Computer Vision Market Overview
The global computer vision market will be USD 12,123.72 Million. Between 2023 and 2032, the compound annual growth rate (CAGR) will rise by 7.1%. Artificial intelligence (AI), used in computer vision technology, is growing in popularity in various use cases. These include computer vision solutions for consumer drones and autonomous and semi-autonomous vehicles. Computer vision technology has seen recent advances in image sensors, cameras, deep learning techniques, and other computer vision technologies.
This has opened the computer vision system market in many industries, including education, healthcare, and robotics. The market's growth is driven by the growing need for quality inspection, automation, and increasing demand for vision-guided robot systems. There is also a rising demand for computer vision systems specific to applications.
Computer Vision Market Driving Factors
This market has seen a dramatic shift in robotics and automation systems over the past few years. Machine vision technology is essential for industrial automation because of its bright manufacturing and robotics. The automotive and consumer electronics sectors have seen significant growth. This has resulted in a rise in demand for integrated MV systems that are vision-guided by robot controllers. The vision system allows robots to see and respond, increasing their efficiency.
The vision-enabled feature in this system is an excellent aid for the pharmaceutical industry. It meticulously records the entire process and records data for detailed inspection. Cognex, an American multinational company, based in Massachusetts, has already established itself in the industry by producing components & devices that are enabled by advanced robotics and automation. This makes them useful in the manufacturing process.
Computer Vision Market Restraining Factors
The machine vision system enables rapid, precise, and specific control. This resulted in more reliable production and increased delivery reliability. These machines and devices require regular maintenance to maintain their reliability. The functionality of these systems is dependent on their care. The maintenance costs for these machines are high because they are sophisticated and well-equipped with automation. These costs include both installation and purchase costs.
This market is also affected by the loss of skilled workers. The market is short of skilled professionals. Operators and employees have trained accordingly. It is also difficult to inspect multiple products with the same smart camera. It is, therefore, essential to have skilled workers. An MV system requires specialized knowledge and equipment. This will be a problem as the penetration of different industries is expected to increase.
Computer Vision Market Key Trends
This report examines the key factors that influence the growth of the computer vision software market. Our global market research report covers the aspects that significantly impact the market and the restraining factors that affect the development of the market.
The report also discusses key trends that drive the market's growth. The report also discusses various qualitative factors and measurements, including operating risks and significant obstacles industry players face.
Recent Developments
- Robotics Holdings Ltd. purchased AtSite in April 2020. This made it an integral part of Robotics Group. This acquisition brings together two of the most respected technology platforms in the industry, accelerating artificial intelligence-based solutions and advancing global wind O&M's digitalization.
- Snap, Snapchat's parent company, bought AI Factory in Ukraine in January 2020 to allow the social media platform to offer a new type of video service. This uses the face of a person to play brief clips. Snap spent approximately $166 million on the purchase of the company.
Key Companies
Segmentation
Component
- Hardware
- Software
Product Type
- Smart Camera-Based Computer Vision System
- PC-Based Computer Vision System
Application
- Quality Assurance & InspectionPositioning & GuidanceMeasurement
- Identification
- Predictive Maintenance
- 3D Visualization & Interactive 3D Imaging Modelling
Vertical
- Industrial
- Non-Industrial
FAQ
Q: What is the size of the Computer Vision market in 2021?
Q: What is the projected CAGR at which the Computer Vision market is expected to grow?
Q: List the segments encompassed in this report on the Computer Vision market?
Q: List the key industry players of the Computer Vision market?
Q: Which region is more appealing for vendors employed in the Computer Vision market?
Q: Name the key areas of business for Computer Vision?
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