Computer Vision Market to Grow 20.95 Billion by 2027: at 7.7% CAGR

ReportCrux Market Research has published a new report titled “Computer Vision Market by Component (Hardware, Software, and Services); by Product (PC-Based Computer Vision Systems, and Smart Camera-Based Computer Vision Systems); by Application (Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification, Predictive Maintenance, and Others); by Vertical (Non-Industrial Verticals, and Industrial Verticals); and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 – 2027”.

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Market Size 2019-2027:

According to the report, global demand for computer vision market was valued at approximately USD 11.54 Billion in 2019 and is expected to generate revenue of around USD 20.95 Billion by end of 2027, growing at a CAGR of around 7.7% between 2020 and 2027.

Market Analysis and Overview:

Global Computer Vision Market To generate numerical or symbolic information, often in the form of a decision, a computer vision system processes, acquires, and analyzes images of real-world. Growing application requires a specific adaptation and enhancement to the algorithm of computer vision although fundamental algorithm blocks are familiar. The rapid processing capability of computer vision systems paves the way for manufacturers to reach new milestones in the manufacture of products with negligible faults. Increasing robotic adoption across industrial sectors is also leading to the application of vision-guided robotic systems. Computer vision is commercialized in a wide range of applications like industrial, consumer, security and surveillance, automotive entertainment, and medical, to name a few, after being a research technology for the past few decades.

Increasing automation and rising need for superior inspection is translating into more computer vision technology. In addition, the need for greater quality assurance by customers and producers coupled with stringent government regulations is likely to fuel market growth. Computer vision is witnessing high rate of adoption in the industrial operating sector and is rapidly replacing manual and inspection measurements, due to an increasing need for efficient and reliable measurements and inspection. Smart cameras and image processing are deployed on computer vision systems to perform these inspections. Due to its capabilities like enhanced analysis, improved object detection, accurate component measurement, and monitoring tolerance this technology is likely to gain considerable momentum in the automotive, food & packaging, and pharmaceutical verticals over the coming years. On the other hand, lack of efficient device operators will slow down the adoption rate due to insufficient training.

Regional and Country-level Analysis:

Based on regions, the market is divided into North America, Middle East & Africa, Asia Pacific, Europe, and Latin America. Asia Pacific held almost 24% share of the overall market. As the region emerges as the global manufacturing hub, it is expected the technology will experience widespread adoption in the region during the forecast period. Japan and China are influential countries which have the potential to give opportunities to both mature and new technologies in computer vision market. Additionally, operational benefits, and expenditure along with initiatives undertaken by emerging country governments are responsible for encouraging various industry players and catapulting investment to set up their production units at Asia Pacific.

Segmentation Analysis:

The global market for the computer vision is segmented into component, application, product, vertical, and region. Based on the component, the global market for computer vision is segmented into hardware, software, and services. From this, the hardware segment accounted for almost 56% share of the market by component. Hardware components include multiple objects like sensors, cameras, frame grabbers, processors, optics and LED lighting. The software market is application-specific and fragmented, based on application necessity. Because of deep technology learning and training the software segment is projected to experience steady growth over the same period.

On the basis of product, the market is categorized into PC-based computer vision systems, and smart camera-based computer vision systems. The PC-based computer vision systems segment held almost 68% share of the market in 2019. Across the forecast horizon, the segment is expected to maintain its position on the global market. However, smart camera-based systems over the forecast period are estimated to exhibit lucrative CAGR. The segments growth is attributed to the increasing adoption of 3D imaging cameras. Numerous cameras are composed of computer vision systems, also called vision systems. These cameras are sometimes mounted over the assembly lines depending on requirements, in order to observe and capture data and examine the products. This leads to more smart cameras being adopted in these systems.

On the basis of application, the market is categorized into measurement, positioning & guidance, identification, quality assurance & inspection, predictive maintenance, and others. This technology is widely used for the scanning and identification of barcodes, labels, and texts especially in the packaging field. This automates packaging tasks and thus also saves time, improves performance, and prevents human errors. The technology is often used in the pharmaceutical, consumer goods, and packaging industries. Increased technology adoption in these sectors has resulted in a significant reduction in counterfeit products.

Based on vertical, the market is categorized into non-industrial verticals, and industrial verticals. The industrial verticals segment held major share of the market in 2019. In the automotive industry, computer vision is extensively used for inspection purposes, including error proofing, assembly verification, presence/absence checks, and final inspection. In addition, CV systems are also used for robotic guidance, dimensional measurement, and automation testing applications that fall under estimation, and guidance.

TO UNDERSTAND HOW COVID-19 IMPACT IS COVERED IN THIS REPORT on Computer Vision Market

Major Key Players of 2020 Computer Vision Market Report:

Some of the major players in computer vision market are CEVA, Inc. (U.S.), Omron Corporation (Japan), KEYENCE CORPORATION (Japan), Basler (Germany), National Instruments (U.S.), Sony Corporation (Japan), Cadence Design Systems, Inc. (U.S.), Cognex Corporation (U.S.), Allied Texas Instruments, Inc. (U.S.), Teledyne Technologies, Inc. (U.S.), Baumer Optronic (Germany), Intel Corporation (U.S.), JAI A/S (Denmark), Vision Technologies (Germany), MediaTek, Inc. (Taiwan), and Synopsys, Inc. (U.S.) among others. Rising investment in research and development activities to improve computer vision technology are opening up new market growth opportunities. Prominent players are undertaking strategic initiatives like partnerships, alliances in the distribution, mergers, and acquisitions to consolidate their market position.

The report segments of global Computer Vision market are as follows:

By Component

• Hardware

• Software

• Services

By Product

• PC-Based Computer Vision Systems

• Smart Camera-Based Computer Vision Systems

By Application

• Quality Assurance & Inspection

• Positioning & Guidance

• Measurement

• Identification

• Predictive Maintenance

• Others

By Vertical

• Non-Industrial Verticals

• Industrial Verticals

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The report highlights in-depth quantitative as well as qualitative insights, historical data, and market size projections till 2027. It also gives a perspective on manufacturers, associations, specific organizations, industries, companies, and suppliers that work to expand their business worldwide. Value chain analysis of the industry is explained in detail this providing a clear view of key mediators involved. The report studies the global Computer Vision market size from the company, major regions and countries, products type, end users and applications, background information, and also predictions to 2027.

In depth competitive landscaping, recent developments by competitors and product pipelines are covered in the report. Further, the report focuses on various strategies adopted by different key stakeholders with respect to product marketing. The consumption or sales revenue, consumption market share and its growth across the applicable regions is described in detail in the report. In addition, it also studies the sales channels and strategies that are adopted by different leading manufacturers.

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