Computer Vision Market Growth & Trends

The global computer vision market size is expected to reach USD 20.05 billion by 2028, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.3% from 2021 to 2028. This technology has emerged as an emulation of a human visual system to support the automation tasks that require visual cognition. However, the process of 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 vision, to address such complexity in developing AI systems to recognize visual data. Besides, this technology has become more adept at pattern recognition than the human visual cognitive system, with the advancements in deep learning techniques.

Also, different trends are emerging in the use of computer vision techniques and tools after the COVID-19 outbreak. It is being used for multiple purposes of fighting COVID-19, such as medical data monitoring to diagnose patients, and movement & traffic control in urban spaces, among others. For instance, Numina, a U.S.-based start-up that delivers real-time insights using computer vision for the development of sustainable cities, has developed a tool that enables the monitoring of social distancing in cities such as New York. