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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.

Computer Vision Market

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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.

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

Computer Vision Market Share By Component

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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

Authors: Preeti Wadhwani, Shamal Gawande

Frequently Asked Questions (FAQ) :

The market size of computer vision was worth more than USD 12 billion in 2022 and is poised to witness over 15% CAGR from 2023-2032.

The hardware components segment is estimated to cross USD 20 billion by 2032, owing to the surging demand for smart cameras.

The industry size for computer vision in North America crossed USD 3 billion in 2022, due to the increasing manufacturing output in the U.S. and Canada.

Intel corp., NVIDIA corp., Microsoft, IBM, Google (Alphabet), and Teledyne Technology are some of the well-known companies in the market.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 273
  • Countries covered: 19
  • Pages: 350

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