“The computer vision market is expected to grow at a CAGR of 7.80% between 2018 and 2023”
The overall computer vision market is expected to be valued at USD 11.94 billion in 2018 and is likely to reach USD 17.38 billion by 2023, at a CAGR of 7.80% between 2018 and 2023. The increasing demand for AI-integrated computer vision systems and the rising adoption of computer vision in UAVs are likely to create huge growth opportunities for the computer vision market. However, factors such as changing requirements of end users with respect to computer vision applications and lack of flexible computer vision solutions are restricting the growth of the market.
“Market for predictive maintenance applications is expected to grow at a high rate during the forecast period.”
Predictive maintenance (PdM) is one of the emerging application areas wherein computer vision systems are used. This application area is expected to expand in the coming years with the introduction of AI- and IoT-integrated computer vision systems. Thus, the market for predictive maintenance applications is expected to grow at the highest rate between 2018 and 2023.
“APAC is expected to hold the largest size of the computer vision market throughout the forecast period.”
The computer vision market in APAC can be segmented on the basis of country/region into India, China, Japan, South Korea, and Rest of APAC. APAC provides ample growth opportunities for the computer vision market as it is considered as a major manufacturing hub for various industries. The ongoing large-scale developments in the emerging economies in APAC owing to the growing use of advanced technologies in manufacturing industries is contributing to the growth of the computer vision market in APAC.
In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry people. The breakup of the profile of primary participants has been given below.
• By Company Type: Tier 1 – 54%, Tier 2 – 30%, and Tier 3 – 16%
• By Designation: Directors – 15%, Managers – 48%, Vice President –30%, and Others – 7%
• By Region: North Americas – 20%, Europe – 30%, APAC – 40%, and RoW – 10%
Companies that are capable of providing IoT- and AI-integrated computer vision systems are expected to emerge as game changers as these systems will reduce human intervention and boost the overall efficiency of the systems.
The major companies covered in the report on the computer vision market are Cognex (US), Basler (Germany), OMRON (Japan), KEYENCE Corporation (Japan), National Instruments (US), Sony (Japan), Teledyne Technologies (US), Texas Instruments (US), Intel (US), Baumer Optronic (Germany), tordivel (Norway), ISRA VISION (Germany), MVTec Software (Germany), MediaTek (Taiwan), Cadence Design Systems (US), CEVA (US), Synopsys (US), SICK (Germany), and JAI A/S (Denmark).
• The computer vision market has been segmented on the basis of hardware into cameras, frame grabbers, optics, LED lighting, processors, and others.
• Major applications of computer vision systems include quality assurance and inspection, positioning and guidance, measurement, identification and predictive maintenance.
• Computer vision systems have applications in industrial as well as non-industrial verticals; the industrial vertical covers the automotive, electronics and semiconductor, consumer electronics, glass, metals, wood and paper, pharmaceuticals, food and packaging, rubber and plastics, printing, solar panel manufacturing, and textiles industries, and the non-industrial vertical covers the healthcare, postal and logistics, intelligent transportation systems, security and surveillance, agriculture, consumer electronics, autonomous and semiautonomous vehicles, sports and entertainment, and retail industries.
• The computer vision market has been segmented on the basis of geography into 4 major regions—North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons to Buy This Report:
This research report covers industry analysis (industry trends), market ranking analysis of top players, and value chain analysis; company profiles, which discuss the competitive landscape, emerging and high-growth segments of the computer vision market, and high-growth regions; and market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
• Market penetration: Comprehensive information on computer vision systems offered by top players in the market
• Product development/innovation: Detailed insights regarding R&D activities, emerging technologies, and product launches in the computer vision market
• Market development: Comprehensive information on lucrative emerging markets—the report analyses the markets for computer vision across regions
• Market diversification: Exhaustive information on new products, untapped geographies, recent developments, and investments in the computer vision market
• Competitive assessment: In-depth assessment of market ranking analysis, strategies, products, and manufacturing capabilities of the leading players in the computer vision market