Computer Vision Market by Component (Hardware, Services, Software), Application (Identification, Measurement, Positioning & Guidance), End-Use - Global Forecast 2024-2030

Computer Vision Market by Component (Hardware, Services, Software), Application (Identification, Measurement, Positioning & Guidance), End-Use - Global Forecast 2024-2030

The Computer Vision Market size was estimated at USD 16.59 billion in 2023 and expected to reach USD 18.25 billion in 2024, at a CAGR 10.11% to reach USD 32.59 billion by 2030.

Computer vision focuses on developing software algorithms, technologies, and applications that enable machines to interpret visual information from the physical world. Integrating artificial intelligence, machine learning, image processing techniques, and hardware devices support various functions such as object detection, facial recognition, scene understanding, video analysis, and augmented reality across various end-user industries. There is a growing demand for application-specific computer vision systems catering to diverse markets such as retail analytics, healthcare diagnostics, and agriculture automation. In addition, the increasing manufacturing of automated and connected cars relies heavily on advanced computer vision technologies for autonomous navigation, object recognition, and safety features. High implementation costs associated with sophisticated hardware and software systems may limit small or medium-sized enterprises from investing in these cutting-edge technologies. Additionally, the reliance on cloud computing platforms for storing sensitive data and real-time processing raises questions related to data privacy and unauthorized access, further negatively affecting the need for computer vision solutions. However, the adoption of 3D computer vision systems is improving due to advancements in machine learning algorithms and AI capabilities that enable advanced depth perception and object recognition capabilities. Moreover, government initiatives worldwide are supporting industrial automation by providing funding for research projects or offering tax incentives for investments in advanced technology infrastructure.

Regional Insights

Computer vision technology has been rapidly adopted across various American industries, including automotive, healthcare, and retail. The government framework in the developed economies of the United States and Canada has actively encouraged research and development, fostering innovation and collaboration among businesses. European Union (EU)'s stringent regulations on data privacy have led companies to focus on developing innovative solutions that comply with the rules and fulfill the need for computer vision solutions. The Middle East is experiencing steady growth in adopting AI technologies, including computer vision, across multiple sectors, such as smart cities and the oil & gas industry. APAC countries represent a highly evolving computer vision market due to major investments, innovations, and collaboration in computer vision technologies. The Asian economies have invested heavily in robotics and manufacturing automation, strongly focusing on incorporating computer vision capabilities.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Computer Vision Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rapidly increasing need for quality inspection and automation
Rising demand for application-specific computer vision systems
Increasing manufacturing of automated and connected cars

Market Restraints

High implementation cost coupled with limited availability of skilled workforce

Market Opportunities

Emerging adoption of 3D computer vision systems and advancements in machine learning and AI
Government initiatives to support industrial automation

Market Challenges

Increasing security concerns associated with cloud-based image processing

Market Segmentation Analysis

Component: Growing incorporation of advanced software for predictive analytics
End-use: Significance of computer vision algorithms to provide more accurate threat detection and analysis

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Computer Vision Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Computer Vision Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Significant Funding Boost for Assert AI to Enhance Computer Vision Technologies

Assert AI, a software as a service (SAAS) company specializing in computer vision, has secured INR 30 crore (approximately USD 4 million) in a funding round. This round saw participation from notable investors including Ramesh Hariharan, Prashant Purker, Arya.ag, and several key individuals. With these funds, Assert AI is set to expand its market presence, especially in India, the US, and the Middle East, intensify its research and development activities, and continue leading innovations in the field of computer vision.

Apple Enhances Technological Capabilities with Acquisition of AI Startup

Apple has recently expanded its technology portfolio through the acquisition of a Paris-based startup, specializing in AI compression and computer vision. This acquisition, completed in December and reported to the European Commission, entails Apple taking full ownership of the seven-year-old company founded by Xavier and Lucas Fischer.

Robovision's Strategic Growth through a Hefty Series A Investment

Belgium-based Robovision, an AI-driven computer vision technology startup, has secured a notable USD 42 million in Series A funding, led by Target Global and Astanor Ventures. The recent capital influx boosts Robovision's total funding to USD 65 million, including a previously acquired USSD 23 million convertible loan in 2022. The funds primarily support its expansion into the U.S. market, and propel growth through R&D and new offices in Europe, the Middle East, and Asia.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Computer Vision Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Computer Vision Market, highlighting leading vendors and their innovative profiles. These include Allied Vision Technologies GmbH, Amazon Web Services, Inc., Basler AG, Blippar Group Limited, Cisco Systems, Inc., Cognex Corporation, Dataiku, Denso Corporation, General Electric Company, Google LLC by Alphabet Inc., Image Metrics, Infineon Technologies AG, Intel Corporation, International Business Machines Corporation, KEYENCE CORPORATION, Matterport, Inc., Meta Platforms, Inc., Microsoft Corporation, NVIDIA Corporation, Omron Corporation, Oracle Corporation, SAS Institute Inc., Teledyne Technologies Incorporated, Texas Instruments Incorporated, Unity Technologies, Verizon Communications Inc., and Zebra Technologies Corp..

Market Segmentation & Coverage

This research report categorizes the Computer Vision Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
Hardware
Services
Software
Application
Identification
Measurement
Positioning & Guidance
Predictive Maintenance
Quality Assurance & Inspection
End-Use
Automotive & Transportation
Consumer Goods & Retail
Gaming, Sports & Entertainment
Healthcare
Industrial Automation
Security & Surveillance
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year