Westford, USA, Aug. 20, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Computer Vision Market will attain a value of USD 32.45 Billion by 2031, with a CAGR of 8.1% during the forecast period (2024-2031). Computer vision technologies using artificial intelligence (AI) are becoming more and more common in a variety of application cases, including consumer drones and fully and partially driverless cars. Moreover, it extends to various sectors such as education, medicine, robotics, gadgets for consumers, shops, factories, public safety systems, etc. The latest innovations in computer vision systems including camera sensor devices, advanced imaging devices and methods of machine deep learning algorithms were exploited by these sectors.
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- Figures – 76
Computer Vision Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $17.4 Billion |
| Estimated Value by 2031 | $32.45 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.1% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Product, Application, End Use and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Harnessing computer vision and machine vision for intelligent automation |
| Key Market Opportunities | Emerging applications of AI computer vision in agriculture, logistics, and manufacturing |
| Key Market Drivers | Impact of computer vision on market growth in automation |
Hardware Component to Dominate the Market Due to Processing Power and Sensor Technologies
In the global commercial computer vision sphere, the superior quality of hardware components is driven mainly by technological growth in sensor technology and processor power. The escalating demand for high-resolution images and real-time data processing see companies investing heavily on powerful hardware solutions. By so doing they enhance system performance through higher accuracy and efficiency thus boosting the growth of computer vision applications across different fields.
Smart Camera-Based Product as Largest Growing Sub-Segment Due to Processing Capabilities and Advanced Algorithms
Due to their sophisticated algorithms and integrated processing capabilities, smart camera-based devices have dominated global computer vision industry. The cameras provide the businesses with more precision and faster response times that they need in order to have economically feasible solutions for monitoring and analysing in real time. The increasing dependence on smart cameras encourages investment and innovation, which accelerates their acceptance in a variety of fields, including automation and security.
Promoting the Use of Computer Vision Helped North America to Dominate the Market
The region with the most anticipated market share is predicted to be North America. Favourable government initiatives aiming at encouraging the usage of computer vision to guarantee quality and convenience of use in the area are projected to promote the regional computer vision market. Throughout the forecast period, this supports the market's geographic expansion.
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Computer Vision Market Insight
Drivers:
- Impact of Computer Vision on Market Growth in Automation
- Increasing Demand for Automation and Efficiency
- Emerging Applications of AI Computer Vision in Agriculture, Logistics, and Manufacturing
Restraints:
- High Cost of Acquiring and Implementing AI Computer Vision Solutions
- Maintaining Trust and Transparency of AI Computer Vision Systems
- High Cost of Implementation
Prominent Players in Computer Vision Market
The following are the Top Computer Vision Companies
- NVIDIA Corporation (US)
- Intel Corporation (US)
- Microsoft (US)
- IBM Corporation (US)
- Qualcomm Technologies Inc. (US)
- Advanced Micro Devices, Inc (US)
- Alphabet, Inc. (US)
- Amazon (US)
- Basler AG (Germany)
- Hailo (US)
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Key Questions Answered in Global Computer Vision Market Report
- What is SkyQuest's estimated market value for the global computer vision market by 2031?
- Which geographical area is anticipated to lead the computer vision market, and what reasons are driving its expansion?
- What are the primary causes of hardware components' dominance in the global computer vision market?
This report provides the following insights:
- Analysis of key drivers (Faster & more accurate root cause analysis, simplify repetitive tasks performance, traffic detection and monitoring systems are 91% more reliable and incentivizing increased expenditures), restraints (Developing and deploying AI computer vision systems can be expensive, requiring specialized hardware and organizations may need to invest in training & development programs) opportunities (Numerous emerging applications in several fields, AI computer vision is used in agriculture to automate various processes and offering a range of applications from industrial automation), and challenges (Lack of transparent in their decision-making processes and bias in the training data) influencing the growth of computer vision market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the computer vision market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the computer vision market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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