Computer Vision Market Overview:
The need to optimize tasks related to processing, acquiring, analyzing and understanding digital images coupled with the extraction of high-dimensional data from the real world is the leading cause for the growth of computer vision. Market focused reports linked to the information & communication technology industry among others of late have been made accessible by Market Research Future which issues reports on this industry.
The market for computer vision market is likely to achieve USD 54 Billion in revenues while growing at CAGR 34 percent through the forecast period.
The growing need to enable computers to see like humans and identify and process images is motivating the growth of the market at an exceptional pace. The expansion of this market is based to a great extent on the developments in the atificial intelligence sector, which is expected to be a driving force for the market. The application of computer vision in the automobile industry is anticipated to one of the influential drivers of demand of this particular market. In the forecast period, the enhancements in the concepts of deep learning are expected to acclelerate the growth of the computer vision market.
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Global Competitive Analysis:
The mounting interest in change within the business has ultimately permitted the businesses to apply many situations accessible in the market. The tone for development in the market has been altered to a great extent with the entry of new players and the changes in the mode of functioning of the established players. The odds for growing revenue inflow in the business are likely to multiply through the forecast period. The ripple effects of the market’s growth have altered the competitive backdrop of the market. Portfolio development is being significantly endorsed by market competitors to achieve high growth rates.The businesses in this market are attempting to improve and uphold financial fluidity that can be vital to invest in progress as and when applicable. The room for development in the market seems to be promising through the forecast period.
The ability to withstand their competitive edge is one of the key factors fuelling their efforts in this period. The market has been led into a new period of growth as the market is normally in a state of mutability. Localization is among of the more favored trends for growing the market portion of the competitors in the market. Microsoft Corporation (U.S.), Cognex Corporation (U.S.), Facebook Inc. (U.S.), Google LLC (U.S.), Nvidia Corporation (U.S.), Mercedes-Benz (Germany), General Electric (U.S.), Autoliv Inc (U.S.), National Instruments Corporation (U.S.), IBM Corporation (U.S.), PlayfulVision (Switzerland), Wikitude GmbH (Germany), VideoIQ (U.S.), KLA-Tencor Corporation (U.S.) among others are the key competitors in the computer vision market.
The Computer Vision Market globally has been segmented on the basis of certain factors such as component, application, industry, business model, and region. The component based segmentation is divided into hardware & software. The hardware components comprise of cameras, scanners, sonar, sensors, processing chipsets and others. The basis of business model segmentation comprises of technology licensing, Software as a Service, on-time payment and pay as you go service. Computer vision is functional in diverse applications such as gesture analysis, facial recognition, image restoration, medical image analysis, character recognition, and others.
The computer vision technology is used in a variety of industry verticals such as automotive, agriculture, healthcare, consumer electronics, entertainment, transportation and many more.
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Detailed Regional Analysis:
The region based analysis of the computer vision market covers regions such as Europe, North America, Asia Pacific and Rest of the World. The North American region controls the main market share for computer vision market globally. The adoption of machine vision across quite a lot of industries such as automotive and manufacturing is motivating the market growth in this region. The implementation of surveillance analytics for the purpose of user behavior tracking is driving the market growth considerably.
The Asia Pacific region is expected to demonstrate steep escalation in demand for the duration of the forecast period. The implementation of virtual and augmented displays in 3D gaming and automotive is fuelling the market in this region. Computer vision is chiefly being adopted for medical image analysis and image recognition which is promoting the market expansion.
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