Global Computer Vision Market Size By Components (Hardware, Software), By Product (Smart Camera-Based Computer Vision System, PC-Based Computer Vision System), By Application (Automotive, Food & Beverage, Sports & Entertainment, Robotics, Medical), By Geographic Scope And Forecast

Computer Vision Market Size And Forecast

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Computer Vision Market size was valued at USD 13.04 Billion in 2024 and is projected to reach USD 23.79 Billion by 2031, growing at a CAGR of 7.80% from 2024 to 2031.

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• Computer vision is a branch of artificial intelligence (AI) that allows computers to comprehend and interpret the world via digital photos and videos. It effectively lets computers see and interpret visual information in the same way that humans do.

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• Computer vision techniques play a crucial role in facilitating the safe navigation of autonomous vehicles on roads. These techniques are utilized to recognize various elements such as traffic signs, pedestrians, and other obstacles.

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• Additionally, they enable the tracking of object movement surrounding the vehicle and understanding of lane markings and traffic signals. Furthermore, computer vision aids in constructing a 3D map of the vehicle’s environment to facilitate real-time navigation.

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• Computer vision applications encompass a variety of functions, including enhancing security systems for access control and surveillance purposes. Additionally, they play a role in unlocking smartphones and other devices through facial recognition technology.

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• Moreover, computer vision is utilized to personalize user experiences in advertising or social media platforms by analyzing visual data. Furthermore, it is instrumental in identifying individuals in photos and videos through facial recognition algorithms.

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Global Computer Vision Market Dynamics

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The key market dynamics that are shaping the global computer vision market include:

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Key Market Drivers

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• Increasing Demand in the Automotive Industry: The rising need for quality inspection and automation is surging the demand for computer vision in the automotive industry. The development of Artificial Intelligence (AI)-based inspection and testing models, as well as the growing need for vision-guided robotic systems, all contribute to market growth. Furthermore, there is a growing need for computer vision systems designed specifically for food applications, to detect mislabeled products and low-quality commodities.

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• Wide Applications: AI in computer vision technology is becoming increasingly popular in a variety of applications, including consumer drones and autonomous or semi-autonomous cars. Recent advances in image sensors, sophisticated cameras, and deep learning approaches have expanded the applications of computer vision systems across a wide range of industries. These industries include healthcare, robotics, education, retail, consumer electronics, manufacturing, and surveillance.

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• Increasing Requirement of Computer Vision: Increasing demand for vision-guided robotic systems and application-specific computer vision systems is driving the growth of the computer vision market. Furthermore, increased demand for food-specific computer vision systems aimed at detecting wrongly labeled products and sub-quality items is predicted to add to the market’s growth trajectory over the forecast period.

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• Augmented Reality and Virtual Reality: The computer vision demand is spurred by the growing use of computer vision to detect user eye and body movements, and so adapt virtual reality (VR) settings accordingly. This spike in utilization drives market expansion. Furthermore, there is an increasing need for image and video processing applications in a variety of business categories, including healthcare, where computer vision is used to detect and research viruses, which serves as another market driver. Augmented reality (AR) and virtual reality (VR) are significant drivers of market growth, as is the increasing demand for mobile devices, which is likely to support total industry expansion.

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Key Challenges

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• High Cost of Implementation: The high cost associated with developing and deploying computer vision technology is hampering the growth of the computer vision market. To begin, complicated algorithms require strong gear like as GPUs and specialized processors. Furthermore, big datasets are required for training machine learning models, which increases the cost.

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• Algorithmic Bias and Fairness: The models will inherit biases from the training data, potentially leading to erroneous or discriminating outcomes. Machine learning models used in computer vision require large datasets for training. For example, a facial recognition system trained on a dataset with little ethnic diversity may have inferior accuracy when detecting people of color.

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• Ethical Considerations: The widespread use of computer vision technology raises ethical questions about transparency, accountability, and social impact. Users must understand how computer vision systems work and what data they collect. It is critical to determine who is responsible for any potential system biases or errors. There is also a need to address the societal ramifications of some applications, such as job displacement due to automation.

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Key Trends:

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• Integration of AI and Machine Learning (ML): Advanced deep learning architectures, such as convolutional neural networks (CNNs), are being used to improve the accuracy and capabilities of computer vision systems. Transfer learning is used to accelerate development and improve performance with smaller, task-specific datasets by employing pre-trained models on large datasets such as ImageNet. Explainable AI (XAI) refers to the growing emphasis on constructing AI models that can explain their decision-making processes. This focus is critical for creating trust and fairness in computer vision applications.

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• Edge Computing and Cloud Integration: Processing power is shifting to edge devices, allowing for real-time analysis and lowering latency by placing processing closer to the data source. Cloud systems offer substantial resources for training complicated models and storing big datasets, allowing for scalability and remote access in computer vision applications.  The combination of edge and cloud computing in hybrid solutions results in a dynamic ecosystem for efficient data processing and intelligent decision-making in computer vision systems.

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• Growing Focus on Privacy and Security: Given computer vision systems’ increased reliance on data for training and operation, strong security measures are required to protect sensitive information. Anonymization and differential privacy techniques are being successfully deployed to meet privacy concerns and comply with data protection rules.

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Global Computer Vision Market Regional Analysis

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Here is a more detailed regional analysis of the global computer vision market:

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Asia Pacific

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• Asia Pacific is substantially dominating the growth of the Computer Vision Market and is anticipated to continue it throughout the forecast period, owing to the presence of significant players such as OMRON Corporation and Sony Semiconductor Solutions Corporation contributing to the company’s growth trajectory.

