According to a new report published by UnivDatos, the Computer Vision Market is expected to grow at a CAGR of around 10% from 2022-2028. The analysis has been segmented into Component (Hardware and Software); Product Type (Smart Camera-Based System and PC-Based System); Application (Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification, Predictive Maintenance, and 3D Visualization): Vertical (Industrial and Non-Industrial); Region/Country.

The computer vision market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the computer vision market. The computer vision market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the computer vision market at the global and regional levels.

Market Overview

The computer vision market is uplifting on the account of the rapid adoption of computer vision systems in the automotive and transportation industry and the increasing need for quality inspection and automation. Computer vision is the study of how computers see and understand digital images and videos. Computer vision encompasses all tasks performed by biological vision systems. This includes "seeing" or capturing visual stimuli, understanding what you see, and extracting complex information into a form that can be used in other processes. This interdisciplinary field uses sensors, computers, and machine learning algorithms to simulate and automate these elements of the human visual system. Computer vision is the theory underlying the ability of artificially intelligent systems to see and understand their surroundings. Moreover, factors such as the growing demand for vision-guided robotic systems, rising demand for application-specific computer vision systems, increasing adoption of 3D computer vision systems, and the growing investment in AI research and development are also influencing the growth of the computer vision market. For instance, in 2020, the UK government gave USD 23.11 Mn (20 Mn GBP) funding boost to AI research. The aim of the funding was to support 15 innovative AI projects ranging from early cancer detection to clinical support and wearable medical devices.

Some of the major players operating in the market include Cognex Corporation, Basler AG, Omron Corporation, Keyence Corporation, National Instruments Corp, Sony Group Corporation, Teledyne Technologies Incorporated, Texas Instruments Incorporated, Intel Corporation, and MediaTek Inc.

COVID-19 Impact

As COVID-19 spreads globally, businesses of all sizes and industries struggle to keep their resources safe and productive during the pandemic. However, this pandemic has opened several avenues for computer vision systems to fight the epidemic. Several technology start-ups and giants are working to prevent, contain, and contain the virus.

Access sample report (including graphs, charts, and figures): https://univdatos.com/reports/computer-vision-market?popup=report-enquiry

The global computer vision market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·        On the basis of application, the market is classified into quality assurance & inspection, positioning & guidance, measurement, identification, predictive maintenance, and 3D visualization. The quality assurance & inspection segment is the prominent application segment for computer vision due to the rapid adoption of process automation in manufacturing to improve productivity. Quality assurance is an integral part of the quality control department focused on ensuring that quality requirements are met

·        By vertical, the market is bifurcated into industrial and non-industrial. The industrial segment is expected to grow at a substantial CAGR mainly owing to the rapid adoption of computer vision systems in the automotive and transportation industry. The industry segment includes industries that use computer vision applications in manufacturing processes such as automobiles, home appliances, metals, wood and paper, food and packaging, machinery, and textiles

Computer Vision Market Geographical Segmentation Includes:

·        North America (The United States, Canada, and the Rest of North America)

·        Europe (Germany, The United Kingdom, France, Italy, Spain, and the Rest of Europe)

·        Asia-Pacific (China, India, Japan, and the Rest of Asia-Pacific)

·        Rest of the World

North America captured a notable share of the market in 2020. This high share is attributable to favorable government initiatives to encourage the adoption of computer vision and AI across various industries. Additionally, North America has been the most-promising region across verticals, such as banking and financial services, telecommunication, e-commerce, and others. Governments and the public sector are also in a technologically advanced race to serve a large customer base.

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