Global Computer Vision Market
The Computer Vision market was valued at USD 10.7 Billion in 2020, and it is expected to reach a value of USD 19.75
Billion by 2027, at a CAGR of 8.05% over the forecast
period (2020 - 2027).
Biometric scanning and face recognition technologies are used to
increase the security of high-value assets
using computer vision technology. Because computer vision systems can identify
distinct patterns in human retinas
and irises, the most common use-case for facial recognition is smartphone security. Furthermore, companies or
residential security systems that employ people's physiological characteristics for identification verification are more sophisticated use-cases of face recognition.
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Key players
in Computer Vision market
are:
·
Cognex Corporation
· Intel Corporation
·
Keyence Corporation
·
Matterport, Inc.
·
National Instruments
· OMRON Corporation
·
Sony Semiconductor Solutions Corporation
·
Teledyne Digital Imaging Inc.
·
Teledyne Optech
·
Texas Instruments Incorporated
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Global Computer
Vision Market Segmentation
The Global Computer Vision market is segmented based on Component,
Product, End-Use, and Region. Based
on Component it is categorized into: Hardware, Software. Based on Product it is categorized into: Smart Camera Based,
PC-Based. Based on End-Use it is categorized into: Industrial, Non-industrial. Based on region it is
categorized into: North America, Europe, Asia-Pacific, South America,
and MEA.
Key Trends in Global Computer Vision
Market
·
Computer vision applications
have grown at a breakneck speed over the previous decade, reaching a fever pitch with the advent of
the COVID-19 epidemic. From retail software and healthcare platforms to sophisticated manufacturing and
government systems, companies are investing substantially in AI-driven
solutions. Many people
are afraid that AI technology is developing too quickly
for them to keep up with.
·
While there is still a lack of
AI regulation, which leads to AI explain-ability issues and bias risk, computer vision technology is a safer
bet due to its maturity. The global market
for computer vision is expected to grow at an
optimistic rate of more than 7% due to the speed with which investments are made and the immediate
benefits that computer vision implementation
provides.
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