Computer Vision Market: Current Analysis and Forecast (2022-2028)

Report Description

The global Computer Vision Market is expected to grow at a growth rate of around 10% during the forecast period. The computer vision market is uplifting on the account of the rapid adoption of computer vision systems in the automotive and transportation industry and the increasing need for quality inspection and automation. Computer vision is the study of how computers see and understand digital images and videos. Computer vision encompasses all tasks performed by biological vision systems. This includes “seeing” or capturing visual stimuli, understanding what you see, and extracting complex information into a form that can be used in other processes. This interdisciplinary field uses sensors, computers, and machine learning algorithms to simulate and automate these elements of the human visual system. Computer vision is the theory underlying the ability of artificially intelligent systems to see and understand their surroundings. Moreover, factors such as the growing demand for vision-guided robotic systems, rising demand for application-specific computer vision systems, increasing adoption of 3D computer vision systems, and the growing investment in AI research and development are also influencing the growth of the computer vision market. For instance, in 2020, the UK government gave USD 23.11 Mn (20 Mn GBP) funding boost to AI research. The aim of the funding was to support 15 innovative AI projects ranging from early cancer detection to clinical support and wearable medical devices.

Some of the major players operating in the market include Cognex Corporation, Basler AG, Omron Corporation, Keyence Corporation, National Instruments Corp, Sony Group Corporation, Teledyne Technologies Incorporated, Texas Instruments Incorporated, Intel Corporation, and MediaTek Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst component, hardware segment captured a significant share in 2020”

Based on component, the market is classified into hardware and software. The hardware segment catered to a significant share of the computer vision market in 2020 due to the availability of modern hardware platforms that offer convenient component connectivity and advanced features such as high-speed processing, multi-megapixel resolution, and full digital data processing. The hardware segment includes a range of different hardware components such as processors, cameras, lenses, frame grabbers, and LED lighting.

“Amongst product type, the PC-based segment to hold a significant share in the market”

Based on product type, the market is divided into the smart camera-based system and PC-based system. The demand for PC-based systems is comparatively higher mainly owing to the low cost, upgradeability, and the ability to be swapped out for relative ease of use. PC-based vision systems are commonly used for image processing and require multiple peripherals for other tasks such as data transfer, frame capture, storage, and lighting.

“North America captured a significant share of the market in 2020”

North America captured a notable share of the market in 2020. This high share is attributable to favorable government initiatives to encourage the adoption of computer vision and AI across various industries. Additionally, North America has been the most-promising region across verticals, such as banking and financial services, telecommunication, e-commerce, and others. Governments and the public sector are also in a technologically advanced race to serve a large customer base.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global computer vision market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Computer Vision Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global computer vision market were the three major steps undertaken to create and analyze the adoption of computer visions in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global computer vision market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the computer vision market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the computer vision market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, product type, application, and vertical. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the computer vision market. Further, we conducted factor analysis using dependent and independent variables such as component, product type, application, and vertical of the computer vision market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the computer vision market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global computer vision market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the computer vision market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global computer vision market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global computer vision market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, product type, application, and vertical in the global computer vision market.

The main objective of the Global Computer Vision Market Study

The current & future market trends of the global computer vision market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the computer vision market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of the users component, product type, application, and vertical
• Define and analysis of the regulatory framework for the computer vision industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the computer vision market for the major region
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the computer vision market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team