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Global Computer Vision Market Sales Revenue, Worldwide Analysis, Competitive Landscape, Future Trends, Industry Size and Regional Forecast To 2023

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Shweta Raj
Global Computer Vision Market Sales Revenue, Worldwide Analysis, Competitive Landscape, Future Trends, Industry Size and Regional Forecast To 2023

Overview

Computer vision is a branch of artificial intelligence which trains computer in identifying images from the physical world and classify them accordingly. The global computer vision market report by Market Research Future (MRFR) contains insights and measures to be faced by various industries among the growing automation and digitization. The drivers, challenges, opportunities, and trends for the period of 2018 to 2023 (forecast period) takes into account the sudden outbreak of the COVID-19 virus.

Market Scope

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.

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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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.

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.

Get Full Report @ https://www.marketresearchfuture.com/reports/computer-vision-market-5496

About Market Research Future

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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