Executive Summary

The global computer vision market is expected to grow at a CAGR of 7.6% from 2020 to 2027, reaching a market size of $19.1 billion by the end of the forecast period. The growth of the market is driven by the increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles, as well as the growing use of computer vision technology in healthcare and security applications.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

The computer vision market is driven by several key factors, including the increasing demand for ADAS and autonomous vehicles, the growing use of computer vision in healthcare and security applications, and the availability of open-source computer vision software. The market is expected to face challenges such as high costs of computer vision systems, data privacy concerns, and limited technical expertise.

Market Drivers

1. Increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles: The growing adoption of ADAS and autonomous vehicles is expected to drive the growth of the computer vision market over the forecast period. Computer vision technology is essential for enabling these vehicles to navigate and detect objects in their environment, making it a critical technology for the automotive industry.
2. Growing use of computer vision technology in healthcare: The healthcare industry is increasingly adopting computer vision technology for applications such as medical imaging and disease diagnosis. This is expected to drive the growth of the computer vision market over the forecast period.
3. Increasing demand for security and surveillance applications: The use of computer vision technology in security and surveillance applications is expected to drive the growth of the market over the forecast period. This includes applications such as facial recognition and object detection, which are becoming increasingly important for security purposes.

Market Restraints

1. High costs of computer vision systems: The high costs associated with computer vision systems are expected to restrain the growth of the market over the forecast period. This includes the costs associated with hardware and software development, as well as the costs associated with maintenance and support.
2. Data privacy concerns: Data privacy concerns are expected to be a major challenge for the computer vision market over the forecast period. This includes concerns related to the collection, storage, and use of visual data, as well as concerns related to the security of visual data.
3. Limited technical expertise: The limited availability of technical expertise in the computer vision field is expected to be a challenge for the market over the forecast period. This includes the availability of skilled developers and data scientists who can design and implement computer vision solutions

Market Opportunities

1. Growing demand for virtual reality and augmented reality applications: The growing demand for virtual reality and augmented reality applications is expected to provide significant opportunities for the computer vision market over the forecast period. Computer vision technology is essential for enabling these applications, which have applications across industries such as gaming, entertainment, and retail.
2. Increasing adoption of machine learning and AI: The increasing adoption of machine learning and AI is expected to provide significant opportunities for the computer vision market over the forecast period. Machine learning and AI are essential for enabling the development of more advanced and intelligent computer vision systems.
3. Growing demand for quality control applications: The growing demand for quality control applications in industries such as manufacturing and food and beverage is expected to provide significant opportunities for the computer vision market over the forecast period. Computer vision technology can be used for automated quality control applications, which can help improve efficiency and reduce costs.

Market Dynamics

The computer vision market is characterized by the presence of several key players who are engaged in the development and commercialization of computer vision software and hardware. The market is highly competitive, with players competing on the basis of product innovation, performance, and price.

The market is also characterized by the increasing adoption of open-source computer vision software, which is expected to drive down the costs associated with computer vision systems and increase accessibility to the technology. However, this trend may also result in increased competition and a reduction in profit margins for market players.

Regional Analysis

The computer vision market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to dominate the market over the forecast period, driven by the presence of several key market players in the region and the growing adoption of computer vision technology in industries such as automotive, healthcare, and security.

Asia Pacific is expected to be the fastest-growing region over the forecast period, driven by the increasing adoption of computer vision technology in industries such as manufacturing and retail, as well as the growing demand for advanced driver assistance systems (ADAS) and autonomous vehicles.

Competitive Landscape

Leading companies in the Computer Vision market:

1. Cognex Corporation
2. Basler AG
3. Omron Corporation
4. National Instruments Corporation
5. Intel Corporation
6. Sony Corporation
7. Microsoft Corporation
8. Keyence Corporation
9. Teledyne Technologies Incorporated
10. MVTec Software GmbH

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

Segmentation

The computer vision market is segmented on the basis of component, application, end-user, and region. By component, the market is segmented into hardware and software. By application, the market is segmented into facial recognition, object detection, medical imaging, and others. By end-user, the market is segmented into automotive, healthcare, security and surveillance, and others.

