Computer Vision Market Size, Share & Trends Report

Computer Vision Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Product Type (Smart Camera-based, PC-based), By Application, By Vertical, By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Sep, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-4-68039-035-9
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 100

Report Overview

The global computer vision market size was valued at USD 10.6 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 7.6% from 2020 to 2027. Computer vision, driven by artificial intelligence, is a technology that trains computers to analyze the images with the help of pattern/object recognition. With the advent of deep learning techniques, computer vision systems have become more capable of replicating human vision. For instance, in the healthcare industry, AI-aided surveillance is used in cranial imaging to monitor acute neurologic events and detect neurological illnesses. Disease diagnoses in healthcare, biometric analysis in security, quality inspection in manufacturing, and obstacle detection and guiding autonomous vehicles in transportation, among others, are the significant applications of computer vision across different industries.

Asia Pacific computer vision market size

Computer vision systems are used to improve the security of high-value assets by implementing biometric scanning and facial recognition systems. The most popular use-case of facial recognition is smartphones security, as computer vision systems can recognize different patterns in the retinas and irises of humans. Besides, more advanced use-cases of facial recognition are businesses or residential security systems that use individuals’ physiological features for identity verification. Fingerprint analysis is also used to control access to high-security areas, such as bank vaults and research labs. For instance, FaceKey, a U.S.-based provider of biometric products and solutions, offers an Integrated Security Access Control System for several applications in the banking industry, including access to bank vaults, safety deposit boxes, offices, and elevators, among others. 

The automotive industry is witnessing a paradigm shift from human-driven or conventional vehicles into AI-powered or self-driving cars. The application of computer vision systems in self-driving cars is expected to boost the growth of the computer vision market, owing to the need for decision-making ability. Self-driving vehicles are equipped with ultrasonic and LiDAR sensors to identify sign-posts, other cars, and obstacles. Also, these vehicles are equipped with cameras providing computer vision to read road-signs, compute steering angles, and make critical on-road decisions, such as giving way to fire engines or ambulances.

The manufacturing industry is experiencing the most extensive use of automation and robotics. As manufacturing facilities are transitioning towards fully-automated manufacturing, the requirement of more intelligent systems to monitor industrial processes and outcomes is increasing. While the Internet of Things (IoT) is revolutionizing the manufacturing sector and making industrial operations more autonomous, computer vision is further assisting in improving them in the form of machine vision. For instance, machine vision is used for quality inspection of manufactured products for the detection of non-conformities and defects.

COVID-19 Impact Insights

The World Health Organization (WHO) has stated the novel coronavirus (COVID-19) outbreak as a pandemic, disrupting the businesses and humankind. However, this pandemic has brought several opportunities for computer vision systems to combat the epidemic as several tech startups and giants are working for prevention, mitigation, and containment of the virus. For instance, Alibaba's research institute Damo Academy has developed an algorithm for diagnosis that can detect new coronavirus cases with the chest Computed Tomography (CT) scan. The AI model used in the system has been trained with the sample data from over 5,000 positive coronavirus cases.

LeewayHertz, a U.S.-based custom software development company, is offering technology solutions using computer vision techniques and tools, such as Human Presence System to monitor patients remotely and the Face Mask Detection System, to identify people without a mask. Besides, Voxel51 Inc., a U.S.-based computer vision start-up, has created Voxel51 Physical Distancing Index (PDI) to measure the impact of the outbreak on people’s social behavior across the world. AI-powered computer vision platforms or solutions are being used to fight against COVID-19 in numerous applications, such as tracking and prediction, early alerts, data dashboards, diagnoses and prognosis, treatments and cures, and maintaining social control. Data dashboards that can visualize the current status of the pandemic have emerged with the need for prediction and tracking of the coronavirus spread. For instance, Microsoft’s Bing’s AI tracker provides a global overview of the current statistics of the pandemic.

Component Insights

Hardware component led the market and accounted for more than 70.0% share of the global revenue in 2019. The high share is attributed to the availability of the latest hardware platforms that provide convenient component interconnection and advanced capabilities, such as fast processing, multi-mega-pixel resolution, and fully digital data handling. Hardware components for a computer vision system include processors and co-processors, cameras, lighting, and optical components, and frame grabbers. Also, high-performance hardware components have made the installation of vision systems easier and serve a broad scope of diverse applications by offering different networking architectures.

