Computer Vision Market Surges: 10.50% CAGR
Evolve Business Intelligence has published a research report on the Global Computer Vision Market, 2024–2034. The global Computer Vision Market is projected to exhibit a CAGR of around 10.50% during the forecast period of 2024 to 2034.
Evolve Business Intelligence has recognized the following companies as the key players in the global Computer Vision Market: Cognex Corporation, Basler, Omron, KEYENCE, National Instruments, Sony, Teledyne Technologies, Allied Vision Technologies, Texas Instruments and Intel.
Market Highlights
The Global Computer Vision Market is projected to be valued at USD 48.31 Billion by 2034, recording a CAGR of around 10.50% during the forecast period. The computer vision market refers to the commercial and industrial applications of computer vision technology. This field of artificial intelligence (AI) empowers computers to interpret and understand the visual world, enabling them to perform tasks that were once exclusive to humans.
The market is driven by increasing demand for automation, advancements in artificial intelligence (AI), and the growing need for image and video analysis in various sectors. Major players include tech companies, startups, and research institutions focusing on AI and machine learning technologies.
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Segmental Analysis
The global Computer Vision Market has been segmented based on Component, Application and Vertical.
Based on Component, the Computer Vision Market is segmented into Hardware and Software. The Software segment is anticipated to dominate the market.
Based on Application, the Computer Vision Market is segmented into Quality Assurance & Inspection, Positioning & Guidance, Measurement and Others. The Quality Assurance & Inspection segment is anticipated to dominate the market.
Based on Vertical, the global Computer Vision Market has been divided into Industrial vertical and Non-Industrial vertical. The Industrial vertical segment is anticipated to dominate the market.
Regional Analysis
The Computer Vision Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America is the largest market for computer vision due to the presence of major technology companies, strong research and development, and early adoption of AI technologies. The European computer vision market is witnessing rapid expansion, driven by government initiatives and investments in digitalization and strong focus on data privacy and regulatory compliance, leading to innovative solutions. The region is also investing in smart cities and industrial automation. Asia-Pacific is the fastest-growing region for computer vision, fueled by increasing urbanization, economic development, and government support for AI. The Middle East and Africa are emerging markets for computer vision, with opportunities in sectors such as oil and gas, transportation, and agriculture and growing interest in smart city initiatives and increased investment in security infrastructure. Latin America is a growing market for computer vision, driven by increasing demand for digital solutions and government initiatives and Increasing adoption of digital technologies and growing investment in smart city projects.
