Computer vision is a field of technology dealing with smart devices, particularly laptops, smartphones, personal computers, tablets, and others. These devices are used for collecting, processing, interpreting, and understanding the digital text, images or videos, which are then extracted as high dimensional data from the real world and transformed into numerical and symbolic forms. Computer vision, in broader terms, is an emerging technology which can be used in the field of artificial intelligence. Additionally, computer vision is collectively used in the field of deep learning, neural networks, machine learning, and others. It is also used for facial recognition, gesture analysis, image restoration, and others.
The global computer vision market is expected to reach approximately USD 48.32 billion by 2023 at a CAGR of 31.65% from 2017 to 2023.
The market has been segmented based on component, applications, verticals, and region.
By component, the market has been divided into hardware and software. The hardware component is expected to dominate the global computer vision market. It is expected to generate high market value since the decreasing cost of smart cameras, personal computers, mobile devices hasled the commercial sectors to integrate the computer vision technology with hardware devices. The software component is expected to be the fastest growing with the highest CAGR during the forecast period since the computer vision market is strongly backed by the emerging technology such as artificial learning, deep learning, augmented reality, virtual reality, machine learning, and neural networks.
By application, the market is segmented into face recognition, gesture recognition, character recognition, and others. Among these, the gesture recognition is expected to contribute to the largest market share and be the fastest growing market. This is because gesture recognition requires only a camera component to recognize, identify, and commence the interaction between humans and computers without any other peripheral devices.
By verticals, the market is sub-segmented into agriculture, automotive, healthcare, entertainment, consumer electronics, transportation, and others. Among these, the automotive segment is expected generate the highest revenue during the forecast period since the computer vision technology has a wide application in automotive industry, which includes traffic sign detection, advanced driving assistance system (ADAS), lane departure warning, and driver drowsiness detection. The entertainment segment is expected to be the fastest growing vertical during the forecast period since the computer vision technology is implemented in games for strategic analysis and on-field movement of the players, and in comprehensive evaluation of brand sponsorship visibility in sports broadcasts, online streaming, and social media.
The key players in the global computer vision market are Intel Corporation (US), Keyence Corporation (Japan), Microsoft Corporation (US), Nvidia Corporation (US), Sony Corporation (Japan), IBM Corporation (US), Autoliv Inc (Sweden), Cognex Corporation (US), National Instruments (US), and Basler AG (Germany).
Global Computer Vision Market Analysis and Forecast, 2017-2023
? To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the computer vision market
? To provide insights into factors affecting market growth
? To analyze the computer vision market based on Porter’s Five Forces analysis
? To provide historical and forecast revenue of the market segments and sub-segments with respect to four main regions and their countries??North America, Europe, Asia-Pacific, and the rest of the world
? To provide country-level analysis of the market with respect to the current market size and future perspective
? To provide country-level analysis of the market for a segment on the basis of component, applications and vertical.
? To provide strategic profiling of the key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
? To track and analyze competitive developments such as joint ventures, strategic alliances, mergers & acquisitions, new product developments, and research and development in the computer vision market
? Semiconductor product designers and fabricators
? Developers of machine vision-related applications
? Providers of machine vision-related components and solutions
? Technology standard organizations, forums, alliances, and associations
? Technology investors
? Universities and research organizations
? Government bodies
? The global computer vision market is expected to reach USD 48.32 billion by 2023.
? The hardware segment was valued USD 4.7 billion in 2016 and is expected to reach USD 26.43 billion with a 29.19% CAGR by 2023. The software segment is projected to be the fastest growing segment and is presumed to reach around USD 21.89 billion with 35.13% CAGR by 2023.
? Gesture recognition accounted for the largest market share in 2017, with a market value of USD 2,957 million and is projected to grow at a CAGR of 34.74% during the forecast period. The face recognition segment was the second-largest market in 2017, valued at USD 2991.3 million in 2017; it is projected to register a CAGR of 30.07%.
? The automotive segment accounted for the largest market share in 2017, with a market value of USD 1626.7 million and is projected to exhibit a CAGR of 33.86% during the forecast period. The entertainment segment was the second-largest market in 2017, valued at USD 1,805.9 million in 2017; it is projected to register a CAGR of 35.27%.
? The market in North America is projected to be the largest during the assessment period, followed by Europe. Asia-Pacific is expected to be the fastest growing market during the forecast period.
Regional and Country-Level Analysis of the Computer Vision Market, Estimation and Forecast
North America is expected to be the largest revenue generating region for global computer vision market during the forecast period. This growth is attributed to the increasing demand from the gaming industry and increase in the adoption rate of technology in mobile devices. Moreover, the presence of IT giants which are involved in emerging technologies such as augmented reality and virtual reality are expected to drive the market during the forecast period. Europe stands second in the computer vision market due to the increased investments in evolving artificial intelligence and regulatory compliances in providing pre-requisite infrastructure for SMEs to adopt AI. Asia-Pacific is expected to be the fastest growing market registering a CAGR of 35.95% owing to the developing AI talent and encouraging usage at the domestic level and the increasing demand for computer vision from the media and entertainment industry.
The report also offers a brief country-level analysis for the various regional markets.
? North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
? Rest of the World
o Middle East