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.
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Factors Affecting the Growth of the Global Computer Vision Industry:
- Advancements in AI and Machine Learning:
AI and ML algorithms have become increasingly proficient at image recognition tasks. Deep learning models, such as convolutional neural networks (CNNs), have demonstrated remarkable capabilities in identifying and classifying objects within images and videos. This accuracy has made computer vision systems more reliable in real-world scenarios. Besides, AI-powered computer vision systems can be integrated with natural language processing (NLP) algorithms, enabling them to interpret and respond to text-based queries or descriptions. This integration enhances their ability to provide meaningful insights and interact with users effectively.
- Rising Generation of Data:
With the widespread adoption of digital cameras, smartphones, and surveillance systems, vast amounts of visual data are generated daily. This includes images and videos captured in various contexts, such as social media, e-commerce, healthcare, and security. This data serves as a valuable resource for training computer vision models. Besides, the diversity and volume of training data help computer vision models generalize better. They can recognize a wider range of objects, scenes, and conditions, making them more robust in real-world applications. This reduces overfitting, where models perform well on training data but poorly on new, unseen data. Moreover, large-scale data-driven training enables computer vision models to develop a deeper semantic understanding of visual content. They can grasp the relationships between objects, infer context, and even detect subtle visual nuances, such as emotions in facial expressions.
- Retail and E-Commerce:
Retailers and e-commerce platforms are increasingly harnessing the power of computer vision technology for a variety of purposes to enhance the shopping experience, streamline operations, and gain valuable insights into customer behavior. They are implementing computer vision systems to create cashierless stores. These systems use cameras and sensors to track customers as they select items, automatically adding products to their virtual shopping carts. Customers can then simply walk out of the store, and their purchases are charged to their accounts. They are also using computer vision to track customer movement within stores. This data helps optimize store layouts, product placements, and staff allocation for improved customer experiences.
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.
Global Computer Vision Market Report Segmentation:
By Component:
- Hardware
- Software
Hardware dominate the market as CV, as a field, heavily relies on various hardware components to capture, process, and interpret visual data.
By Product Type:
- Smart Camera-based
- PC-based
PC-based products hold the largest market share as they involve the use of traditional personal computers or workstations for processing and interpreting visual data.
By Application:
- Quality Assurance and Inspection
- Positioning and Guidance
- Measurement
- Identification
- Predictive Maintenance
- 3D Visualization and Interactive 3D Modelling
Quality assurance and inspection hold the largest market share as CV plays a crucial role in quality assurance and inspection across various industries.
By Vertical:
- Industrial
- Non-Industrial
A detailed breakup and analysis of the market based on the vertical has also been provided in the report. This includes industrial and non-industrial.
By Region:
- 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 represents the largest market due to the rising need for image and video processing applications in various industry verticals.
Global Computer Vision Market Trends:
The integration of artificial intelligence (AI) techniques, such as deep learning, into computer vision systems is enhancing their capabilities. AI-powered computer vision can now handle complex tasks like object detection, image segmentation, and natural language processing, enabling a wide range of applications. Besides, edge computing is gaining prominence in computer vision applications. Processing data closer to the source (e.g., cameras and sensors) reduces latency and enables real-time decision-making. This is crucial for applications like autonomous vehicles and industrial automation. Moreover, computer vision is making significant strides in healthcare, particularly in medical imaging. AI-driven computer vision systems can assist in disease diagnosis, early detection, and treatment planning, revolutionizing healthcare workflows.
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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