Faster processing, better accuracy, and economic advantage of computer vision system drive the growth of the global computer vision market.
PORTLAND, Ore., Jan. 13, 2022 /PRNewswire/ — Allied Market Research published a report, titled, "Computer Vision Market by Component (Hardware, Software and Services), Product (PC-Based Computer Vision Systems, Smart Cameras-Based Computer Vision Systems), Application (Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification, Predictive Maintenance), and Vertical (Industrial and Non-Industrial): Global Opportunity Analysis and Industry Forecast, 2020–2030". According to the report, the global Computer Vision industry generated $9.45 billion in 2020, and is anticipated to generate $41.11 billion by 2030, witnessing a CAGR of 16.0% from 2021 to 2030.
Prime determinants of growth
Faster processing, better accuracy, and economic advantage of computer vision system drive the growth of the global computer vision market. However, requirement of highly skilled and experienced professionals and several data privacy & safety concerns impede the growth to some extent. On the other hand, growing applications of computer vision systems and advancements in the field of Computer vision and AI are expected to create lucrative opportunities in the industry.
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The global pandemic had a significant economic impact on many industries. These industries experienced and caused slowdowns in production and supply chain. And, the computer vision market is not an exception in this regard.
However, growing applications of computer vision and artificial intelligence in non-industrial applications such as healthcare, surveillance & monitoring, and transportation have created a huge profit margin for the market, thereby creating a mixed impact on the sector.
Get detailed COVID-19 impact analysis on the computer vision market:
The reinforced concrete segment to maintain its leadership status throughout the forecast period
Based on component, the hardware segment held the highest market share in 2020, accounting for nearly three-fourths of the global computer vision market, and is estimated to maintain its leadership status throughout the forecast period. Growing industrial workloads and rising demands for industrial automation has been the major factor driving the growth of the segment. Moreover, the software segment is projected to manifest the highest CAGR of 18.1% from 2021 to 2030. The fact that software-based computer vision systems find a variety of applications in the retail, agriculture, public health, automotive, and agricultural sectors drives the segment growth.
The residential buildings segment to maintain its lead position during the forecast period
Based on application, the quality assurance and inspection segment accounted for the largest share in 2020, contributing to nearly one-third of the global computer vision market, and is projected to maintain its lead position during the forecast period. This is because the quality assurance and inspection process is a crucial part of the manufacturing life cycle. However, the identification segment is expected to portray the largest CAGR of 17.6% from 2021 to 2030. Identification.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global computer vision industry. This is owing to rising focus on adopting computer vision technology into the production lines to help boost efficiency and overall productivity. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 17.5% during the forecast period. This attributed to high demand for modernization and technological up scaling trends in many industrial sectors within Asia-Pacific countries such as China, Japan, India, South Korea, Southeast Asia, Australia, and the Rest of Asia-Pacific.
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