Category-wise Insights

Hardware components are expected to dominate the market over the forecast period, driven by the growing demand for computer vision-enabled hardware such as cameras, sensors, and processors. Facial recognition applications are expected to dominate the market over the forecast period, driven by the increasing adoption of the technology in security and surveillance applications.

Key Benefits for Industry Participants and Stakeholders

Industry participants and stakeholders in the computer vision market can benefit from several key factors, including the growing demand for ADAS and autonomous vehicles, the increasing adoption of computer vision technology in healthcare and security applications, and the availability of open-source computer vision software. The market also provides significant opportunities for growth, particularly in areas such as virtual reality and augmented reality applications, machine learning and AI, and quality control applications.

SWOT Analysis

Strengths:

• Growing demand for computer vision technology across industries
• Availability of open-source computer vision software
• Increasing adoption of advanced driver assistance systems (ADAS) and autonomous vehicles

Weaknesses:

• High costs associated with computer vision systems
• Data privacy concerns related to the collection and use of visual data
• Limited availability of technical expertise in the computer vision field

Opportunities:

• Growing demand for virtual reality and augmented reality applications
• Increasing adoption of machine learning and AI
• Growing demand for quality control applications

Threats:

• Increasing competition in the market
• Potential for reduced profit margins due to the adoption of open-source software
• Potential for regulatory restrictions on the use of computer vision technology

Market Key Trends

1. Growing adoption of deep learning: Deep learning is a form of AI that is becoming increasingly important for computer vision applications. This technology is essential for enabling machines to learn from large datasets and make more accurate predictions based on visual data.
2. Increasing use of cloud-based computer vision services: Cloud-based computer vision services are becoming increasingly popular, as they provide businesses with access to advanced computer vision technology without the need for significant hardware investment.
3. Growing demand for edge computing: Edge computing involves the processing of data on devices at the edge of the network, rather than in the cloud. This technology is becoming increasingly important for computer vision applications, as it enables real-time decision-making and reduces latency.

Covid-19 Impact

The Covid-19 pandemic has had a significant impact on the computer vision market, with increasing demand for applications such as temperature screening, social distancing monitoring, and contactless payment systems. The pandemic has also led to increased adoption of virtual and augmented reality applications, as more people work and socialize remotely.

Key Industry Developments

1. NVIDIA Corporation announced the launch of the Jetson Nano, a small, low-cost computer vision system designed for edge computing applications.
2. Intel Corporation acquired Mobileye, a leading provider of computer vision technology for the automotive industry, in a deal worth $15.3 billion.
3. Cognex Corporation announced the acquisition of Sualab, a leading provider of deep learning-based vision software, in a deal worth $195 million.

Analyst Suggestions

Analysts suggest that the computer vision market is poised for significant growth over the forecast period, driven by the increasing adoption of ADAS and autonomous vehicles, as well as the growing use of computer vision technology in healthcare and security applications. However, challenges such as high costs, data privacy concerns, and limited technical expertise are expected to be significant obstacles for the market.

Future Outlook

The computer vision market is expected to continue to grow rapidly over the forecast period, driven by the increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles, as well as the growing adoption of computer vision technology in healthcare and security applications. The market is also expected to provide significant opportunities for growth in areas such as virtual reality and augmented reality applications, machine learning and AI, and quality control applications.

Conclusion

The computer vision market is a rapidly growing industry that is expected to reach a market size of $19.1 billion by 2027. The market is driven by several key factors, including the increasing demand for ADAS and autonomous vehicles, the growing use of computer vision in healthcare and security applications, and the availability of open-source computer vision software. The market is highly competitive, with several key players engaged in the development and commercialization of computer vision software and hardware. The market is expected to face challenges such as high costs in areas such as virtual reality and augmented reality applications, machine learning and AI, and quality control applications. The market is also expected to be driven by key trends such as the growing adoption of deep learning, increasing use of cloud-based computer vision services, and growing demand for edge computing.