San Francisco, 09 February 2024: The Report Computer Vision Market Size, Share & Trends Analysis Report By Component, By Product Type, By Application, By Vertical (Automotive, Healthcare, Retail), By Region, And Segment Forecasts, 2023 - 2030

The global computer vision market size is expected to reach USD 58.29 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 19.6% from 2023 to 2030. This technology has emerged as an emulation of a human visual system to support the automation tasks that require visual cognition. However, image deciphering is more complicated than analyzing data in a binary form due to the vast amount of multi-dimensional data in an image for analysis. Artificial neural networks and deep learning are being used to increase computer vision's capabilities of replicating human ideas to address such complexity in developing AI systems to recognize visual data.

Besides, this technology has become more adept at pattern recognition than the human optical cognitive system with the advent of deep learning techniques. For instance, in May 2022, the University of Illinois, a public land grant university, partnered with The Allen Institute for Artificial Intelligence, also known as AI2, a non-profit institute in the U.S., to develop the "General Robust Image Task" (GRIT) for computer vision models. This collaboration aimed to help AI engineers create computer vision systems that can be utilized for various generic jobs and complex challenges.

Also, different trends are emerging in computer vision techniques and tools after the COVID-19 outbreak. It is being used for multiple purposes in fighting against COVID-19, such as medical data monitoring to diagnose patients and movement & traffic control in urban spaces, among others. For instance, in March 2022, the U.ae, an official portal of the UAE Government, introduced the Alhosn app to get information regarding health status and contact tracing related to COVID-19. With this application, one can quickly get a notification if the individual has been in contact with the COVID-19 infected person, the record of all previous COVID-19 tests with their dates, information about the vaccination types and their data, and the dose of date.

Besides, in October 2021, BD, a U.S.-based medical technology company that manufactures instrument systems and medical devices, launched the new "BD Veritor," a rapid COVID-19 test at home that would use computer vision technology in a smartphone with a mobile app named "Scanwell." With the help of computer vision technology, the app will display the result in 15 minutes, and an automated report will be shared with state and federal health agencies.

Several major players in the market have developed various platforms that can be used for data storage and analysis using application software. Companies such as OMRON Corporation have developed different software for applications such as automation, integration, communication, and control. Increasing adoption of various digital healthcare solutions to meet the sensitive regulatory requirements for patient safety is anticipated to drive the demand for vision systems over the forecast period. Less stringent government regulations and lower manufacturing costs in the Asia Pacific region have led significant technology giants to establish manufacturing bases, thus driving the regional industry. For instance, in June 2022, Nexar, a computer vision technology provider of dash cams for cars, announced its expansion in the Asia Pacific by opening a new office and a manufacturing base in Singapore.

The growth would let the company offer its computer vision capabilities to hi-tech cities, and these offerings will protect the drivers, roads, and highways in the Asia Pacific. Besides, in June 2022, Paravision, a computer vision technology provider specializing in face recognition, expanded its presence in the Asia Pacific region. The expansion would scale the company’s business and strengthen its position in the market by forging new partnerships and relationships in the region. Significant applications of machine vision are in the quality and inspection of the manufacturing industry. A boom in the manufacturing sector is anticipated to enhance the market demand for machine vision in the Asia Pacific region.
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Artificial intelligence (AI) in computer vision technology is becoming increasingly popular in different use cases, such as computer vision solutions in consumer drones and autonomous & semi-autonomous vehicles. Also, the recent advancements in computer vision comprising image sensors, advanced cameras, and deep learning techniques have widened the scope for computer vision systems in various industries, including education, healthcare, robotics, consumer electronics, retail, manufacturing, and security & surveillance, among others.

