Computer Vision Market to Reach $41.11 Billion Globally by 2030 at a CAGR of 16.0%: Allied Market Research
PORTLAND, Oregon., January 13, 2022 /PRNewswire/ — Allied Market Research released a report titled “Computer Vision Market by Component (Hardware, Software and Services), Product (PC-Based Computer Vision Systems, Camera-Based Computer Vision Systems Intelligent), Application (Quality Assurance and Inspection, Positioning and Guidance, Measurement, Identification, Predictive Maintenance) and Vertical (Industrial and Non-Industrial): Global Opportunities Analysis and Industry Forecast, 2020-2030”. According to the report, the global computer vision industry generated $9.45 billion in 2020, and should generate $41.11 billion by 2030, with a CAGR of 16.0% from 2021 to 2030.
Main determinants of growth
Faster processing, better accuracy and the economic advantage of the computer vision system are driving the growth of the global computer vision market. However, the requirement for highly trained and experienced professionals and several data privacy and security issues are hampering the growth to some extent. On the other hand, the growing applications of computer vision systems and advancements in the field of computer vision and AI are expected to create lucrative opportunities in the industry.
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- The global pandemic has had a significant economic impact on many industries. These industries have experienced and caused production and supply chain slowdowns. And the computer vision market is no exception in this regard.
- However, the increasing applications of computer vision and artificial intelligence in non-industrial applications such as healthcare, surveillance & control, and transportation have created a huge profit margin for the market, thus creating an impact mixed in the sector.
Get a detailed analysis of the impact of COVID-19 on the Computer Vision Market:
The reinforced concrete segment to maintain its leadership throughout the forecast period
Based on components, the hardware segment held the highest market share in 2020, accounting for almost three quarters of the global computer vision market, and is expected to maintain its leading status throughout the forecast period. . Growing industrial workloads and growing demands for industrial automation have been the major growth driver for the segment. Additionally, the software segment is expected to show the highest CAGR of 18.1% from 2021 to 2030. The fact that software-based computer vision systems are finding a variety of applications in retail industries retail, agriculture, public health, automotive and agriculture segments growth.
The residential building segment to maintain its leading position during the forecast period
Based on applications, the quality assurance and inspection segment accounted for the largest share in 2020, contributing nearly one-third of the global computer vision market, and is expected to maintain its leading position in the during the forecast period. Indeed, the quality assurance and inspection process is a crucial part of the manufacturing lifecycle. However, the identification segment is expected to account for the largest CAGR of 17.6% from 2021 to 2030. Identification.
North America maintain dominance by 2030
Based on the region, North America held the highest market share by 2020 revenue, accounting for nearly two-fifths of the global computer vision industry. This is due to the growing focus on the adoption of computer vision technology in production lines to help increase efficiency and overall productivity. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 17.5% during the forecast period. This is due to the high demand for modernization and technological scaling trends in many industrial sectors in Asia-Pacific countries such as China, Japan, India, South Korea, China, Southeast Asia, Australia and the rest of Asia-Pacific.
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Main market players
- National instruments
- Teledyne Technologies
- Texas Instruments
- Baumer Optronics
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Pawan Kumar, CEO of Allied Market Research, leads the organization in delivering high quality data and insights. We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.
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