Computer Vision Market to Hit $58.29 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 15, 2023 /PRNewswire/ -- The global computer vision market size is expected to reach USD 58.29 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 19.6% from 2023 to 2030. This technology has emerged as an emulation of a human visual system to support the automation tasks that require visual cognition. However, 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 ideas to address such complexity in developing AI systems to recognize visual data.

Key Industry Insights & Findings from the report:

• The hardware segment led the market in 2022 owing to the advanced hardware devices, including processors, cameras, lenses, and frame grabbers, which help in advanced functions such as fast processing, digital data handling, and multi-megapixel solutions.
• The PC-based computer vision systems segment led the market in 2022 due to its cost-effective, compact, and versatile features making it easier to adopt based on changing rules and standards in these systems.
• Asia Pacific dominated the market as countries such as China and Japan have the most constantly changing, competitive, and rising technology improvements in the market.
• The expanding number of adoptions of computer vision globally is projected to support market expansion.
• Deep learning algorithms using CNN (Convolutional Neural Network) classifiers allow image classification, object/ pattern recognition, and segmentation speed. The development of these AI-powered deep learning systems is anticipated to boost the market over the forecast period.
• Facial recognition and biometric scanning systems in the security & surveillance industry are significantly driving the market with the growing use of pattern recognition in high-confidentiality workplaces, such as research labs, nuclear power plants, and bank vaults.
• Tasks automation in manufacturing units is a significant use-case of computer vision technology as machine vision is highly used to inspect manufactured products for non-conformities and defects.
• The Asia Pacific dominated the market due to the significantly increasing investments in Chinese companies and other countries in the APAC region for computer vision technology.

Read full market research report, "Computer Vision Market Size, Share & Trends Analysis Report By Component, By Product Type, By Application, By Vertical (Automotive, Healthcare, Retail), By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Computer Vision Market Growth & Trends

Besides, this technology has become more adept at pattern recognition than the human optical cognitive system with the advent of deep learning techniques. For instance, in May 2022, the University of Illinois, a public land grant university, partnered with The Allen Institute for Artificial Intelligence, also known as AI2, a non-profit institute in the U.S., to develop the "General Robust Image Task" (GRIT) for computer vision models. This collaboration aimed to help AI engineers create computer vision systems that can be utilized for various generic jobs and complex challenges.

Also, different trends are emerging in computer vision techniques and tools after the COVID-19 outbreak. It is being used for multiple purposes in fighting against COVID-19, such as medical data monitoring to diagnose patients and movement & traffic control in urban spaces, among others. For instance, in March 2022, the U.ae, an official portal of the UAE Government, introduced the Alhosn app to get information regarding health status and contact tracing related to COVID-19. With this application, one can quickly get a notification if the individual has been in contact with the COVID-19 infected person, the record of all previous COVID-19 tests with their dates, information about the vaccination types and their data, and the dose of date.

Besides, in October 2021, BD, a U.S.-based medical technology company that manufactures instrument systems and medical devices, launched the new "BD Veritor," a rapid COVID-19 test at home that would use computer vision technology in a smartphone with a mobile app named "Scanwell." With the help of computer vision technology, the app will display the result in 15 minutes, and an automated report will be shared with state and federal health agencies.

Several major players in the market have developed various platforms that can be used for data storage and analysis using application software. Companies such as OMRON Corporation have developed different software for applications such as automation, integration, communication, and control. Increasing adoption of various digital healthcare solutions to meet the sensitive regulatory requirements for patient safety is anticipated to drive the demand for vision systems over the forecast period. Less stringent government regulations and lower manufacturing costs in the Asia Pacific region have led significant technology giants to establish manufacturing bases, thus driving the regional industry. For instance, in June 2022, Nexar, a computer vision technology provider of dash cams for cars, announced its expansion in the Asia Pacific by opening a new office and a manufacturing base in Singapore.

