Market Scenario:
The global market for Global
SComputer Vision Market is
expected to surpass a valuation of USD 48,300 Mn by 2023. It stood at over USD
9,200 Mn in 2017.
The market is projected
to expand amid rising applications of augmented and virtual reality. The
growing adoption of VR and AR coupled with development of deep and cognitive
learning can bode well for the market. Prominent use of facial recognition in
latest smartphones can drive the market scope during the forecast period.
Security of valued assets and investments in security applications for
fortifying defences across industries can bode well for the market. Integration
of the technology into mobile applications for diagnosis of diseases will drive
the need for computer vision. Engineers at the University of Cambridge have
developed a mobile application for monitoring of glucose levels in diabetic
patients. But lack of technical experts can restrict the market growth.
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Competitive Outlook:
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.
Segmentation:
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.
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
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List of Tables
TABLE
1 GLOBAL COMPUTER VISION MARKET, BY COMPONENT, 2020-2027 (USD MILLION)
TABLE
2 GLOBAL COMPUTER VISION MARKET, BY APPLICATION, 2020-2027 (USD MILLION)
TABLE
3 GLOBAL COMPUTER VISION MARKET, BY VERTICAL, 2020-2027 (USD MILLION)
Continued…
List of Figures
FIGURE
1 TOP DOWN & BOTTOMUP APPROACH
FIGURE
2 FORECAST MODEL
FIGURE
3 VALUE CHAIN ANALYSIS
Continued…
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