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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