The growth would let the company offer its computer vision capabilities to hi-tech cities, and these offerings will protect the drivers, roads, and highways in the Asia Pacific. Besides, in June 2022, Paravision, a computer vision technology provider specializing in face recognition, expanded its presence in the Asia Pacific region. The expansion would scale the company's business and strengthen its position in the market by forging new partnerships and relationships in the region. Significant applications of machine vision are in the quality and inspection of the manufacturing industry. A boom in the manufacturing sector is anticipated to enhance the market demand for machine vision in the Asia Pacific region.

Computer Vision Market Segmentation 

Grand View Research has segmented the global computer vision market based on component, product type, application, vertical, and region:

Computer Vision Market - Component Outlook (Revenue, USD Million, 2017 - 2030)

• Hardware
• Software

Computer Vision Market - Product Type Outlook (Revenue, USD Million, 2017 - 2030)

• Smart Camera-Based Computer Vision System
• PC-Based Computer Vision System

Computer Vision Market - Application Outlook (Revenue, USD Million, 2017 - 2030)

• Quality Assurance & Inspection
• Positioning & Guidance
• Measurement
• Identification
• Predictive Maintenance
• 3D Visualization & Interactive 3D Modeling

Computer Vision Market - Vertical Outlook (Revenue, USD Million, 2017 - 2030)

• Industrial
• Automotive
• Pharmaceuticals
• Electronics & Semiconductor
• Food & Packaging
• Wood and Paper
• Printing
• Machinery
• Others
• Non-Industrial
• Healthcare
• Consumer Electronics
• Security & Surveillance
• Retail
• Sports and Entertainment
• Autonomous and Semiautonomous Vehicles
• Others

Computer Vision Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa (MEA)
• UAE
• Kingdom of Saudi Arabia
• South Africa

List of Key Players in the Computer Vision Market

• Cognex Corporation
• Intel Corporation
• Keyence Corporation
• Matterport, Inc.
• NATIONAL INSTRUMENTS CORP
• OMRON Corporation
• Sony Semiconductor Solutions Corporation
• Teledyne Technologies Incorporated.
• Baumer
• Texas Instruments Incorporated

Check out more related studies published by Grand View Research:

• Generative AI Market - The global generative AI market size is anticipated to reach USD 109.37 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 35.6% from 2023 to 2030. Growing demand to modernize workflow across industries is expected to drive the demand for generative AI applications among industries. Some factors that propel the growth of the market include the evolution of Artificial Intelligence (AI) and deep learning, the rise of creative applications & content creation, and the innovation of cloud storage, allowing easy data access. Moreover, the introduction of AI-powered gaming that provides more high-level visuals and graphics, interactivity, and a more realistic feel is projected to boost the market in the coming years.
• 3D Machine Vision Market - The global 3D machine vision market size is expected to reach USD 15.63 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 13.5% from 2023 to 2030. The ability of 3D machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market growth. The quick processing ability of 3D machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, the increasing adoption of robots across industrial sectors is leading toward the application of vision-guided robotic systems. Industrial verticals, such as automotive, pharmaceutical, packaging, and food and beverage, are prominent sectors where robotic systems are used, eventually fueling the demand for machine vision systems.
• Machine Vision Market - The global machine vision market size is expected to reach USD 41.60 billion by 2030, according to a new report by Grand View Research, Inc. The ability of machine vision systems to process a large amount of information in a fraction of seconds is a major factor driving the market. The quick processing ability of machine vision systems is paving the way for manufacturers to achieve new milestones in manufacturing products with negligible defects. Moreover, the increasing adoption of robots across the industrial sectors is leading to the application of vision-guided robotic systems. Industrial verticals such as automotive, pharmaceutical, packaging, and food and beverage are prominent sectors where robotic systems are used, eventually fueling the demand for machine vision systems.

Browse through Grand View Research's  Next Generation Technologies  Research Reports.

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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.

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