• The hardware segment led the market in 2022 owing to the advanced hardware devices, including processors, cameras, lenses, and frame grabbers, which help in advanced functions such as fast processing, digital data handling, and multi-megapixel solutions
• The PC-based computer vision systems segment led the market in 2022 due to its cost-effective, compact, and versatile features making it easier to adopt based on changing rules and standards in these systems
• Asia Pacific dominated the market as countries such as China and Japan have the most constantly changing, competitive, and rising technology improvements in the market
• The expanding number of adoptions of computer vision globally is projected to support market expansion
• Deep learning algorithms using CNN (Convolutional Neural Network) classifiers allow image classification, object/ pattern recognition, and segmentation speed. The development of these AI-powered deep learning systems is anticipated to boost the market over the forecast period
• Facial recognition and biometric scanning systems in the security & surveillance industry are significantly driving the market with the growing use of pattern recognition in high-confidentiality workplaces, such as research labs, nuclear power plants, and bank vaults
• Tasks automation in manufacturing units is a significant use-case of computer vision technology as machine vision is highly used to inspect manufactured products for non-conformities and defects
• The Asia Pacific dominated the market due to the significantly increasing investments in Chinese companies and other countries in the APAC region for computer vision technology

For instance, in August 2022, TachyHealth, Inc, a Dubai-based artificial intelligence solution provider for medical centers and hospitals, collaborated with Medical Refill, which provides remote medical consultation for their patients. The collaboration aims to provide technology solutions such as computer vision, artificial intelligence, and big data analytics to the clinical team. Further, it would help them quickly transform the complex laboratory results from PDF or image format to a text format that would improve patient engagement and make it more interactive in their treatment journey.

Computer vision systems improve the security of high-value assets by implementing biometric scanning and facial recognition systems. The most popular use-case of facial recognition is smartphone security, as computer vision systems can recognize different patterns in the retinas and irises of humans. Besides, more advanced use cases of facial recognition are businesses or residential security systems that use individuals' physiological features for identity verification.

Fingerprint analysis also controls access to high-security areas, such as bank vaults and research labs. For instance, in July 2022, IDEMIA, a multinational technology company that offers facial recognition and other computer vision software & products to government and private companies, partnered with the U.S. Department of Homeland Security which takes care of public security in the U.S. The partnership is expected to improve U.S. Department of Homeland Security activities such as identifying suspects during criminal investigations & travelers at the airports and streamlining security at the checkpoints after deploying facial recognition tools.

Computer Vision Market Report Scope

The automotive industry is witnessing a paradigm shift from human-driven or conventional vehicles to AI-powered or self-driving cars. The application of computer vision systems in self-driving cars is expected to boost the growth of the computer vision market, owing to the need for decision-making ability. Self-driving vehicles are equipped with ultrasonic and LiDAR sensors to identify signposts, other cars, and obstacles. Also, these vehicles are equipped with cameras providing computer vision to read road signs, compute steering angles, and make critical on-road decisions, such as giving way to fire engines or ambulances.

For instance, in May 2021, Aventior, Inc., a technology service provider, stated in its article that computer vision technology is making self-driving cars safe for passengers. The facial recognition tool, which is used with sensor technology, would quickly help identify cars, people, and other objects on the road. Further, computer vision technology would help self-driving vehicles become more intelligent and reliable. It helps to create a 3D map by capturing real-time images, quickly identifying low light conditions with the help of their algorithms and can also easily recognize objects using HDR and LIDAR sensors.

The manufacturing industry is experiencing the most extensive use of automation and robotics. As manufacturing facilities are transitioning towards fully automated manufacturing, the requirement for more intelligent systems to monitor industrial processes and outcomes is increasing. While the IoT (Internet of Things) is revolutionizing the manufacturing sector and making industrial operations more autonomous, computer vision is further assisting in improving them in the form of machine vision.

List of Key Players in the Computer Vision Market

• Cognex Corporation
• Intel Corporation
• Keyence Corporation
• Matterport, Inc. 
• NATIONAL INSTRUMENTS CORP
• OMRON Corporation
• Sony Semiconductor Solutions Corporation
• Teledyne Technologies Incorporated.
• Baumer
• Texas Instruments Incorporated