Besides, the software segment is expected to demonstrate a notable shift in its demand, registering a CAGR of 8.6% over the forecast period. The primary tasks performed by computer vision software include image classification, object detection, object tracking, and content-based image retrieval. However, many organizations lack the resources and computing power to process a vast amount of visual data, which may hamper the software market for computer vision applications. A few tech giants are working on addressing restraints for computer vision software development. For instance, IBM Corporation is helping companies to develop computer vision applications by offering services for computer vision software development. These services deliver pre-built deep learning models available from the cloud source to address both computing resource and developmental concerns.

Product Type Insights

PC-based computer vision systems segment led the market and accounted for more than 58.0% share of the global revenue in 2019. This high share is attributed to the upgradability and ability of the product to be swapped to provide relative ease. For instance, the duties of a PC-based computer vision system can be extended through the installation of a hardware and software package for the respective task. However, a PC-based vision system is generally dedicated to image-processing, due to which it needs several peripheral devices for other tasks, such as data transfer, frame grabbing, storage, and lighting, among others. Also, such a multi-component configuration of PCs makes the vision system highly fragile, which may hinder the growth of the PC-based computer vision system market. 

Further, the smart camera-based computer vision system segment is expected to demonstrate a notable shift in its demand, registering a CAGR of 12.8% over the forecast period. This high growth is attributed to cost-effectiveness, compact dimensions, and simple integration of a smart camera-based computer vision system. Also, smart cameras are built with open-embedded processing technology that suppresses the requirement of peripheral devices, such as an external computer or a frame-capture card. Open-embedded processing-based smart cameras are primarily standalone vision systems that can execute tasks with the least reliance on secondary devices. Such a streamlined system reduces the costs of the product while retaining its operational capacity.

Application Insights

The quality assurance and inspection segment led the market and accounted for more than 28.0% share of the global revenue in 2019. This high share is attributed to the rapid adoption of process automation in the manufacturing industry to boost productivity. Computer vision, combined with deep learning algorithms, enable inspection automation for every product in the manufacturing line. For instance, Matrox, a Canada-based digital imaging company, provides solutions and products for quality assurance and inspection to OEMs and integrators involved in image analysis, machine vision, and medical imaging applications. Suntory PepsiCo Vietnam Beverage, a consumer products company, has implemented a Matrox Imaging-based solution in its factories to streamline code label quality control.

Besides, the predictive maintenance segment is anticipated to witness substantial growth over the forecast period. Predictive maintenance combines machine learning algorithms with the IoT (Internet of Things) devices to monitor the machinery and related components data. It often uses sensors for datapoint collection and signals identification to make accurate decisions before the breakdown of assets or components. For instance, Tesla, a U.S.-based electric vehicle and clean energy company, uses ultrasonic sensors for the self-driving function and accident prevention in its autonomous cars.

Vertical Insights

The industrial segment led the market and accounted for more than 50.0% share of the global revenue in 2019. This high share is attributed to the rapid adoption of computer vision systems in the automotive and transportation industry. Earlier, vision systems were introduced in the automotive industry for automation in assembling vehicles. However, the scope of computer vision systems in this industry has got widened with the advent of automotive driver assistance and traffic management systems. For instance, Image Sensing Systems, Inc., a provider of information management solutions, offers real-time traffic management solution to the Intelligent Transportation Systems (ITS) sector. It also provides other transportation data solutions, including radar detection, wrong-way detection, and license plate recognition systems, among others.  

Global computer vision market share

Other industrial verticals for computer vision systems include food and packaging, pharmaceuticals, consumer electronics, rubber and plastics, and machinery, among other verticals that involve machine vision applications. The applications of vision systems in industrial verticals include packaging inspection, barcodes reading, product, and component assembly, and defect reduction, among others. For instance, KLA Corporation, a U.S.-based capital equipment company, provides yield management and process control systems for the electronics and semiconductor industry. It offers automated inspection solutions to the chip manufacturing process. Besides, in non-industrial verticals, healthcare vertical has adopted the computer vision technology rapidly for several applications, such as monitoring patients in nursing care, facial recognition for visually impaired users, and medical images analysis.

