LONDON, Dec. 28, 2015 /PRNewswire/ -- After being a research technology for the past few decades, computer vision has become commercialized in the past few years and is being deployed in a wide range of application markets including security and surveillance, automotive, consumer, industrial, medical, and entertainment, to name a few. A computer vision system captures images and then manipulates, changes, or enhances them for a given application. Each application requires a specialized adaption and enhancement to the computer vision algorithm, although several fundamental building blocks of algorithms are common. Intellectual property and technology play a big part in this sector, and most companies active in the industry had their origins in a university research team or had the backing of a prominent group of scientists.
Rapid development of technology, falling chip prices, and greater ease of connectivity are some of the factors currently driving the adoption of computer vision technologies. New technologies like deep learning are also evolving that promise to increase accuracy and reliability of computer vision systems dramatically, but these technologies need more research before they can become mainstream. Tractica considers computer vision to be a horizontal market, as the applications are widespread across different application segments. Each vertical market has its own drivers and challenges, as well as its own market ecosystem and business models. Tractica forecasts that the computer vision market will grow from $5.7 billion in 2014 to $33.3 billion by 2019 at a compound annual growth rate (CAGR) of 42%. The consumer segment will experience the highest growth rate, followed by the robotics and machine vision segment.
This Tractica report examines the market dynamics, technology issues, and business opportunities surrounding computer vision and presents 5-year forecasts for computer vision hardware and software during the period from 2014 through 2019. Six application markets are analyzed in depth, and key industry players are profiled. Market forecasts, segmented by world region and vertical market, include hardware unit shipments, device pricing, and software revenue.
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