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Computer Vision Market Size By Component (Hardware, Software, Service), By Product Type (PC-based, Smart Camera-Based), By Application (Predictive Maintenance, Quality Assurance & Inspection, Position & Guidance, Identification), By End-Use, & Forecast, 2023 – 2032
- Report ID: GMI5479
- Published Date: Mar 2023
- Report Format: PDF
Industry Drivers
Computer Vision Market size crossed USD 12 billion in 2022 and is anticipated to register over 15% CAGR from 2023 to 2032.
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The paradigm shift towards smart technologies powered by next-generation artificial intelligence (AI), the internet of things (IoT), and machine learning models will complement the industry outlook. In the recent past, AI and IoT have attracted hefty investments due to their ability to help computers identify defects, objects, and flaws with the help of automated robotic systems. With the rapid penetration of smartphones and the growing advancements in facial unlock features, eye retina scanners, fingerprint scanners, and other smart features, the adoption of computer vision is expected to rise, thereby driving the industry growth.
| Report Coverage | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 12 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 15% |
| 2032 Value Projection: | USD 40 billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 350 |
| Tables, Charts & Figures: | 273 |
| Segments covered: | Component, Product Type, Application, End-user |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Growing cybersecurity concerns may impede product demand
The increasing concerns associated with data safety and security due to the rising incidences of cybersecurity breaches and threats could hinder the computer vision market dynamics. The rapid penetration of cloud technology has accelerated the need for adequate data safety measures, subsequently hampering the adoption of computer vision systems. However, the increasing use of CCTV monitoring and VMS systems to store real-time data to support security and surveillance will enhance the integration of modern AI vision systems. The increasing application of computer vision in next-generation technologies, such as facial recognition, eye-detection, and biometric scanners will also positively influence the industry development.
Rapid adoption of computer vision hardware in smart electronic devices to spur the market growth
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The computer vision market valuation from the hardware component segment is estimated to reach USD 20 billion by 2032. AI and IoT-based hardware systems, such as CPUs, smart cameras and lenses have gained significant momentum over the past decade, further driving the demand for computer vision. This growing emphasis on AI can be accredited to its ability to effectively visualize and interpret media with the help of edge processing ability, faster access to memory, high processing speed, and low power consumption. AI also hardware offers numerous benefits, including access to infrastructure for speeding up the computing process.
Emerging smart factory trends in manufacturing to accelerate adoption of computer vision systems
| Segment | Market Share, 2022 (%) |
|---|---|
| Automotive and Transportation | 19.2% |
| Manufacturing | 21.5% |
| Government | 20.3% |
| Retail | 10.9% |
| BFSI | 14.9% |
| Healthcare | 8.2% |
| Others | 5% |
| Total | 100% |
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The computer vision market share from the manufacturing end-user segment is poised to surpass USD 6 billion by 2032, attributed to the rising smart factory trends. The advent of smart manufacturing has accelerated the integration of next-generation technologies such as AI, robotics, machine learning, and IoT to boost operational performance and eliminate human intervention. Computer vision is increasingly deployed by manufacturers for fault detection, quality inspection, and surveillance, further enhancing its application outlook. According to the quarterly UNIDO World Manufacturing Report, the manufacturing sector reported a 3.3% y-o-y growth in the fourth quarter of 2021.
Increasing manufacturing capacity to drive the North America industry value
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North America computer vision market size accounted for USD 3 billion in 2022, due to the strong presence of one of the most prominent manufacturing hubs in the world with massive productivity. As per data from the Federal Reserve Board, manufacturing capacity in the U.S. is set to increase by 1.2% in 2023 following a 1% surge in 2022. Moreover, the significant rise in technology collaborations in the region will stimulate the industry revenue. For instance, in May 2022, Invisible AI announced partnership with Toyota Motors North America to deploy more than 500 edge AI devices with the aim of improving safety, quality, and operational efficiency.
New product launches to foster the competitive landscape of the market
Some of the leading companies in the computer vision market include Intel corp., NVIDIA corp., Microsoft, IBM, Google (Alphabet), and Teledyne Technology. These firms are focusing on new product developments to achieve competitive advantages while widening their customer base. For instance, in September 2022, NVIDIA Corporation introduced an open-source project, CV-CUDA, designed to improve end-to-end computer vision and image processing pipelines.
Impact of the COVID-19 pandemic on the computer vision market
The COVID-19 crisis positively influenced the computer vision industry outlook with the emergence of multiple new applications. A slew of innovations led to the development of several deep-learning computer vision models to offer X-ray imagery for accurate COVID-19 diagnosis. Computer vision technologies also gained significant momentum as effective infection prevention and control (IPC) strategies. They were extensively used in germ screening, masked face recognition, pandemic drones, and thermography. AI vision emerged as a promising tool in the treatment of COVID-19 patients. Large commercial spaces and public infrastructures such as airports, malls, and public health institutions also spurred the demand for computer vision systems in the wake of the pandemic.
This computer vision market research report of computer vision includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032 for the following segments:
Market, By Component
- Hardware
- Software
- Service
Market, By Product Type
- PC-based
- Smart camera-based
Market, By Application
- Predictive Maintenance
- Quality Assurance & Inspection
- Positioning & Guidance
- Identification
Market, By End-use
- Automotive and Transportation
- Manufacturing
- Government
- Retail
- BFSI
- Healthcare
- others
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Asia Pacific
- China
- India
- Japan
- ANZ
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- Saudi Arabia
- UAE
- South Africa