Computer vision is an interdisciplinary scientific field that deals with how computers derive advanced understanding from digital images and videos. Computer vision tasks include how to capture, process, analyze, and understand digital images, and how to extract high-dimensional data from the real world to produce numerical or symbolic information in decision form.

The Computer Vision Market is expected to grow at a strong CAGR of around 10% owing to the rapid adoption of computer vision systems in the automotive and transportation industry and the increasing need for quality inspection and automation. 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 contributing to the growth of the market. For instance, the U.S. National Science Announced a USD 220 Mn investment in 11 new research AI research institutes.

Based on product type, the market is divided into the smart camera-based system and PC-based system. The demand for PC-based systems is comparatively higher mainly owing to the low cost, upgradeability, and the ability to be swapped out for relative ease of use. PC-based vision systems are commonly used for image processing and require multiple peripherals for other tasks such as data transfer, frame capture, storage, and lighting.

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Based on 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.

North America captured a significant share of the market in 2020

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.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share 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.

“Global Computer Vision Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.

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