SAN FRANCISCO, Nov. 23, 2020 /PRNewswire/ -- The global computer vision market size is expected to reach USD 19.1 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.6% from 2020 to 2027. This technology has emerged as an emulation of a human visual system to support the automation tasks that require visual cognition. However, the process of image deciphering is more complicated than analyzing data in a binary form due to the vast amount of multi-dimensional data in an image for analysis. Artificial neural networks and deep learning are being used to increase computer vision's capabilities of replicating human vision, to address such complexity in developing AI systems to recognize visual data. Besides, this technology has become more adept at pattern recognition than the human visual cognitive system, with the advents in deep learning techniques.
Key suggestions from the report:
Vision inspection solutions to food and beverages, pharmaceuticals, and automotive industries, provide vision systems for robotic vision and quality control is expected to be prevalent over the projected period
Deeplearning algorithms using Convolutional Neural Network (CNN) classifiers allow image classification and object/ pattern recognition, and their segmentation at speed. The development of these AI-powered deep learning systems is anticipated to boost the market growth
Facial recognition and biometric scanning systems in the security and surveillance industry are significantly driving the market growth with the rising use of pattern recognition in high-confidentiality workplaces, such as research labs, nuclear power plants, and bank vaults
Tasks automation in manufacturing units is one of the significant use-cases of computer vision technology as machine vision is highly used for the inspection of manufactured products for non-conformities and defects.
Also, different trends are emerging in the use of computer vision techniques and tools after the COVID-19 outbreaks. It is being used for multiple purposes of fighting against COVID-19, such as medical data monitoring to diagnose patients and movement and traffic control in urban spaces. For instance, Numina, a U.S.-based startup that delivers real-time insights using computer vision for the development of sustainable cities, has developed a tool that enables monitoring of social distancing in the cities, such as New York. Also, the tool built by Numina provides real-time insights on pedestrian movements to monitor how people are following social distancing guidelines (2-meter distance). For another instance, in December 2019, BlueDot, a Canadian start-up that provides an AI platform for infectious disease detection, predicted the coronavirus infections before the statement released by the World Health Organization (WHO) for the pandemic. Therefore, from accelerated drug discovery to social distancing monitoring, AI-enabled with computer vision is at the forefront in the fight against this pandemic.
Artificial intelligence with computer vision technology is becoming increasingly popular in different use-cases, such as imagery solutions in consumer drones and autonomous and semi-autonomous vehicles. Also, the recent advancements in computer vision comprising image sensors, advanced cameras, and deep learning techniques have widened the scope for these systems in various industries, including education, healthcare, robotics, consumer electronics, retail, manufacturing, and security and surveillance, among others. For instance, image captioning in social media platforms is one of the most popular applications of computer vision. These platforms use deep learning algorithms to apply pattern recognition in images shared by the users and provide textual information extracted from the images.
Grand View Research has segmented the global computer vision market based on component, product type, application, vertical, and region:
Computer Vision Component Outlook (Revenue, USD Million, 2016 - 2027)
Computer Vision Product Type Outlook (Revenue, USD Million, 2016 - 2027)
Computer Vision Application Outlook (Revenue, USD Million, 2016 - 2027)
Quality Assurance & Inspection
Positioning & Guidance
3D Visualization & Interactive 3D Modeling
Computer Vision Vertical Outlook (Revenue, USD Million, 2016 - 2027)
Computer Vision Regional Outlook (Revenue, USD Million, 2016 - 2027)
IoT Device Management Market– Growing emphasis on increasing operational efficiencies and managing connected devices is anticipated to drive market growth.
Geospatial Analytics Market– The global geospatial analytics market size was valued at USD 51,700.7 million in 2018, registering a CAGR of 15.0% from 2019 to 2025.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.