision market has been witnessing robust growth over the past few years. Here are a few essential statistics:
•Market Size in 2024: $16.28 billion
•Projected Market Size in 2025: $17.89 billion (CAGR: 9.9%)
•Projected Market Size in 2029: $32.61 billion (CAGR: 16.2%)
Key drivers for this growth include demand for automation, advancements in healthcare imaging, and developments in surveillance and security applications.
What Is Driving The Growth In The Computer Vision Market?
The growth of the computer vision market is primarily being driven by the escalating demand for artificial intelligence (AI). AI has revolutionized computer vision, enabling systems to extract useful information from digital photos, movies, and other visual inputs. According to IBM, 35% of businesses worldwide were employing AI technology by 2022, exhibiting a 13% increase from the previous year. Therefore, the surge in the use of AI is directly propelling the growth of the computer vision market.
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Who Are The Key Players Driving Computer Vision Market Growth?
The computer vision market has been fueled by key industry players which include:
• 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.
What Are The Key Trends In The Computer Vision Market?
Prominent trends in the computer vision market encompass:
•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.
What Are The Segments Of The Global Computer Vision Market?
The computer vision market is primarily segmented by:
•Product: Smart Camera-Based Computer Vision Systems, PC-Based Computer Vision Systems
•Component: Hardware, Software
•Offering: Deep Learning, Traditional Computer Vision
•Application: Quality Assurance And Inspection, Positioning And Guidance, Measurement, Identification, Predictive Maintenance, 3D Visualization And Interactive 3D Modelling
•End-User Industry: Life Science, Manufacturing, Defense And Security, Automotive, Other End User Industries.
Which Region Leads The Computer Vision Market?
Asia-Pacific was the region commanding the computer vision market in 2024, with North America predicted to experience the fastest growth globally in the computer vision market over the forecast period.
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What Is Covered In The Computer Vision Market Global Market Report?
- Market Size Analysis: Analyze the Computer Vision Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Computer Vision Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Computer Vision Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Computer Vision Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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