Global Computer Vision Market : Industry Size, Share, Analysis, Trend & Future Planning 2023
Bharat Book Bureau Provides the Trending Market Research Report on“Global Computer Vision Market, Forecast to 2023” underConsumer Goods category. The report provides information on industry overview, market size, latest developments, industry trends,Major Companies, global presence, and their future prospects.
Computer Vision Market is expected to grow at aCAGR 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 reachUSD 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.
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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).
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