Press release
Computer Vision Market Drivers Shaping Future Growth, Revenue USD 34.18 Billion. by 2032, CAGR 7.8 Percent
Computer Vision Market
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Market Estimates, Growth and Opportunity Factors
Computer vision, a subdivision of artificial intelligence (AI), allows machines to see, process, and analyze visual data to make decisions or suggestions based on that information. This technology has been a key part of several verticals as it can optimize operational processes, increase accuracy, and bring automation.
Here are some of the driving factors behind the growth of computer vision market:
If the demand for automation is high, sectors like manufacturing, automotive, and agriculture are using computer vision in quality control, inspection, and autonomous navigation, making the processes more efficient and cost-effective.
Security and Surveillance: Because of growing concerns over safety, computer vision is used for facial recognition, object detection, and anomaly detection, improving safety in both the public and private sectors.
E-commerce and Retail: Computer vision are used as recommendation engines and visual search on online platforms, enhancing the shopping experience and customer engagement.
Self-driving cars: Self-driving cars depend on computer vision technologies to help cars see and navigate through their surrounding environments automatically.
Augmented and Virtual Reality (AR/VR): AR and VR applications rely heavily on computer vision for interpreting users' environments and gestures, creating immersive experiences.
Trends and Investments in U.S. Market
These are some major trends and investments overtaking in computer vision sector in the United States 2024:
Predicting the Future of Space: From Geospatial AI to Computer Vision Innovation
AR Glasses: Apple and Meta have poured time and money into building glasses with AR, using computer vision tech to improve not only front-facing cameras but also such glasses in general.
Market Segmentation and Dominant Shares
Computer vision market based on components, applications, and end-user industries Segments with the Greatest Market Shares:
Hardware Components: This segment holds the largest share owing to the high utilization of cameras, sensors, and processors needed for the capture and processing of visual data.
Quality Assurance and Inspection Applications: It is the largest application segment for computer vision, where industries such as manufacturing use it for defect detection and quality control.
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As one of the leading end-user, the manufacturing industry employs computer vision systems extensively for use in automation, inspection, and robotics, consequently driving the growth of the market.
Competitive Analysis
Senior and Astrology Employees in Computer Vision Market. Some of the top companies by market share are:
Sony Corporation: Sony is the largest manufactuer of CMOS image sensor in the world, which used in digital cameras, smartphones, drones and automotive. Sony announced the world's first intelligent vision sensors with AI edge computing, achieving real-time processing of image within itself in 2020.
Nvidia Corporation: Well-known for its graphical processing units (GPUs), Nvidia has also ventured into A.I. and computer vision, offering platforms such as CUDA for parallel computing Nvidia's valuation ballooned in 2023, benefiting from the booming demand for chips for data centers with AI capabilities, in a sign of the critical part it plays in the evolution of AI.
Ambarella Inc.: Specializes in low-power, high-definition video compression and computer vision processors used in video security, automotive systems and robotics. But it all started with the launch of the company's very first AI-based image signal processors, which were capable of recording 8K video, thus setting new standards in the image processing space.
Megvii Technology Limited: The Chinese technology company Megvii builds image recognition and deep-learning software. Its product, Face++, serves the world's largest computer vision platform, catering to both the private and public sectors. In 2024, Megvii owns a largest computer vision research an institute in the world.
Apple Inc. Apple has made substantial investments in AR and computer vision, as evidenced by its work on smart glasses, as well as the incorporation of various visual intelligence capabilities into its devices. These developments put Apple on the map in the computer vision space, bringing it up to speed.
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Regional Analysis
The dynamics of the computer vision market vary from region to region:
United States: The United States has a large portion of the computer vision market and is pushed by driven technology and significant money in AI and automation. Market growth is also supported by government initiatives supporting research and development in AI.
UK- In the UK, government policies promoting digital transformation have resulted in increased adoption of advanced manufacturing practices such as Industry 4.0 and smart manufacturing, both of which leverage computer vision technologies.
Scratch: As a leader in automotive manufacturing, computer vision has been widely integrated into Germany's autonomous vehicles and industrial automation, in addition to government support for innovation in these sectors.
France: The growth of the computer vision market in France can be attributed to the country's focus on AI research, R&D, and initiatives earmarked towards digitizing industries.
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