IMARC Group, a leading market research company, has released a report titled “Computer Vision Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“. According to the report, The global computer vision market is expected to exhibit a CAGR of 7.1% during 2023-2028.
Computer vision is an artificial intelligence (AI) field that teaches computers to comprehend and interpret the visual realm by analyzing digital images captured by cameras and leveraging deep learning models. It enables computers to recognize and analyze real-world images accurately, generating valuable numerical or symbolic data. Emotion AI, or affective computing, utilizes computer vision technology to examine facial expressions and eye movements in photos and videos, facilitating the interpretation of an individual’s emotional responses. This capability has been made possible through advancements in artificial intelligence (AI), vision systems, and computational power. The fundamental principles underlying computer vision encompass data or image acquisition, classification, and processing. It offers specialized adaptations and improvements that find wide application in navigation systems, such as autonomous vehicles, human-machine interactions, medical image analysis, and inspections across various industries. At present, computer vision technology is gaining immense traction in security and surveillance, automotive, consumer, industrial, medical, and entertainment applications across the globe.
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Computer Vision Market Trends and Drivers:
The global computer vision market is primarily driven by continuous advancements in computer vision technology, which encompass image sensors, deep learning techniques, and advanced cameras. Moreover, the rising use of computer vision across various industry verticals, such as healthcare, education, robotics, retail, consumer electronics, manufacturing, and security and surveillance, is positively influencing market growth. Apart from this, the escalating demand for vision-guided and smart camera-based robotic systems due to the increasing need for quality inspection is propelling the market growth. Additionally, the surging adoption of computer vision in the automotive industry for vehicle assembly processes has augmented product demand. Besides this, the rising use of computer vision in augmented reality (AR) and virtual reality (VR) technologies to detect the body and eye movements of users to adapt the VR environment accordingly is another major growth-inducing factor. In addition, heavy investments in artificial intelligence (AI) in computer vision by the healthcare sector to detect and study the virus amid the coronavirus disease (COVID-19) outbreak have catalyzed market growth. Along with this, the increasing utilization of computer vision for identifying cancer patients has enabled doctors to enhance the speed and accuracy of chemotherapy response assessments, which in turn has accelerated product adoption rates. Furthermore, the rising use of AI computer vision in agriculture to automate various processes, such as crop monitoring, yield prediction, and disease identification, as it can analyze images of crops and provide information on their growth, health, and potential yield, is contributing to the market growth. Other factors, including the surging adoption of automation and 3D imaging in various industries, technological advancements in safety systems, and rapid digitalization in the retail sector, are also anticipated to drive the market further.
The report has segmented the market into the following categories:
Breakup by Component:
Breakup by Product Type:
- Smart Camera-based
Breakup by Application:
- Quality Assurance and Inspection
- Positioning and Guidance
- Predictive Maintenance
- 3D Visualization and Interactive 3D Modelling
Breakup by Vertical:
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Basler AG
- Baumer Optronic
- CEVA Inc.
- Cognex Corporation
- Intel Corporation
- Jai A/S
- Keyence Corporation
- Matterport Inc.
- Microsoft Corporation
- National Instruments
- Sony Corporation
- Teledyne Technologies Inc.
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