Global Computer Vision Market Size, Share, and Trends Analysis Report, By Components (Hardware, and Software), and By End-User (Life science, Manufacturing, Retail, Government, Defense & Security, Automotive, and Food and Packaging), Forecast Period (2022-2028)

The global computer vision market is anticipated to grow at a significant CAGR of 7.2% during the forecast period (2022-2028). The fundamental purpose of computer vision technology is to interpret the content of digital images. It is a subfield of artificial intelligence and machine learning. Computer vision technology is extremely adaptable, and it can be used in a variety of industries, including manufacturing, healthcare, defense, and security.

Increased demand for quality inspection and automation, rising demand for vision-guided robotic systems, and rising demand for application-specific computer vision systems are all major factors driving market growth. Furthermore, the World Health Organization estimates that 1.25 million people die each year as a result of traffic accidents. The WHO predicts that by 2030, this trend will be the seventh biggest cause of mortality. Vulnerable Road Users (VRU) such as bicycles and pedestrians are involved in the majority of road accidents. As a result, it is reasonable to conclude that the majority of traffic accidents are caused by human mistakes. Computer vision-based driverless vehicles are a new technology that is propelling the computer vision market forward.

Due to the supportive government initiatives, India’s healthcare sector is growing at an exponential rate, which is generating significant growth opportunities for the market. According to the India Brand Equity Foundation, India is a top destination for high-end diagnostic services, with surgery costs around a tenth of what they are in the US or Western Europe. In addition, medical tourism in India is growing at a rate of 22-25% per year. As a result, it opens up the possibility of massive capital investment in modern diagnostic facilities, boosting the adoption and demand for computer vision technology.

The market players are also contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, collaborations, and new product launches, in order to stay competitive in the market. For instance-

• In October 2019, Tesla has updated its ‘Tesla Vision’ software for its self-driving cars. With the help of eight cameras, this improved version can follow vehicles and other things all around the automobile within a 250-meter radius. Twelve sensors, in addition to cameras, are utilized to detect any object, whether hard or soft.

·         In June 2019, Keyence has released the CV-X/XG-X Series system, which is capable of precisely capturing target appearance and stable detection of difficult-to-spot modifications using lighting adjustments. Multiple inspection elements, such as product type difference checks and presence/absence inspections, can be handled by one same instrument.

Market Coverage

• The market number available for – 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
  • By Component
  • By End-User
• Regions Covered-
  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

·         Competitive Landscape- Intel Corp., National Instruments Corp., SAS Institute, Keyence Corp., and Texas Instruments Inc., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
  • Deviation from the pre-COVID-19 forecast
  • Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Computer Vision Market Report by Segment

By Component

• Hardware
• Software

By End-User

• Life science
• Manufacturing
• Retail
• Government
• Defense & Security
• Automotive
• Food and Packaging

Global Computer Vision Market Report by Region

North America

• United States
• Canada

Europe

• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe

Asia-Pacific

• China
• India
• Japan
• Rest of Asia-Pacific

Rest of the World

• Latin America
• Middle East & Africa