The computer vision market has seen rapid expansion, growing from $14.98 billion in 2023 to $16.64 billion in 2024, with a compound annual growth rate (CAGR) of 11.1%. This historical growth is due to rising demand for automation, increased need for quality inspection and assurance, growth in surveillance and security applications, advancements in healthcare imaging, and expanding applications in retail. Looking forward, the market is expected to continue its rapid growth, reaching $27.63 billion by 2028, with a CAGR of 13.5%. This growth is fueled by integration with autonomous vehicles, rapid expansion of augmented reality (AR) and virtual reality (VR), growth in agriculture and agtech, increased adoption in smart cities, and growing role in human-computer interaction. Major trends during the forecast period include industrial automation utilizing vision systems, advancements in 3D computer vision, privacy and ethics considerations, cross-industry collaboration for innovation, and integration with IoT for smart applications.
Major Driver In The Computer Vision Market
The increasing demand for artificial intelligence is expected to propel the growth of the computer vision market going forward. Artificial intelligence refers to the science and engineering of making intelligent machines, especially intelligent computer programs. Artificial intelligence (AI) in computer vision enables computers and systems to extract useful information from digital photos, movies, and other visual inputs and provide recommendations, and thus, the increase in demand for artificial intelligence is boosting the growth of computer vision. For instance, in February 2022, according to an article published by the Computing Technology Industry Association (CompTIA), a US-based non-profit trade association that issues professional certifications for the information technology industry, 86% of organizations reported that artificial intelligence (AI) is considered mainstream technology in their offices as of 2021. 91.5% of leading businesses invest in AI on an ongoing basis. Therefore, the increasing demand for artificial intelligence is driving the growth of the computer vision market. The computer vision market size was $14.2 billion in 2023, and it is projected to reach $26.9 billion by 2028.
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Computer Vision Market Competitive Landscape
Microsoft Corporation, Sony Semiconductor Solutions Corporation, Intel Corporation, Texas Instruments Incorporated, MediaTek Inc., Omron Corporation, Keyence Corporation, Teledyne Technologies Incorporated., Synopsys Inc., Cadence Design Systems Inc., SAS Institute, National Instruments Corporation, Cognex Corporation, Magic Leap One, Veritone, Inc, Matterport Inc., CEVA Inc., Evolv Technology, Orbital Insight, Descartes Labs, Sight Machine Inc., AiFi INC., JAI A/S., Aila Technologies, Radar Inc, Streem, Piaggio Fast Forward, Baumer Holding AG, Iterative Health, Trax Technology Solutions PTE Ltd
Key Computer Vision Market Trend
Technological innovation is a significant trend in the computer vision market. Companies are focusing on developing new technologies to maintain their market position. For instance, in January 2022, Amazon Web Services, Inc., a US-based cloud computing provider, introduced AWS Panorama in the Asia-Pacific region. This software development kit (SDK) and machine learning (ML) device enhances computer vision (CV) capabilities by integrating with on-premises internet protocol (IP) cameras. AWS Panorama helps businesses automate visual inspection tasks such as evaluating manufacturing quality and improving worker safety.
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Computer Vision Market Segmentation
The computer vision market covered in this report is segmented –
1) By Product: Smart Camera-Based Computer Vision Systems, PC-Based Computer Vision Systems
2) By Component: Hardware, Software
3) By Offering: Deep Learning, Traditional Computer Vision
4) By Application: Quality Assurance And Inspection, Positioning And Guidance, Measurement, Identification, Predictive Maintenance, 3D Visualization And Interactive 3D Modelling
5) By End-User Industry: Life Science, Manufacturing, Defense And Security, Automotive, Other End User Industries
By Geography:The regions covered in the computer vision market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the computer vision market in 2023.
The Computer Vision Global Market Report 2024 furnishes information about the global computer vision market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
