Computer Vision Market Expected to Rise at 6.39% CAGR during 2024-2032 As Revealed In New Report

Computer Vision market


Guest Post By Elena AndersonInformation Technology Markets2024-04-01


Technological improvements, such as the integration of algorithms, hardware, and sensors, are driving market expansion. Furthermore, neural networks and convolutional neural networks (CNNs) significantly enhance image identification, object detection, and segmentation capabilities.

IMARC Group's report titled "Computer Vision Market Report by Component (Hardware, Software), Product Type (Smart Camera-based, PC-based), Application (Quality Assurance and Inspection, Positioning and Guidance, Measurement, Identification, Predictive Maintenance, 3D Visualization and Interactive 3D Modelling), Vertical (Industrial, Non-Industrial), and Region 2024-2032". The global computer vision market size is expected to exhibit a CAGR of 6.39% during 2024-2032.

For an in-depth analysis, you can refer sample copy of the report: www.imarcgroup.com/compute…uestsample

Factors Affecting the Growth of the Computer Vision Industry:Technological Advancements:

Technological advancements such as integration of algorithms, hardware, and sensors are fueling the market growth. Additionally, neural networks and convolutional neural networks (CNNs) greatly improve image recognition, object detection, and segmentation capabilities. These advancements allow computer vision systems to perform tasks with high precision and expand their applications across industries. Additionally, faster and more performant hardware, such as graphics processing units (GPUs) and specialized processors, play a critical role in handling the computational requirements of complex computer vision tasks. Additionally, advances in sensors such as high-resolution cameras and LiDAR (light detection and ranging) contribute to improved data collection and image quality.Rising Demand for Automation:

Increasing demand for automation across industries is supporting the market growth. Additionally, automation offers many other benefits, including increased efficiency, reduced operating costs, and improved quality control. Moreover, computer vision technology plays a pivotal role in enabling automation by giving machines the ability to understand and respond to visual information. In the manufacturing sector, computer vision systems are used for quality inspection and defect detection on assembly lines. They identify defects in products with high speed and accuracy, ensuring that only high-quality products reach individuals.Growth in AI and ML Learning:

Artificial intelligence (AI) and machine learning (ML) algorithms in computer vision allow you to learn, adapt, and make improved decisions based on visual data. Additionally, AI and ML-based computer vision systems are increasingly being used in applications such as self-driving cars, which interpret sensor data from cameras and LiDAR to make real-time driving decisions. Additionally, in the retail field, AI-based recommendation engines provide personalized shopping experiences by analyzing individual behavior and preferences based on visual data.

Leading Companies Operating in the Global Computer Vision Industry:Basler AG
Baumer Optronic
CEVA Inc.
Cognex Corporation
Intel Corporation
Jai A/S
Keyence Corporation
Matterport Inc.
Microsoft Corporation
National Instruments
Sony Corporation
Teledyne Technologies Inc.

Ask Analyst for Sample Report: www.imarcgroup.com/request…amp;flag=C

Computer Vision Market Report Segmentation:

By Component:Hardware
Software

Hardware represented the largest segment as it captures, processes, and interprets visual data.

By Product Type:Smart Camera-based
PC-based

PC-based accounted for the largest market share due to their rising utilization among researchers, developers, and engineers to experiment with different computer vision algorithms.

By Application:Quality Assurance and Inspection
Positioning and Guidance
Measurement
Identification
Predictive Maintenance
3D Visualization and Interactive 3D Modelling

Quality assurance and inspection holds the biggest market share on account of the increasing need to examine products and materials for defects, inconsistencies, or deviations.

By Vertical:Industrial
Non-Industrial

Industrial exhibits a clear dominance in the market as it enhances efficiency, quality control, and automation.

Regional Insights:North America: (United States, Canada)
Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Africa

Asia Pacific enjoys the leading position in the computer vision market on account of the rising need for image and video processing applications in various industries.

Global Computer Vision Market Trends:

The increasing number of digital images and videos on the Internet along with the rise in Internet of Things (IoT) devices and surveillance systems presents a positive market outlook. Accordingly, this massive amount of data provides ample opportunities for the development and training of computer vision models, making them more powerful and capable. Strict regulations and requirements related to safety, security, and privacy are supporting the market growth. In addition to this, increasing adoption of computer vision in the financial sector for fraud detection and identity verification is fueling the market growth.