Computer Vision Market Size Worth $19.1 Billion By 2027

The global computer vision market size is expected to reach USD 19.1 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.6% from 2020 to 2027. This technology has emerged as an emulation of a human visual system to support the automation tasks that require visual cognition. However, the process of 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 vision, 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 visual cognitive system, with the advents in deep learning techniques.

Also, different trends are emerging in the use of computer vision techniques and tools after the COVID-19 outbreaks. It is being used for multiple purposes of fighting against COVID-19, such as medical data monitoring to diagnose patients and movement and traffic control in urban spaces. For instance, Numina, a U.S.-based startup that delivers real-time insights using computer vision for the development of sustainable cities, has developed a tool that enables monitoring of social distancing in the cities, such as New York. Also, the tool built by Numina provides real-time insights on pedestrian movements to monitor how people are following social distancing guidelines (2-meter distance). For another instance, in December 2019, BlueDot, a Canadian start-up that provides an AI platform for infectious disease detection, predicted the coronavirus infections before the statement released by the World Health Organization (WHO) for the pandemic. Therefore, from accelerated drug discovery to social distancing monitoring, AI-enabled with computer vision is at the forefront in the fight against this pandemic.

Artificial intelligence with computer vision technology is becoming increasingly popular in different use-cases, such as imagery solutions in consumer drones and autonomous and semi-autonomous vehicles. Also, the recent advancements in computer vision comprising image sensors, advanced cameras, and deep learning techniques have widened the scope for these systems in various industries, including education, healthcare, robotics, consumer electronics, retail, manufacturing, and security and surveillance, among others. For instance, image captioning in social media platforms is one of the most popular applications of computer vision. These platforms use deep learning algorithms to apply pattern recognition in images shared by the users and provide textual information extracted from the images.

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Computer Vision Market Report Highlights

• Vision inspection solutions to food and beverages, pharmaceuticals, and automotive industries, provide vision systems for robotic vision and quality control is expected to be prevalent over the projected period
• Deep learning algorithms using Convolutional Neural Network (CNN) classifiers allow image classification and object/ pattern recognition, and their segmentation at speed. The development of these AI-powered deep learning systems is anticipated to boost the market growth
• Facial recognition and biometric scanning systems in the security and surveillance industry are significantly driving the market growth with the rising use of pattern recognition in high-confidentiality workplaces, such as research labs, nuclear power plants, and bank vaults
• Tasks automation in manufacturing units is one of the significant use-cases of computer vision technology as machine vision is highly used for the inspection of manufactured products for non-conformities and defects

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Computer Vision Market Segmentation

Grand View Research has segmented the global computer vision market based on component, product type, application, vertical, and region:

Computer Vision Component Outlook (Revenue, USD Million, 2016 - 2027)

• Hardware
• Software

Computer Vision Product Type Outlook (Revenue, USD Million, 2016 - 2027)

• Smart Camera-based
• PC-based

Computer Vision Application Outlook (Revenue, USD Million, 2016 - 2027)

• Quality Assurance & Inspection
• Positioning & Guidance
• Measurement
• Identification
• Predictive Maintenance
• 3D Visualization & Interactive 3D Modeling

Computer Vision Vertical Outlook (Revenue, USD Million, 2016 - 2027)

• Industrial
• Non-Industrial

Computer Vision Regional Outlook (Revenue, USD Million, 2016 - 2027)

• North America
• The U.S.
• Canada
• Mexico
• Europe
• The U.K.
• Germany
• France
• Asia Pacific
• China
• Japan
• India
• South America
• Brazil
• The Middle East and Africa (MEA)

List of Key Players of Computer Vision Market

• Cognex Corporation
• Intel Corporation
• Keyence Corporation
• Matterport, Inc. 
• National Instruments
• OMRON Corporation
• Sony Semiconductor Solutions Corporation
• Teledyne Digital Imaging Inc. 
• Teledyne Optech
• Texas Instruments Incorporated

About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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