Computer Vision Market: Industrial Segment Accounted For The Largest Revenue Share
Computer Vision Industry Overview
The global computer vision market size is expected to reach USD 20.88 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.0% from 2022 to 2030. This technology has emerged as an emulation of a human visual system to support the automation tasks that require visual cognition. However, 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 ideas 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 optical cognitive system with the advent of deep learning techniques. For instance, in May 2022, the University of Illinois, a public land grant university, partnered with The Allen Institute for Artificial Intelligence, also known as AI2, a non-profit institute in the U.S., to develop the "General Robust Image Task" (GRIT) for computer vision models. This collaboration aimed to help AI engineers create computer vision systems that can be utilized for various generic jobs and complex challenges.
Also, different trends are emerging in computer vision techniques and tools after the COVID-19 outbreak. It is being used for multiple purposes of fighting against COVID-19, such as medical data monitoring to diagnose patients and movement & traffic control in urban spaces, among others. For instance, in March 2022,theU.ae, an official portal of the UAE Government, introduced the Alhosn app to get information regarding health status and contact tracing related to COVID-19. With this application, one can quickly get a notification if the individual has been in contact with the COVID-19 infected person, the record of all previous COVID-19 tests with their dates, information about the vaccination types, and their data, and the dose of date.
Besides, in October 2021, BD, a U.S.-based medical technology company that manufactures instrument systems and medical devices, launched the new "BD Veritor," a rapid COVID-19 test at home that would use computer vision technology in a smartphone with a mobile app named "Scanwell." With the help of computer vision technology, the app will display the result in 15 minutes, and an automated report will be shared with state and federal health agencies.
Several major players in the market have developed various platforms that can be used for data storage and analysis using the application software. Companies such as OMRON Corporation have developed different software for applications such as automation, integration, communication, and control. Increasing adoption of various digital healthcare solutions to meet the sensitive regulatory requirements for patient safety is anticipated to drive the demand for vision systems over the forecast period.
Less stringent government regulations and lower manufacturing cost in the Asia Pacific region has led significant technology giants to establish manufacturing bases, thus driving the regional industry. For instance, in June 2022, Nexar, a computer vision technology provider of dash cams for cars, announced its expansion in the Asia Pacific by opening a new office and a manufacturing base in Singapore. The growth would let the company offer its computer vision capabilities to the hi-tech cities, and these offerings will protect the drivers, roads, and highways in the Asia Pacific.
Besides, in June 2022, Paravision, a computer vision technology provider specializing in face recognition, expanded its presence in the Asia Pacific region. The expansion would scale companies' business and strengthen its position in the market by forging new partnerships and relationships in the region. Significant applications of machine vision are in the quality and inspection of the manufacturing industry. A boom in the manufacturing sector is anticipated to enhance the market demand for machine vision in the Asia Pacific region.
Computer Vision Market Segmentation
Grand View Research has segmented the global computer vision market based on component, product type, application, vertical, and region:
Based on the Component Insights, the market is segmented into Hardware, and Software.
- The hardware segment led the market and accounted for more than 72% share of the global revenue in 2021. The hardware segment covers the scope of various hardware components, including processors, cameras, lenses, frame grabbers, and LED lighting.
- The software segment is expected to register the highest CAGR over the forecast period. The segment covers the scope of various software that enables the computer vision system to deliver optimal identification and inspection.
Based on the Product Type Insights, the market is segmented into Smart Camera-Based Computer Vision System, and PC-Based Computer Vision System.
- The PC-based computer vision systems segment accounted for the largest share of more than 52% in 2021. A PC-based vision system is generally dedicated to image processing, and it needs several peripheral devices for other tasks, such as data transfer, frame grabbing, storage, and lighting.
- The smart camera-based computer vision system segment is expected to demonstrate a notable shift in its demand over the forecast period. Smart camera-based vision systems are built with open-embedded processing technology that suppresses the requirement of peripheral devices, such as an external computer or a frame-capture card.
Based on the Application Insights, the market is segmented into Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification, Predictive Maintenance, and 3D Visualization & Interactive 3D Modeling.
- The quality assurance & inspection segment dominated with a revenue share of 28% in 2021. Quality assurance is an integral part of the quality management department focused on ensuring quality requirements will be fulfilled.
- Computer vision, combined with deep learning algorithms, enables inspection automation for every product in the manufacturing line. For instance, in January 2022, Drishti Technologies, Inc., an AI-driven video traceability and video analyticsprovider leverages computer vision and deep learning to automate the analysis of manufacturing units' floor videos.
Based on the Vertical Insights, the market is segmented into Industrial, and Non-Industrial.
- The industrial segment accounted for the largest revenue share of over 51% in 2021. The industrial segment includes verticals involving computer vision applications in manufacturing processes, such as automotive, consumer electronics, metals, wood & paper, food & packaging, machinery, and textiles.
- The non-industrial vertical is expected to showcase significant growth over the forecast period. The non-industrial segment includes security & surveillance, postal & logistics, agriculture, healthcare, consumer electronics, intelligent transportation systems, sports & entertainment, and retail, among different verticals involving machine vision applications.
Computer Vision Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The key players are expected to focus on advancing their product line and undertake expansion by acquiring business and technologies to mark a footprint in the unreached market. For instance, in May 2022, Intel Corporation, a U.S.-based company offering various technology products and services including cloud computing, data center, and IoT solutions, launched a computer vision software named "Sonoma Creek "to help developers quickly deploy artificial intelligence in their products.
Sonoma Creek is designed to work with both Intel corporation and NVIDIA Corporation and also intends to support Intel's forthcoming Arc graphic cards, TensorFlow, the Pytorch, and OpenVino toolkit, the major machine learning developers.
The built-in advanced features in the software would make computer vision projects more approachable. In May 2022, Encord, a computer vision platform, launched a computer vision image annotation tool, "DICOM," for the healthcare industry. The software tool would allow users to train models to automate medical imaging in 3D, including MRI, CT-scan, and X-ray. This tool would eliminate the manual data labeling from the healthcare industry and increase accuracy and efficiency for their healthcare customers. Some prominent players in the global computer vision market include:
- Cognex Corporation
- Intel Corporation
- KEYENCE CORPORATION
- Matterport, Inc.
- NATIONAL INSTRUMENTS CORP.
- Omron Corporation
- Sony Semiconductor Solutions Corporation
- Teledyne Technologies Incorporated.
- Teledyne Geospatial.
- Texas Instruments Incorporated
Order a free sample PDF of the Computer Vision Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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