LONDON, April 20, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the computer vision market forecasts the global computer vision market size to grow from $13.4 billion in 2022 to $14.9 billion in 2023 at a compound annual growth rate (CAGR) of more than 11%. The global computer vision market value is then expected to grow to $23 billion in 2027 at a CAGR of more than 11%.
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The growing demand for artificial intelligence is projected to take the computer vision industry ahead. The science and engineering of creating intelligent devices, particularly intelligent computer programmes, is referred to as artificial intelligence. Artificial intelligence (AI) in computer vision enables computers and systems to extract meaningful information from digital images, movies, and other visual inputs and make recommendations, driving the growth of computer vision. According to an article published in February 2022 by the Computing Technology Industry Association (CompTIA), a non-profit trade association based in the United States that issues professional certifications for the information technology industry, 86% of organisations reported that artificial intelligence (AI) is considered mainstream technology in their offices as of 2021. On an ongoing basis, 91.5% of prominent organisations invest in AI. As a result, the growing demand for artificial intelligence is propelling the computer vision industry forward.
Major computer vision market players are Cognex Corporation, Intel Corporation, Keyence Corporation, National Instruments Corporation, Omron Corporation, Sony Semiconductor Solutions Corporation, Texas Instruments Incorporated, Matterport Inc.
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Technological advancement is among the latest trends in the computer vision market. To maintain their market position, major players in the computer vision market are focusing on creating new technologies. For example, in January 2022, Amazon Web Services, Inc., a cloud computing platform provider based in the United States, announced AWS Panorama, an Asia-Pacific software development kit that enhances operations through computer vision (CV). AWS Panorama is a software development kit (SDK) and machine learning (ML) device collection that brings CV to on-premises internet protocol (IP) cameras. Businesses can use AWS Panorama to automate visual inspection tasks such as evaluating manufacturing quality, finding bottlenecks in industrial processes, and determining worker safety within their facilities.
Asia-Pacific was the largest region in the computer vision market in 2022. 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 global computer vision market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global computer vision market is segmented by product into smart camera-based computer vision systems, pc-based computer vision systems; by component into hardware, software; by offering into deep learning, traditional computer vision; by application into quality assurance and inspection, positioning and guidance, measurement, identification, predictive maintenance, 3d visualization and interactive 3d modelling; by end-user industry into life science, manufacturing, defense and security, automotive, other end user industries.
Computer Vision Global Market Report 2023 by The Business Research Company provides insights on the computer vision ai market size, computer vision market segments, computer vision market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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