Computer Vision Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Computer Vision Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The computer vision market is expected to grow at a CAGR of 7.36 % over the forecast period (2021 - 2026). With the help of digital cameras or videos and applying deep machine learning algorithms, computer vision accurately identifies any defect in the system, thus, making it one of the critical components in predictive maintenance.

Key Highlights

• According to Plant Engineering's 2018 maintenance survey, the usage of predictive maintenance had risen from 47% to 51%, and that running equipment to the point of failure had dropped from 61% to 57%. For instance, in September 2018, FANUC corporation launched its FIELD system, which collects machine data and monitors the operating status of the manufacturing equipment in real-time. This would enhance equipment efficiency and reduces its downturn.
• Further, the World Health Organization stated that due to road accidents, 1.25 million people die every year. Further, the WHO also predicted that this trend is to become the seventh leading cause of death by 2030. Most of the road accidents can be associated with Vulnerable Road Users (VRU) such as bicyclists or pedestrians. Thus, it can be interpreted that most of the road accidents are the result of human error. Therefore, computer vision-based driverless is an emerging technology which is driving the computer vision market.
• For instance, in October 2019, Tesla deployed an updated version of its 'Tesla Vision' in its self-driving cars. This updated version can track vehicles and other objects all around the car within a radius of 250 meters with the help of eight cameras. Along with cameras, twelve sensors are used to detect any object, such as hard or soft. Such innovative technology has a positive impact on the computer vision market globally.
• However, the increasing security concerns regarding cloud-based image processing and the complexity of integrating computer vision systems are some of the significant factors which are restraining the growth of the market.

Key Market TrendsManufacturing Sector is Expected to Register a Significant Growth

• According to the US Department of Energy in 2018, predictive maintenance is highly cost-effective, saving roughly 8% to 12% over preventive maintenance, and up to 40% over reactive maintenance. Thus, in an effort for efficient predictive maintenance, computer vision plays a major role by providing real-time analytics with the help of cameras and sensors.
• Moreover, with the help of computer vision, the manufacturers are able to deploy predictive maintenance for far-off site inspections of rigs, pipelines, plants, and fields.
• Packaging and product quality are also monitored, and defective products are also reduced with the help of computer vision.
• For instance, in June 2019, Keyence launched a CV-X/XG-X Series system which is capable of accurately capturing target appearance and using lighting adjustments for stable detection of difficult-to-spot variations. This one tool can handle multiple inspection items such as product type difference checks and presence/absence inspections.
• Further, according to General Electric Company, the United Kingdom is one of the most advanced countries in 2018 with 28% of the organizations utilizing digital technologies, in the manufacturing industry. Thus, the high penetration of digital technology, coupled with the preference for higher relevance of predictive maintenance for their business is expected to fuel the market throughout the region as well.

Asia- Pacific to Witness Fastest Growth

• The region comprises of one of the fastest-growing economies in the world, such as China and India. China dominates the world in terms of the production of goods such as consumer goods or other electronics goods. The 'Made in China 2025' goal is one of the major drivers which will help the computer vision market to grow in the region since it has wide applications in the manufacturing industry
• Moreover, the healthcare sector in India is growing exponentially owing to an increase in the government initiative. According to the India Brand Equity Foundation in 2018, India is the destination for high-end diagnostic services and the cost of surgery in India is about one-tenth of that in the US or Western Europe. Additionally, India is experiencing a 22-25 % growth in medical tourism and the industry is expected to reach USD 9 billion by 2020. Thus, it widens the scope for tremendous capital investment for advanced diagnostic facilities, thereby accelerating the adoption and demand of the computer vision technology.
• For instance, in May 2019, The National Association of Software and Services Companies (NASSCOM), and GE Healthcare have entered into a partnership to develop digital healthcare solutions. This will enhance the scope for research and drug innovation which will create a market for the computer vision technology market.

Competitive Landscape

In the computer vision technology market, the competition among the players is moderately increasing. Recent advancements in technologies such as facial recognition, gesture analysis, enhanced security and is revolutionizing the different industries such as manufacturing, healthcare, etc. Therefore, different companies are entering the market. Some of the key players are Intel Corporation, National Instruments Corporation, Keyence Corporation, Texas Instruments Incorporated, and SAS Institute. Some of the recent developments are:

• February 2019 - Texas Instrument, launched a BeagleBone AI board which is aimed for developers who are interested in experimenting with machine learning and computer vision. This board is equipped with Vision Engine (EVE) chips which offer 8x the performance per watt when running calculations for computer-vision models compared to Arm Cortex A15-based CPU.
• May 2018 - Intel launched its OpenVINO toolkit, which accelerated deep learning and is able to transform vision data into business insights. It is designed for users to track the development of high-performance computer vision applications, and unleash the deep learning inference across the entire Intel silicon portfolio.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Intel Corporation
National Instruments Corporation
SAS Institute
Keyence Corporation
Texas Instruments Incorporated
Microsoft Corporation.
Omron Corporation
Sony Corporation
Cadence Design Systems, Inc.
Synopsys, Inc.

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