The global market for Global SComputer Vision Market 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 defenses 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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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.
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.
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.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Secondary Research
3.3 Primary Research
3.4 Forecast Model
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