Computer Vision Market Worth USD 48 Billion by 2023 | The Emergence of Computers is Intensifying Global Computer Vision Market to Prosper with Major Developments in Virtual Reality

Acknowledging the accruals, the global computer vision market is gaining momentum across various application areas, which is immensely enhancing the entire market size along with opportunities to flourish in the future. Many companies have actively contributed to the market growth by dwelling computer vision applications to cater to customers with their adequate demands. Meanwhile, a lot of consumer awareness and enthusiasm for computer vision-based applications continues to grow in various regions across the globe.

Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- The necessity to optimize tasks related to processing, acquiring, analyzing and understanding digital images along with determining high dimensional data from the real world is one of the most indispensable causes for the growth of computer vision. Market Research Future Reports assessed an essential report on the global computer vision market, which valued at USD 9.28 billion in 2017 and is now set to reach a valuation of USD 48.32 billion by the end of 2023. The market is also poised to thrive at a CAGR of 31.65% by indicating highly lucrative opportunities between 2018 to 2023.

Computer vision, a branch of computer science mainly deals with identifying and processing of images, which resultantly becomes similar to human being. The entire process makes use of artificial intelligence which caters high detection to images providing all the details instantly. The swift processing ability of computer vision systems is paving the way for manufacturers to achieve new milestones in manufacturing computers with negligible defects.

Computer visions market is observing a high rise owing to the increasing demands for computer vision systems mainly in non-traditional. Its emerging applications are the driving factors for this market. It is expected that the key players, as well as the emerging ones, will gain benefits from building in-house application-specific computer vision systems in the years to come. The combination of design and development coupled with expertise would be highly useful in providing professional services.

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Computer vision is a developing market which is sturdily connected to visual and augmented reality. In recent time, the market players have a keen interest in the integration of augmented and virtual reality. Such attention is growing at a rapid pace which is being reflected in the introduction of several highly technological products. Over to such high technology, there are high adoption activities for VR & AR, which in turn, is contributing highly to the market of computer vision and prospering it with high revenue collection annually. Perceptive technologies such as machine learning and deep learning are sorely encouraging the global computer vision market, as these technologies are essential to the further development of AR &VR.

Computer vision has a highly promising future pertaining to the high adoption rate of mobile devices as well, which is also involving augmented and virtual reality options is stating as a key driver of market growth. With that, IoT (Internet of Things) is also influencing computer vision, as it is a crucial part of it. Further, the demands for image and video analysis applications from various industry, adoption of artificial intelligence into various business and increase in the usage of electronic devices by consumers that are equipped with visionary sensors are driving the global computer vision market substantially with the expectation to prosper as well in the forecast period.

Market Segmentation

Market Research Future Report offers a comprehensive segmental analysis of the global Computer Vision Market that is listed on the basis of the component, application, and end-user.

By component, the market comprises of hardware and software. Wherein, hardware segment accounts for the most valuable share of the market and is expected to grow at a higher CAGR by 2023. The valuation market is going to reach approximately USD 26.43 billion by the end of 2023. This immense rise potentiality of the hardware segment is remarkable owing to increased affordability of semiconductor devices combined with a globally rising disposable.

By application, this market segment comprises of face recognition, gesture recognition, character recognition, and others. Among these, the gesture recognition segment is anticipated to lead the market by the end of the year 2023 with rapid CAGR as recorded. The growth of this segment is registered to be the low number of devices that are necessary for a successful recognition process, identification and commencement of interaction. Hence, the ongoing developments in performance and making it accurate is one of the most important factors which is expected to grow the market in this segment in the coming years.

By end-users, this market segment includes agriculture, automotive, healthcare, entertainment, transportation, and others. The automotive section is appraised to grow at a flourishing 33.86% CAGR during the forecast period, which will enable the section to maintain its leadership position in the dotted time. Whereas, the entertainment segment is also expected to be stagnant owing to the announcement of several headsets and personal devices to enter the customer base for a few years and gaining immense popularity of augmented reality applications.

The Global Computer Vision Market is Poised for Revitalization Owing to Increasing Demand of integrated Computers in Developed Regions

According to the reports published by Market Research Future Reports, the market computer vision is spanning highly across North America. This region is leading in the global computer vision market by having the most significant contribution of growth logged from the U.S. The growth is mainly driven by increasing demand for the gaming industry coupled with the presence of strong IT leaders. This region, hence, accounts to remain over at third position of the global market and is expected to maintain its position by the year 2023.

Meanwhile, the Asia-Pacific is composed to be the fastest growing region in the computer vision market as it has opportunities in the future which would witness an astounding 35.95% CAGR during the assessment period. The reason for its growth is the immense growth in economic status which gave rise to many start-ups. Hence, the start-ups have actively encouraged the demand for computer vision and supporting the market to grow consistently. Also, there has been increasing in disposable income of people especially in countries such as China, India, and Japan and thus accounts the most significant share of the market. In fact, the growth of computer vision market is being driven by factors of developing artificial intelligence talent to the implementation of computer vision technology in the domestic market along with surging demand from media & entertainment verticals.

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Market Players

The leading market players of the global computer vision market are listed as Intel Corporation (U.S.), Keyence Corporation (Japan), National Instruments (U.S.), Microsoft Corporation (U.S.), Nvidia Corporation (U.S.), Cognex Corporation (U.S.), IBM Corporation (U.S.), Autoliv Inc. (U.S.), Sony Corporation (Japan), and Basler AG (Germany).

Industry News

April 02, 2019: Scandit Expands International Footprint to introduced mobile computer vision to the healthcare market. The news continued stating as Scandit hired healthcare specialists in the USA and Europe and its partners with global standards body GS1 to bring barcode compliance to Healthcare Management. The company also showcased how its computer vision software was being used to save money and improve efficiency in healthcare.

Related Reports

AI In Computer Vision Market Research Report by Component (Hardware, Software), Vertical (healthcare, security, automotive, agriculture, sports & entertainment, and others), and Region–Global Forecast to 2023. The report made available by Market Research Future (MRFR) observes that the market is projected to earn USD 27 billion while developing at a 45% CAGR in the forecast period from 2017 to 2023.

Machine Vision Market, By Type (1D Machine, 2D Machine Vision, 3D Machine Vision), By Application (Inspection, Gauging, Guidance, Identification), By Components (Hardware, Software), By End Users (Automotive, Electronics & Semiconductor, Healthcare, Food & Packaging) - Forecast 2022. The global Machine Vision market is expected to reach USD 15.46 billion by the end of 2022 with 8.18% CAGR during forecast period 2017-2022.

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