The Global Computer Vision System market is forecast to reach USD 25.69 Billion by 2028, according to a new report by Reports and Data. The Computer Vision System market is witnessing continuous growth in the recent year that has been primarily driven by significant advancements in the information and communication technology sector. The constant emphasis on R&D in the industry has resulted in developments like artificial learning, and machine learning, which is opening new avenues for the application of computer vision systems. Such expansion in areas of application is positively impacting the growth of the market. The growth of the industry has also been driven by increased demand for computer vision systems for industrial applications like in the automotive industry as well as non- industrial sectors such as healthcare sector.

Apart from the factors mentioned above, one of the essential traits of the computer vision system is high accuracy, which is also contributing to the expansion of the market. The mentioned trait of computer vision system results in its increased application for diverse operations ranging from identification to quality assurance & inspection in various industrial as well as non-industrial functioning. The high utility of computer vision system is also boosting the growth of the market. Increased investments and continuous emphasis on product developments by key players of the market is also contributing to its growth. One of such mentionable market developments were made by Keyence, a key player of the market in 2017, which introduced the 3D vision system that presented point-and-click tools to measure 3D objects. Such advancements in the market have a positive impact on it.

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Further key findings from the report suggest

The Computer Vision System market held a market share of USD 11.35 Billion in the year 2020 with a growth rate of 10.8% during the forecast period.
In regards to Product, the PC-Based Computer Vision Systems segment generated the highest revenue of USD 5.63 Billion in 2020 with a CAGR of 10.3% during the forecast period. Its more extensive use as compared to Smart Cameras-Based Computer Vision Systems, along with advantages like flexibility with the choices of software, has contributed to the revenue generated by this segment.
In context to Component, the Hardware segment is forecasted to generate a higher revenue of USD 13 Billion by 2028 with a growth rate of 10.1% during the forecast period. Factors contributing to the revenue generated by the segment are the affordability of semiconductor devices and its high availability.
In regards to Application, Predictive Maintenance segment is forecasted to witness the highest growth rate of 13.5% during the forecast period that yielded USD 1.21 Billion in 2020. The growth rate of the segment is the result of advancements in artificial intelligence technologies, information, and communication technology, and its incorporation in various industries like the automotive sector. The expansion of these sectors is increasing the demand for predictive maintenance application and contributing to the segment’s growth.
While discussing Application, Identification segment yielded the highest revenue of USD 3.12 Billion in 2020 with a CAGR of 11.1% during the forecast. The revenue generated by the segment is the result of increased demand for services like face recognition and need for limited devices for performing successful identification process.
In regards to end-user, the automotive segment occupied the largest market share of 38.0% in 2020 with a CAGR of 11.1% during the forecast period. The market share held by this segment is the result of an increased need for automation in the automotive industry, for assembling vehicles. The need for increased automation has resulted in its incorporation of computer vision systems at a significant rate, contributing to the segment’s market share.
In regards to region, Asia Pacific is forecasted to witness the highest growth rate of 12.2% during the forecast period. The growth rate of the region is the result of continuous advancements in computer vision systems, a rise in the number of start-ups, and the increase in investments in R&D activities in the region.
Key participants include Basler, Keyence, Cognex, Omron, Texas Instruments, Cognex, Teledyne Technologies, Sony, Intel, National Instruments, and Mvtec Software.
The report covers a comprehensive analysis of the impact of the COVID-19 pandemic on the global market. The pandemic has adversely impacted the businesses and industries due to stringent government policies on social restrictions, transportation bans, and disruption in production and product supply chains. The report provides a comprehensive analysis of the pandemic’s impact on the global market and offers key insights into ways to circumvent the negative effect of the pandemic.

Market Segmentation:

The global Computer Vision System market report covers a detailed analysis of the market segmentation to provide key insights into the scope of the market expansion. The global Computer Vision System market has been segregated on the basis of product types, applications, end-users, and key regions of the industry.

Product Type Outlook (Revenue, USD Billion; 2020-2026)

Smart Cameras-Based Computer Vision Systems
PC-Based Computer Vision Systems

Component type Outlook (Revenue, USD Billion; 2020-2026)

Hardware
Software

Application Type Outlook (Revenue, USD Billion; 2020-2026)

Positioning & Guidance
Quality Assurance & Inspection
Identification
Measurement
Predictive Maintenance

End-user Type Outlook (Revenue, USD Billion; 2020-2026)

Automotive
Healthcare
Electronics & Semiconductor
Food & Packaging
Others

Regional Analysis:

The regional bifurcation of the Computer Vision System market report is a comprehensive segment that covers a thorough analysis of the market dynamics and offers critical insights on import/export ratio, supply and demand dynamics, revenue share, market size, market share, industry analysis, production and consumption patterns, and the current and emerging trends of each region. The report also offers a country-wise analysis to confer a better understanding of the market.

The prominent geographical regions of the market include:

North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Competitive Landscape:

The global Computer Vision System market report covers a comprehensive overview of the market’s competitive landscape, providing a detailed analysis of the company profile, product portfolio, market position, global network, revenue share, profit margins, technological and product advancements, and SWOT analysis of each player. The report also provides extensive insights into strategic business expansions such as mergers & acquisitions, collaborations, corporate deals, distribution partnerships, and product launches, among others.

Key Highlights from the Report:

Detailed overview of the Computer Vision System market in the forecast years
Accurate estimation through in-depth analysis of key market trends and features
Extensive regional analysis and insights regarding the regions projected to exhibit lucrative growth
Comprehensive analysis of the competitive landscape
Study of the recent development and trends in the market

Highlights of the TOC:

Report Overview
1.1 Research Scope
1.2 Key Computer Vision System market segments
1.3 Major players
1.4 Market analysis by product
1.5 Market analysis by application
1.6 Report timeline

Global Growth Trends
2.1 Global Computer Vision System market size
2.2 Latest Computer Vision System market trends
2.3 Key growth trends

Competitive Landscape
3.1 Global Computer Vision System market key players
3.2 Global Computer Vision System size by manufacturers
3.3 Products of major players
3.4 Entry barriers in the Computer Vision System market
3.5 Mergers, acquisitions, joint ventures, and strategic alliances

Continue…

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