Revolutionizing Industries: Computer Vision Market Set to Hit $26.11 Billion by 2033

Computer Vision Market

The Computer Vision Market is set for substantial growth, with the market size projected to reach a value of US$ 12.91 billion in 2023 and is anticipated to surge to US$ 26.11 billion by 2033. This robust expansion is expected to be underpinned by a significant Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period.

The Computer Vision Market encompasses the industry dedicated to developing and offering technology and solutions that empower machines to interpret and comprehend visual data from their surroundings.

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Key Takeaways

  • The hardware category led the market in 2021, accounting for 39.4% of total market revenue of US$ 4.60 billion.
  • The software segment is projected to record a CAGR of around 20-25% during the forecast period of 2023-2033, driven by the increasing adoption of artificial intelligence and deep learning technologies.
  • Cloud-based computer vision software is also expected to be a significant driver of growth in the software segment.
  • Over the forecast period, demand for smart camera-based computer vision systems is expected to grow, driven by low cost, small size, and ease of integration.
  • The quality assurance and inspection segment held a significant market share in 2021, accounting for 17.3% of the total market revenue of US$ 2.02 billion. The manufacturing industry’s rapid adoption of process automation to boost productivity has driven this share.
  • The PC-Based Computer Vision systems segment accounted for 61.7% of the market in 2022.
  • The industrial segment accounted for more than 51% of total revenue, with the automotive and transportation industries.
  • North America is a lucrative market witnessing a progressive CAGR of 21.9%.
  • In 2021, Asia Pacific emerged as a prominent market for computer vision market, with a market share of around 39.6% and US$ 4.6 billion in revenue.

Competitive Landscape

The competition among players in the computer vision technology market is moderately increasing. Recent technological advancements such as facial recognition, gesture analysis, and enhanced security are revolutionizing various industries such as manufacturing, healthcare, and so on. As a result, new companies are entering the market. Intel Corporation, National Instruments Corporation, Keyence Corporation, Texas Instruments Incorporated, and SAS Institute are among the key players.

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Latest Developments

  • Vedanta Limited partnered with Detect Technologies in August 2022, an organization based on industrial artificial intelligence that develops cutting-edge technology. T-pulse, Detect Technologies’ AI-based office software, will be made available through the alliance. The T-pulse software’s COVID-19 compliance module aims to assist Vedanta Limited in ensuring that its workspaces meet all requirements and adhere to the highest sanitization standards. The vision technology developed by T-computer Pulse also improves the digital safety monitoring system.
  • Cogniac, an AI computer vision platform, and Cisco Systems Inc. (Cisco Meraki), an American technology company, recently announced a collaboration in March 2022. The collaboration allows Cogniac’s computer vision capabilities to be integrated with MV smart cameras from Cisco Systems Inc. and cloud-based platforms.

Key Segments Covered in the Market Report

Component Outlook:

  • Hardware
  • Software

Product Type Outlook:

  • Smart Camera-Based Computer Vision System
  • PC-Based Computer Vision System
  • Application Outlook
  • Quality Assurance & Inspection
  • Positioning & Guidance
  • Measurement
  • Identification
  • Predictive Maintenance

Application:

  • Quality Assurance & Inspection
  • Positioning & Guidance
  • Measurement
  • Identification
  • Predictive Maintenance
  • 3D Visualization & Interactive 3D Modelling

Vertical Outlook:

  • Industrial
  • Non-Industrial

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • Asia Pacific Excluding Japan (APEJ)
  • Japan
  • The Middle East & Africa (MEA)

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Author:

Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.

He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.

About Future Market Insights (FMI)

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About the Author

Nikhil Kaitwade

Associate Vice President at Future Market Insights, Inc. has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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