Home > Media & Technology > Information Technology > Tech Infrastructure > Computer Vision Market
Computer Vision Market Analysis
- Report ID: GMI5479
- Published Date: Mar 2023
- Report Format: PDF
Computer Vision Market Analysis
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.
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.
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.
Frequently Asked Questions (FAQ) :
Computer Vision Market Scope
