Computer Vision Market Expected to Reach $82.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Computer Vision Market," The computer vision market was valued at $15 billion in 2022, and is estimated to reach $82.1 billion by 2032, growing at a CAGR of 18.7% from 2023 to 2032. 

Artificial Intelligence (AI) with computer vision technology is becoming increasingly popular in different use-cases, such as computer vision solutions in consumer drones and autonomous and semi-autonomous vehicles. Also, the recent advancements in computer vision comprising image sensors, advanced cameras, and deep learning techniques have widened the scope for computer vision systems in various industries, including education, healthcare, robotics, consumer electronics, retail, manufacturing, and security & surveillance, among others. Computer vision is a field of artificial intelligence (AI) that enables computers and systems to derive meaningful information from digital images, videos and other visual inputs and take actions or make recommendations based on that information. If AI enables computers to think, computer vision enables them to see, observe and understand.  . 

Furthermore, factors such as faster processing and better accuracy coupled with economic advantage of computer vision system are one of the major factors that is striking the market growth during the forecast period. However, intense requirement of highly skilled and experienced professional and user data privacy and safety concerns is primarily restraining the market growth. Moreover, growing application of computer vision in non-industrial applications and advancements in the field of computer vision and AI is expected to create a lucrative opportunity for the market growth during the forecast period.

On the basis of component, hardware segment dominated the computer vision market in 2022 and is expected to maintain its dominance in the upcoming years owing to growing industrial workloads and rising demands for industrial automation propels the market growth significantly. However, the software segment is expected to witness the highest growth, owing to offer custom image processing applications such as facial detection, object identification, text recognition, color, and pattern recognition, and others.       

Region-wise, the computer vision market size was dominated by North America in 2022 and is expected to retain its position during the forecast period, owing to rise in number of IoT applications hosted on cloud and increasing investments in emerging technologies such as big data, social media, and due to artificial intelligence supporting a smarter and safer mobility aiding the growth of the computer vision market. However, Asia Pacific is expected to witness significant growth during the forecast period, owing to rapid shift in accelerating inspection procedures and increasing application efficiency and operating efficiencies which is expected to fuel the market growth in this region.

During the pandemic there was a rapid adoption of advanced technologies such as automation, artificial intelligence, machine learning and deep machine learning. This is attributed to the increase in need for computers and systems to derive meaningful information from digital images, videos and other visual inputs and take actions or make recommendations based on that information. For instance, in January 2022, Texas Instruments Incorporated expanded its computer vision services and automotive offerings that can help automakers improve how advanced driver assistance systems sense objects during the pandemic period. Furthermore, key players in the market adopted strategies such as product launch and product development to enhance their services during the pandemic period. For instance, in April 2020, Cognex Corporation upgraded its computer vision services and launched the in-sight D900 embedded vision system. The system is designed to solve applications including optical character recognition (OCR), assembly verification, and defect detection. Such developments helped the computer vision market to witness growth during the pandemic period.  

Technological Trends

Several technological advancements are influencing the computer vision's development and opportunity. The development of deep learning algorithms and neural networks is one important trend. By improving photo recognition, object detection, and pattern analysis accurate and efficient, these technologies have completely changed computer vision. Large datasets can be used to train deep learning algorithms, which enables computer vision systems to continuously improve their efficiency and precision over time. Applications like driverless vehicles, facial recognition, and quality control in manufacturing have become new avenues to explore due to the current trend. Further, the combination of computer vision with other cutting-edge technologies, such as augmented reality (AR) and virtual reality (VR), is a significant technological development in the computer vision sector. Businesses are able to provide users with immersive and engaging experiences by fusing computer vision with AR and VR. The user's perception of and engagement with their surroundings can be improved by using AR applications, which, for instance, can overlay virtual information over real-world locations. In sectors such as gaming, retail, and healthcare where computer vision is being employed to create more realistic and immersive experiences, this integration is fuelling innovation.

Key Findings of the Study

• By component, the hardware segment accounted for the largest computer vision market share in 2022.
• On the basis of product, the on PC-based computer vision systems segment generated the highest revenue in 2022.
• On the basis of application, the quality assurance and inspection segment generated the highest revenue in 2022.
• On the basis of end user, the industrial segment generated the highest revenue in 2022.
• Region-wise, North America generated the highest revenue in 2022.

The key players profiled in the computer vision industry are as Intel Corporation, Texas Instruments Incorporated, Cognex Corporation, Keyence Corporation, Sony Corporation, Basler AG, Omron Corporation., Mediatek Inc., National Instruments Corporation, Teledyne Technologies Incorporate. These players have adopted various strategies to increase their market penetration and strengthen their position in the computer vision industry.