Home > Pressrelease > Computer Vision Market size to reach $40 bn by 2032
Computer Vision Market size to reach $40 bn by 2032
- Published Date: March 16, 2023
Computer Vision Market size is predicted to exceed USD 40 billion by 2032, according to a new research report by Global Market Insights Inc.
Rapid digitalization of the retail sector is expected to have a positive impact on the industry. The increasing focus on digital transformation among retailers has accelerated the adoption of digital technologies to combine operational excellence (OX), and customer experience (CX). Computer vision is increasingly used across retail applications such as inventory management, store layout improvement, self-checkout, barcode scanning smartphone apps, and virtual mirrors & recommendation engines. Furthermore, AI vision is helping retailers perform multiple tasks right from image optimization to customer behavior analysis. With the growing focus on reducing expenditure, boosting revenue, and enhancing the shopping experience, the demand for computer vision in the retail sector is set to rise in the near future.
Recent breakthroughs in computer vision software solutions to further industry growth
Computer vision market from software component segment is estimated to surpass USD 15 billion by 2032. The ongoing developments and innovations in computer vision components are allowing users to develop images and models for supporting image classification, facial recognition, tracking object mobility, and object detection. Thus, computer vision software solutions are experiencing surging demand for the development of end-to-end platforms to cater to a wide range of applications using a single server. These platforms provide constant updates, support more than one language, and technology improvement to augment efficiency.
Browse key industry insights spread across 350 pages with 243 market data tables and 32 figures & charts from the report, “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” in detail along with the table of contents:
Hefty investments in government security & surveillance systems to propel adoption of computer vision technology
Computer vision market size from the government end-user segment is projected to witness over 15% CAGR between 2023 and 2032. Computer vision records broad range of government applications, such as security & surveillance, fraud detection, and license plate detection. To that end, governments are heavily investing in AI vision systems to increase operational efficiencies whilst cutting down on costs. Federal agencies worldwide are also deploying advanced computer vision systems for automatically decoding license plates, processing documents & mail, measuring axial stress in railroads, and scanning for nutritional fact panels.
Surging adoption of smart medical devices to promote Europe computer vision industry expansion
Europe held 25% of the computer vision market share in 2022, owing to the increasing integration of AI, IoT, and robotics in the healthcare sector. The region has a solid footprint of some of the globally leading healthcare and medical device companies, further scaling up innovation and technological advancements. Europe is expected to emerge as a hub for computer vision systems with the massive influx of investments in technology integration. For instance, in December 2022, WeWalk, a U.K.-based smart cane developer announced an investment worth over USD 2.4 million for the integration of computer vision to better serve the needs of visually impaired people in the region.
New collaborations to drive computer vision industry growth
Some of the leading players in the computer vision market include Intel corp., NVIDIA corp., Microsoft, IBM, Google (Alphabet), and Teledyne Technology. These companies are foraying into strategic collaborations and agreements to strengthen their industry presence. For instance, in September 2022, Amazon Web Services (AWS) announced a collaboration with SK Telecom to launch a new range of computer vision services allowing customers to boost productivity, maintain equipment, and improve safety within the facility.