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According to a new report Global Computer Vision Market, published by KBV research, The Global Computer Vision Market size is expected to reach $17.9 billion by 2026, rising at a market growth of 10.1% CAGR during the forecast period.
Hardware component dominated the market and it has a global revenue share of around 70.0% in 2019. The high share is accredited to the accessibility of the latest hardware platforms that are providing suitable component interconnection and it also leads to the advancement of capabilities, like multi-mega-pixel resolution, fast processing, and completely digital data handling.
PC-based computer vision systems segment has dominated the market in the year 2019. This high share is accredited to the ability and upgradability of the product that can be swapped to provide relative ease. For example, the liabilities of a PC-based computer vision system can be further prolonged through the hardware installation and software package to perform the respective task. Additionally, the segment of the smart camera-based computer vision system is likely to show a notable shift in its demand in the market. This high growth is accredited to factors including compact dimensions, cost-effectiveness, and simple and compact integration of a smart camera in the computer vision system.
The inspection and quality assurance segment dominated the market in the year 2019. This high share is accredited to the quick adoption of the automation process in the manufacturing industry to lift productivity. Also, the predictive maintenance segment is expected to show significant growth over the foreseeable period. Predictive maintenance which when combined with machine learning algorithms and IoT (Internet of Things) devices enables monitoring the machinery and related data of the components.
The Asia Pacific led the market in the year 2019. This high share is accredited to factors such as a significant increase in the investments in Chinese companies for the development of computer vision technology. North America is expected to see substantial growth in the foreseeable period. This growth is attributed to factors like favorable government initiatives that encourage more adoption of computer vision in this region.
Structural Insights: https://www.kbvresearch.com/computer-vision-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Intel Corporation, Sony Corporation, Texas Instruments, Inc., National Instruments Corporation, Omron Corporation, Basler AG, Cognex Corporation, Keyence Corporation, TKH Group NV, and Matterport, Inc.
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