Increased advancements in information and communication technology [ICT], increased demand for vision-guided robotic systems, and continuous R&D in digital technology resulted in boosting Computer Vision System market.
The Global Computer Vision System market is forecast to reach USD 25.69 Billion by 2028, according to a new report by Reports and Data. The Computer Vision System market is witnessing continuous growth in the recent year that has been primarily driven by significant advancements in the information and communication technology sector. The constant emphasis on R&D in the industry has resulted in developments like artificial learning, and machine learning, which is opening new avenues for the application of computer vision systems. Such expansion in areas of application is positively impacting the growth of the market. The growth of the industry has also been driven by increased demand for computer vision systems for industrial applications like in the automotive industry as well as non- industrial sectors such as healthcare sector.
Apart from the factors mentioned above, one of the essential traits of the computer vision system is high accuracy, which is also contributing to the expansion of the market. The mentioned trait of computer vision system results in its increased application for diverse operations ranging from identification to quality assurance & inspection in various industrial as well as non-industrial functioning. The high utility of computer vision system is also boosting the growth of the market. Increased investments and continuous emphasis on product developments by key players of the market is also contributing to its growth. One of such mentionable market developments were made by Keyence, a key player of the market in 2017, which introduced the 3D vision system that presented point-and-click tools to measure 3D objects. Such advancements in the market have a positive impact on it.
The global information and communications technology (ICT) market registered steady revenue growth in 2020, and market size is expected to increase further over the forecast period. Factors contributing to the global ICT market revenue growth are growing penetration of smart mobile devices such as smartphones, tablets, and smart watches, rapid adoption of state-of-the-art technologies such as AI, machine learning, Internet of Things (IoT), big data analytics, and cloud computing, and rapid digitalization across numerous industries including the banking & finance, education, healthcare, automotive, oil & gas, agriculture, buildings & construction, and power & energy industries. Increasing accessibility of the Internet across the globe, emergence of the 5G technology, growing need for faster Internet services for rapid data transfer & processing, introduction of advanced Wi-Fi systems, and rising data security and user safety concerns among consumers are some of the other factors expected to drive the ICT market revenue growth.
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The computer vision system market is indeed considered to have great potential and is currently in its initial phase of development and expansion. The growth of the market is primarily driven by advancements in virtual and augmented reality. These technologies create new opportunities and applications for computer vision systems.
Recent technological advancements in the information and communication technology sector, such as machine learning, artificial intelligence, neural networks, and deep learning, have also contributed to the growth of the market. These advancements enable more sophisticated and accurate computer vision algorithms and models, enhancing the performance and capabilities of computer vision systems.
The increasing demand for mobile devices has played a significant role in boosting the market as well. Mobile devices incorporate computer vision technologies for various applications, such as facial recognition, augmented reality filters, and object detection, among others. The widespread adoption of mobile devices has created a substantial market for computer vision systems.
One of the notable advantages of computer vision systems is their high accuracy. This accuracy makes them valuable in applications such as quality assurance and inspection, identification, and many others. The versatility and utility of computer vision systems across different industries contribute positively to the market’s growth.
Furthermore, the rising need for automation and the availability of low-cost and robust hardware have also contributed to the expansion of the market. Industries across various sectors are increasingly adopting computer vision systems to automate processes, improve efficiency, and enhance productivity.
In terms of regional analysis, North America currently dominates the computer vision system market. This dominance can be attributed to stringent government regulations associated with quality assurance and workplace safety in industries such as food and packaging, pharmaceuticals, and others. These industries, which are continuously expanding, drive the increased demand for computer vision systems in North America.
Product Type Outlook (Revenue, USD Billion; 2020-2028)
- Smart Cameras-Based Computer Vision Systems
- PC-Based Computer Vision Systems
Component type Outlook (Revenue, USD Billion; 2020-2028)
Application Type Outlook (Revenue, USD Billion; 2020-2028)
- Positioning & Guidance
- Quality Assurance & Inspection
- Predictive Maintenance
End-user Type Outlook (Revenue, USD Billion; 2020-2028)
- Electronics & Semiconductor
- Food & Packaging
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Regional Markets Highlighted in the Global Computer Vision System Market Report:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Top Companies Profiled in the Report:
Basler, Keyence, Cognex, Omron, Texas Instruments, Cognex, Teledyne Technologies, Sony, Intel, National Instruments, and Mvtec Software.
Further key findings from the report suggest
- The Computer Vision System market held a market share of USD 11.35 Billion in the year 2020 with a growth rate of 10.8% during the forecast period.
- In regards to Product, the PC-Based Computer Vision Systems segment generated the highest revenue of USD 5.63 Billion in 2020 with a CAGR of 10.3% during the forecast period. Its more extensive use as compared to Smart Cameras-Based Computer Vision Systems, along with advantages like flexibility with the choices of software, has contributed to the revenue generated by this segment.
- In context to Component, the Hardware segment is forecasted to generate a higher revenue of USD 13 Billion by 2028 with a growth rate of 10.1% during the forecast period. Factors contributing to the revenue generated by the segment are the affordability of semiconductor devices and its high availability.
- In regards to Application, Predictive Maintenance segment is forecasted to witness the highest growth rate of 13.5% during the forecast period that yielded USD 1.21 Billion in 2020. The growth rate of the segment is the result of advancements in artificial intelligence technologies, information, and communication technology, and its incorporation in various industries like the automotive sector. The expansion of these sectors is increasing the demand for predictive maintenance application and contributing to the segment’s growth.
- While discussing Application, Identification segment yielded the highest revenue of USD 3.12 Billion in 2020 with a CAGR of 11.1% during the forecast. The revenue generated by the segment is the result of increased demand for services like face recognition and need for limited devices for performing successful identification process.
- In regards to end-user, the automotive segment occupied the largest market share of 38.0% in 2020 with a CAGR of 11.1% during the forecast period. The market share held by this segment is the result of an increased need for automation in the automotive industry, for assembling vehicles. The need for increased automation has resulted in its incorporation of computer vision systems at a significant rate, contributing to the segment’s market share.
- In regards to region, Asia Pacific is forecasted to witness the highest growth rate of 12.2% during the forecast period. The growth rate of the region is the result of continuous advancements in computer vision systems, a rise in the number of start-ups, and the increase in investments in R&D activities in the region.
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Overall, the computer vision system market is experiencing significant growth potential due to advancements in technology, the increasing demand for mobile devices, the accuracy of computer vision systems, and the need for automation in various industries. North America, with its stringent regulations and expanding industries, currently holds a prominent position in the market.
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