Global Computer Vision Software Market was Valued at US$ 9972.90 Mn in 2019 Growing at a CAGR of 11.14% Over the Forecast Period - says Absolute Markets Insights

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Absolute Markets Insights

17 Dec, 2020, 05:30 IST

PUNE, India, Dec. 17, 2020 /PRNewswire/ --

  • The pandemic is expected to positively impact the global computer vision software market. Companies are increasingly adopting computer vision software for the detection of COVID-19 symptoms in employees. Elevation in body temperature can be detected with digital image processing technology.
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Computer Vision Software Market Growing at a CAGR of 11.14% Over the Forecast Period
Computer Vision Software Market Growing at a CAGR of 11.14% Over the Forecast Period

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  • Cloud-based computer vision tools are expected to show the highest growth during the forecast years in the global computer vision software market. This is because of the economical subscription packages that are being provided by the market participants, especially for the SMEs. Google Cloud, for instance, provides computer vision APIs that help in emotion detection, text and facial recognition, amongst others. The computer vision algorithm can be trained based on the preferences on the end-users with the help of Google's AutoML Vision. Vision API technology helps in the redaction of images that contain adult or violence content. Some of their customers include the New York Times, Chevron, Zoological Society of London, amongst others.
  • North America accounted for the highest share in the global computer vision software market in 2019. The presence of prominent market participants such as Amazon, Microsoft, IBM Corporation, etc., coupled with the higher focus on automation of processes with the help of computer vision system amongst the end-users in countries like the U.S. and Canada is a major reason for the higher market share of North America. However, the APAC countries such as Japan and China are expected to show considerable growth until 2028 in the global computer vision software market. This is due to the growth of the manufacturing companies that are deploying computer vision software for fault detection.

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  • Some of the players operating in the computer vision software market are Algolux, Amazon Web Services, Inc., Clarifai, Inc, Cognex Corporation, Deep Vision AI Inc., Deepomatic, Google LLC, IBM Corporation, Microsoft, MVTec Software GmbH, NI, Omron Microscan Systems, Inc. , Opto Engineering, RoboRealm, LLC., Sighthound, Inc., amongst others.

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