Regional Insights

The Asia Pacific dominated the market and accounted for over 38.0% share of global revenue in 2019. This high share is attributable to the significantly increasing investments in Chinese companies for computer vision technology. For instance, the People’s Republic of China (PRC) owned approximately 66% of the total capital invested by companies in 2018, which was nearly three times the capital invested in U.S.-based companies. Also, the capital investment by China in computer vision was pumped 20 times more than the venture capital in 2016. Also, the government’s strategic initiatives are boosting the growth of computer vision technology in the region. For instance, China has deployed nearly 176 million cameras domestically to fulfill the demand for upgraded surveillance. Furthermore, governments are providing tech companies access to large datasets to build training models for computer vision applications.

North America is anticipated to witness significant growth over the forecast period. This growth is attributable to favorable government initiatives to encourage the adoption of computer vision in the region. For instance, in November 2019, the National Institute of Standards and Technology, a non-regulatory agency and a physical sciences laboratory of the U.S. Department of Commerce, supported a computer vision start-up called Voxel51 Inc., to develop an AI-enabled video analytics platform, under the Public Safety Innovation Accelerator Program (PSIAP). The government has brought AI and computer vision for actual practice and deployment by public safety organizations. Also, the U.S. General Services Administration’s domain Artificial Intelligence (AI) Center of Excellence (CoE) helps agencies and organizations to develop AI solutions by incorporating natural language processing, machine learning, computer vision, Robotic Process Automation (RPA), and intelligent process design across the nation.

Key Companies & Market Share Insights

Vendors in the market are focusing on increasing the customer base to gain a competitive edge in the industry. Therefore, vendors are taking several strategic initiatives, such as partnerships, acquisitions and mergers, and collaborations, with other key players in the industry. For instance, in April 2020, Clobotics, a China-based computer vision company, acquired the AtSite A/S, a solution provider of visual inspection services. Clobotics executed this transaction to develop an AI-enabled offshore wind-turbine inspection technology.  For another instance, in January 2020, Snap Inc., a U.S.-based social media company, completed the acquisition of a Ukraine-based computer vision start-up called AI Factory. This acquisition was anticipated to help the social media application offered by Snap Inc., add a new feature called Cameos, which turns a person’s picture into a short animated video. Some of the prominent players in the computer vision market include:

  • Cognex Corporation

  • Intel Corporation

  • Keyence Corporation

  • Matterport, Inc.

  • National Instruments

  • OMRON Corporation

  • Sony Semiconductor Solutions Corporation

  • Teledyne Digital Imaging Inc.

  • Teledyne Optech

  • Texas Instruments Incorporated

Computer Vision Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 11.4 billion

Revenue forecast in 2027

USD 19.1 billion

Growth Rate

CAGR of 7.6% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Component, product type, application, vertical, region

Regional scope

North America; Europe; Asia Pacific; South America; MEA

Country scope

The U.S.; Canada; Mexico; Germany; The U.K.; France; China; Japan; India; Brazil

Key companies profiled

Cognex Corporation; Intel Corporation; Keyence Corporation; Matterport, Inc.; National Instruments; OMRON Corporation; Sony Semiconductor Solutions Corporation; Teledyne Digital Imaging Inc.; Teledyne Optech; Texas Instruments Incorporated

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For this study, Grand View Research has segmented the global computer vision market report based on component, product type, application, vertical, and region:

  • Component Outlook (Revenue, USD Million, 2016 - 2027)

    • Hardware

    • Software

  • Product Type Outlook (Revenue, USD Million, 2016 - 2027)

    • Smart Camera-based

    • PC-based

  • Application Outlook (Revenue, USD Million, 2016 - 2027)

    • Quality Assurance & Inspection

    • Positioning & Guidance

    • Measurement

    • Identification

    • Predictive Maintenance

    • 3D Visualization & Interactive 3D Modelling

  • Vertical Outlook (Revenue, USD Million, 2016 - 2027)

    • Industrial

    • Non-Industrial

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • The U.K.

      • France

    • Asia Pacific

      • China

      • Japan

      • India

    • South America

      • Brazil

    • The Middle East and Africa (MEA)

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