Computer Vision Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth

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What Is the Expected CAGR for the Computer Vision Market Through 2025?
In recent times, the computer vision market has seen significant growth. The market value, which is predicted to be $16.28 billion in 2024, is expected to increase to $17.89 billion in 2025, advancing at a compound annual growth rate (CAGR) of 9.9%. Factors contributing to this robust growth during the historic period include the escalating demand for automation, augmented necessity for quality inspection and assurances, expansion in surveillance and security applications, advancements in imaging within the healthcare sector, and growing applications within the retail industry.

What's the Projected Size of the Global Computer Vision Market by 2029?
Anticipated to experience swift expansion in the coming years, the computer vision market is projected to increase to $32.61 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 16.2%. The expected surge within the forecast timeframe can be accredited to its synergy with autonomous vehicles, the fast-paced advancement in augmented reality (AR) and virtual reality (VR), expansion embrace in the agriculture and agtech sector, increased incorporation in smart cities, and its burgeoning role in human-computer interaction. The forecast period also highlights trending developments such as the adoption of vision systems in industrial automation, evolution in 3D computer vision, privacy and ethical implications, cross-industry collaboration for innovation, and integration with IoT for smart applications.

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Top Growth Drivers in the Computer Vision Industry: What's Accelerating the Market?
The surging need for artificial intelligence is anticipated to fuel the expansion of the computer vision market in the future. The term artificial intelligence pertains to the creation and application of clever machines, particularly smart computer software. The use of artificial intelligence in computer vision helps computers and systems glean vital data from digital pictures, films, and other visual content, and offer suggestions, contributing significantly to the rise in artificial intelligence demand and, as a result, the growth of the computer vision market. For example, in May 2022, as claimed by International Business Machines Corporation (IBM), a technology corporation based in the US, 35% of global businesses utilized artificial intelligence in 2022, marking a 4% increase from 2021. Moreover, the uptake of artificial intelligence by organizations in 2022 showed a 13% increase compared to 2021. As a result, the escalating demand for artificial intelligence is stimulating the development of the computer vision market.

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What Trends Will Shape the Computer Vision Market Through 2029 and Beyond?
Advancements in technology are playing a crucial role in the evolution of the computer vision market. A significant number of prominent companies in the marketplace are investing in the development of novel technology solutions to consolidate their market standing. For example, in January 2022, the United States-based cloud computing platform provider, Amazon Web Services, Inc., rolled out AWS Panorama in the Asia-Pacific region. This software development kit enhances operations with computer vision (CV). Comprising a software development kit (SDK) and machine learning (ML) tools, AWS Panorama brings CV to on-premises internet protocol (IP) cameras. Its utility extends to helping businesses automate critical visual inspection processes such as assessing manufacturing quality, identifying industrial process bottlenecks, and ensuring worker safety at their facilities.

What Are the Main Segments in the Computer Vision Market?
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 Top Companies are Driving Growth in the Computer Vision Market?
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

Which Regions Will Dominate the Computer Vision Market Through 2029?
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.

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