Computer Vision Industry to See Massive Growth by 2027 | Intel Corporation, Microsoft Corporation, Cognex Corporation
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Market Overview
This report delivers an unbiased market foresight
on Computer
Vision Industry for the next five years. It also discusses the key
developments that took place in the global computer vision market in recent
years, as a part of the market’s historical analysis. The users of the report
will come across market opportunities and trends that are likely to arise
during course of the projected years. The scope of research covers
components such as hardware and software. The global market for computer
vision is expected to surpass a valuation of USD 48,300 Mn by 2023. It stood at
over USD 9,200 Mn in 2017.
Key end-users discussed in report include
agriculture, automotive, healthcare, entertainment, consumer electronics,
transportation. This will allow report users to identify the segments that are
highly lucrative and capitalize on growth opportunities while minimizing risks.
All the segments and sub-segments are profiled under four major geographies–
North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA)
with the respective country-level market sizes.
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Comparative
Analysis:
Autoliv Inc., Keyence
Corporation, Sony Corporation, Intel Corporation, Microsoft Corporation, Cognex
Corporation, Nvidia Corporation, Basler AG, National Instruments, and IBM
Corporation are key players of the global computer vision market.
Segmental Overview:
By component, it is
divided into hardware and software. The hardware segment accounted for a large
market share owing to affordability of semiconductor packages and rise in
disposable income levels of consumers. It can reach a value of USD 26.43
billion by 2023. The market is also analysed based on computer vision
applications comprising gesture recognition, face recognition, and character
recognition. Gesture recognition is expected to dominate the market owing to
lack of consumer electronic devices with the capability of recognizing objects
and persons. Key end-users discussed in report include transportation,
agriculture, entertainment, automotive, healthcare, and consumer electronics.
The healthcare sector is likely to command a huge share of the global computer
vision market owing to the use of AI in cranial imaging for detection of
neurological disorders at a preventive stage. On the other hand, the automotive
segment is predicted to
display a CAGR of 33.86% during the forecast period. Developments in vehicles
from conventional to self-driven vehicles can drive the demand for computer
vision in automotive systems.
Regional Analysis:
North America leads the
global computer vision market, with the most significant contribution of growth
coming from the U.S. The region, which accounts for over a third of the global
market, is expected to maintain its leading position during the forecast
period.
The computer vision
market in North America is driven by the increasing demand from the gaming
industry. and the strong presence of global IT leaders. Meanwhile, the Asia
Pacific is poised to be the fastest growing region in the computer vision
market and is projected to witness an astounding 35.95% CAGR during the
assessment period. The accelerated growth of the regional economy and the
emergence of start-ups have encouraged a strong demand for computer vision
products. Countries with growing disposable incomes such as China, India, and
Japan account for the most significant share of the Asia Pacific market and growth
is being driven by factors such as developing AI talent to encourage the
implementation of computer vision technology in the domestic market and the
surging demand from media &, entertainment verticals.
Industry News
The global Computer vision market has been affected due to the lockdown
across the regions. This pandemic situation has hampered the Computer vision market as well as its productivity, supply
chain, and others. Moreover, the global market has lost its investors due to
the increasing loss for the products, supply, transportation, workforce, and
others. However, in the meantime, the key market players have implied various
strategic techniques to boost global market growth. Thus, to meet the global
market demands, the global market increased its speed in producing more
valuable products for its intended customers. Recently, the global market has
stabilized its position in the global market and is expected to register a
higher Computer vision market
Size for the forecast period.
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Table of Contents:
1 Executive
Summary
2 Scope of the
Report
2.1 Market
Definition
2.2 Scope
of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets
Structure
3 Market
Research Methodology
3.1 Research
Process
3.2 Secondary
Research
3.3 Primary
Research
3.4 Forecast
Model
Continued….
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