Press release
Global Computer Vision Market to Reach $32.61 Billion by 2029, Growing at 16.2% CAGR
Computer Vision
The rise in the need for artificial intelligence is anticipated to spur the expansion of the computer vision market. Essentially, artificial intelligence involves the theory and practice of creating smart devices, especially sophisticated computer applications. Computer vision's artificial intelligence allows computers and systems to glean valuable insights from digital images, videos, and other visual data, and subsequently provide suggestions. As a result, the rising demand for artificial intelligence is catalyzing the computer vision market's expansion. For example, information from the International Business Machines Corporation (IBM), an American tech firm, states that in May 2022, artificial intelligence was implemented by 35% of global businesses, marking a 4% uptick from 2021. Additionally, compared to 2021, there was a 13% surge in the number of organizations taking on artificial intelligence in 2022. Consequently, the burgeoning demand for artificial intelligence is fuelling the growth of the computer vision market.
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How will the growth rate of the computer vision market shape industry trends by 2034?
The size of the computer vision market has seen a noticeable expansion in the past few years. It is projected to escalate from $16.28 billion in 2024, reaching $17.89 billion in 2025, with an annual growth rate of 9.9%. The previously observed growth can be credited to the surge in the requirement for automation, an intensified need for quality inspection and assurance, expansion in surveillance and security applications, progress in healthcare imaging, and widening utilization in retail.
The estimated size of the computer vision market is set to experience substantial growth in the coming years, expanding to $32.61 billion by 2029 with a compound annual growth rate (CAGR) of 16.2%. The predicted growth during this forecast period can be linked to factors such as the deployment in self-driving vehicles, the surge of augmented reality (AR) and virtual reality (VR), progress in the agriculture and agtech sectors, the rising application in smart cities, and its escalating significance in human-computer interaction. Key trends projected for this forecast period include the use of vision systems in industrial automation, advancements in 3D computer vision technology, issues regarding privacy and ethics, collaboration across various industries for innovation, and its integration with IoT for intelligent applications.
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What trends are poised to drive the future success of the computer vision market?
The incorporation of advanced technologies is emerging as a key trend in the computer vision market. Top players in the computer vision market are striving to develop new technologies in order to maintain their competitive edge. For instance, Amazon Web Services, Inc., a leading provider of cloud computing solutions in the US, launched AWS Panorama in the Asia-Pacific region in January 2022. AWS Panorama enhances operations with computer vision (CV) and it's an amalgamation of software development kit (SDK) and machine learning (ML) device that enable CV to be used in on-site internet protocol (IP) cameras. It has practical applications in businesses for automation of visual inspection tasks such as assessing manufacturing quality, identifying industrial process bottlenecks, and monitoring worker safety in their respective facilities.
Which primary segments of the computer vision market are driving growth and industry transformations?
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
Subsegments:
1) By Smart Camera-Based Computer Vision Systems: Embedded Smart Cameras, Industrial Smart Cameras, IoT-Enabled Smart Cameras
2) By PC-Based Computer Vision Systems: Software-Based Solutions, Hardware-Accelerated Systems, Custom PC Configurations For Vision Processing
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Which geographical regions are pioneering growth in the computer vision market?
Asia-Pacific was the largest region in the computer vision market in 2024. North America is expected to be the fastest-growing region in the global computer vision market during the forecast period. The regions covered in the computer vision market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the computer vision market landscape?
Major companies operating in the computer vision market 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., 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
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What Is Covered In The Computer Vision Global Market Report?
•Market Size Forecast: Examine the computer vision market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the computer vision market for a structured understanding.
•Key Players Overview: Analyze major players in the computer vision market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the computer vision market.
•Segment Contributions: Evaluate how different segments drive overall growth in the computer vision market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the computer vision market.
•Industry Challenges: Identify potential risks and obstacles affecting the computer vision market.
•Competitive Landscape: Review strategic developments in the computer vision market, including expansions, agreements, and new product launches.
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