Computer Vision Market Overview:
Computer vision technology is advancing rapidly, making the manufacturing of higher-quality cameras and more sophisticated machine-learning programs possible. Computer vision, a science that has existed since decades, is becoming more exciting due to the deep learning technology. Similarly, the computer vision market is growing in a widened space, emerging as strongly connected process with visual and augmented reality.
Constant development of several products using these technologies and the integration of augmented reality and virtual reality reflects the growing interest of leading market players in this technology. The high adoption rate of mobile devices alongside, the advancements in augmented and virtual reality acts as a key growth driver for the market. These projections predict highly lucrative opportunities for the market in the upcoming years.
According to Market Research Future (MRFR), the computer vision market would reach an evaluation of USD 48.32 BN by 2023, registering a whopping CAGR of 31.65% throughout the forecast period (2018 to 2023). The market was valued at USD 9.28 BN, in 2017. Computer vision enables the individual lines of business to focus on inventing new computer vision algorithms that are relevant for them, instead of having to focus on building the core infrastructure and optimization.
Ongoing developments of technologies and the growing adoption of VR & AR are expected to contribute to the growth of the market, significantly. Moreover, increasing interest in the development of cognitive technologies such as machine learning and deep learning are encouraging the market growth of Computer Vision Market.
Despite demonstrating high growth potential, the market is confronted with challenges such as lack of technical expertise and the slow adoption rate of neural networks. Also, large scale adoption of the machine and deep learning technologies is expected to restrain the market growth during the assessment period.
Nevertheless, the current trend of venture investments encouraging the market leaders to invest in tech start-ups that create unique and AR & VR technologies are expected to facilitate increased opportunities in the market.
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Computer Vision Market Competitive Landscape:
Fiercely competitive, the computer vision market appears to be fragmented, characterized by the presence of various dynamic and diversified international players. Constantly innovating market leaders employ various strategic activities such as mergers, acquisitions, divestitures, and venture investments, seeking market expansion. They increasingly invest in R&D activities to develop a portfolio of cost-effective solutions. Vendors strive to improve their market performance and acquire promising companies in the rapidly growing markets.
Impactful players in the computer vision market are Keyence Corporation (Japan), Intel Corporation (U.S.), Microsoft Corporation (U.S.), National Instruments (U.S.), Sony Corporation (Japan), Cognex Corporation (U.S.), Nvidia Corporation (U.S.), Autoliv Inc. (U.S.), IBM Corporation (U.S.), and Basler AG (Germany).
Computer Vision Market Segmentations:
The report segments the market into four key dynamics to widen the scope of understanding,
- By Component: Hardware and Software.
- By Applications: Face Recognition, Gesture Recognition, and Character Recognition, among others.
- By End-users : Agriculture, Automotive, Healthcare, Entertainment, and Transportation, among others
- By Regions: Asia Pacific,North America, Europe, and the Rest-of-the-World.
Computer Vision Market Regional Analysis:
North America owns the largest share in the global computer vision market. Heading with a significant contribution from the US, the region is expected to maintain its leading position throughout the forecast period. Moreover, the increasing demand from the gaming industry and the strong presence of global IT leaders are some major factors that are driving the computer vision market in the region.
The augmented demand from healthcare and automotive sectors supports the regional market to perceive a positive growth. Furthermore, increasing application areas of computer vision alongside, the advances and integration of technologies foster the growth of the market in North America.
Meanwhile, the Asia Pacific region is poised to emerge as another lucrative market for computer vision, globally. The accelerated growth of the economy and the emergence of several start-ups in the region have been encouraging a strong demand for computer vision products. Countries with the growing disposable income such as Japan, China, and India, account for the most significant share in the regional market.
Also, factors such as the increasing AI expertise encourage the implementation of computer vision technology in media & entertainment verticals and the surges the demand in the domestic market. The computer vision market in the APAC region is projected to grow at a massive CAGR of 35.95% throughout the assessment period.
Industry/ Innovation/ Related News:
July 2, 2019 — Amazon.com, Inc. (the US), a multinational technology company that focuses on e-commerce, digital streaming cloud computing, and artificial intelligence introduced computer vision into warehouses. Machine learning technology tracking the movement of products is intended to increase efficiency. AI cameras and scanners are introduced in more than 20 Amazon fulfillment centers in the US.
AI cameras and scanners watch the process and automatically track products, which until now, was a manual task. Warehouses are just one of the places computer vision systems are developed for that allow computers to see and comprehend the world around them.
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- Semiconductor product designers and fabricators
- Developers of machine vision-related applications
- Providers of machine vision-related components and solutions
- Technology standard organizations, forums, alliances, and associations
- Technology investors
- Universities and research organizations
- Government bodies
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