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• Furthermore, significant investments in computer vision technology are being made by Chinese enterprises and other APAC nations, which is increasing the region’s market dominance.

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• Furthermore, significant investments in computer vision technology are being made by Chinese enterprises and other APAC nations, which is increasing the region’s market dominance.

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• For example, in January 2022, Amazon Web Services, Inc., a renowned cloud computing platform provider, launched AWS Panorama, a software development kit designed specifically for the Asia Pacific region.

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• This idea improves operational efficiency by leveraging computer vision capabilities. Businesses that invest in AWS Panorama, which is available in countries such as Sydney and Singapore, can automate visual inspection activities, optimize industrial processes, maintain production quality, and improve worker safety.

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• Customers can now seamlessly train and deploy their computer vision models thanks to the combination of AWS Panorama and Amazon SageMaker.

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North America

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• North America is expected to be the fastest-growing region during the forecast period, driven by supporting government programs targeted at encouraging the adoption of computer vision technology in a variety of industries.

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• As an example, in May 2021, NEC Corporation of America, a prominent producer of IT infrastructure solutions, announced NEC National Security Systems, a new subsidiary focused on offering computer vision and artificial intelligence capabilities, including biometrics, to the United States.

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Global Computer Vision Market: Segmentation Analysis

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The Global Computer Vision Market is segmented based on Component, Product, Application, And Geography.

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Computer Vision Market, By Component

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• Hardware

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• Software

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Based on the Component, the Computer Vision Market is bifurcated into Hardware and Software. The Hardware segment substantially dominates the computer vision market owing to its popularity the availability of cutting-edge hardware platforms that enable smooth component interconnection and enhanced features like quick processing, high-resolution imaging, and entirely digital data management.  This category includes numerous hardware components like as processors, cameras, lenses, frame grabbers, and LED lights.

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Computer Vision Market, By Product

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• Smart Camera-Based Computer Vision System

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• PC-Based Computer Vision System

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Based on the Product, the Computer Vision Market is Bifurcated into Smart Camera-Based Computer Vision Systems and pc-based Computer Vision Systems. PC-Based Computer Vision Systems is experiencing significant growth in the computer vision market owing to the cost-effectiveness, upgradeability, and relative ease of swapping. These systems are generally used for image processing and require a variety of peripheral devices to perform duties such as data transfer, frame capture, storage, and lighting.

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Computer Vision Market, By Application

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• Automotive

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• Food & Beverage

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• Sports & Entertainment

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• Robotics

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• Medical

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Based on the Application, the Computer Vision Market is bifurcated into Automotive, Food & Beverages, Sports & Entertainment, Robotics, and Medical. The Food and Beverages segment is substantially dominating in the computer vision market owing to the increasing profitability of automated food manufacturing significantly by incorporating computer vision technology, particularly with large food retailers stressing reduced costs and applying penalties for incorrectly labeled or poor items. This technology ensures that imaging criteria are consistently applied throughout the procedure at all times.

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Computer Vision Market, By Geography

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• North America

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• Europe

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• Asia Pacific

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• Rest of the world

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Based on Geography, the Global Computer Vision Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Asia Pacific is substantially dominating the growth of the Computer Vision Market and is anticipated to continue it throughout the forecast period, owing to the presence of significant players such as OMRON Corporation and Sony Semiconductor Solutions Corporation contributing to the company’s growth trajectory.  Furthermore, significant investments in computer vision technology are being made by Chinese enterprises and other APAC nations, which is increasing the region’s market dominance.

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Key Players

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The “Global Computer Vision Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Cognex, Basler, Omron, Keyence, National Instruments, Sony, Teledyne Technologies, Texas Instruments, Intel, Baumer Optronic, Jai A/S, Mvtec Software, Isra Vision, Sick, Mediatek, Cadence Design Systems, Ceva, Synopsys, and Tordivel As.

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Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally

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Computer Vision Market Recent Developments

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• In August 2022, an Innovative firm that detects innovations based on artificial intelligence in the industry partnered with Vedanta Limited. The collaboration aims to introduce T-pulse, an AI-based office software from Detect Technologies. Vedanta Limited will benefit from the COVID-19 compliance module in the T-pulse software, which will ensure that its workstations fulfill the highest cleanliness requirements and all necessary legislation. The digital safety monitoring system would also benefit from T-computer Pulse’s vision technology.

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• In March 2022, Cisco Systems Inc. (Cisco Meraki) and Cogniac, an AI computer vision platform, struck cooperation. The agreement would enable the combination of Cogniac’s computer vision capabilities with Cisco Systems Inc.’s MV smart cameras and cloud-based platforms. Without any necessity for new equipment Using AI skills, both companies would create machine learning models that use photo and video data to track actions.

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• In June 2022, Visionary.ai announced a partnership with Innoviz Technologies Ltd, a developer of LiDAR sensors. The collaboration seeks to deliver a combined service of ISP software and LiDAR sensors to increase the performance of 3D computer vision for a wide range of applications, including drones, robotics, and smart cities.

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• In March 2022, Intel Corporation announced that its solutions are revolutionizing patient rooms and critical care settings in the healthcare industry. These solutions provide advantages such as improved patient outcomes, increased operational effectiveness, and decreased exposure that could jeopardize patients and medical personnel.

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Report Scope

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Reasons to Purchase this Report

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors

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• Provision of market value (USD Billion) data for each segment and sub-segment

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• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market

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• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region

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• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled

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• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players

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• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions

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• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis

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• Provides insight into the market through Value Chain

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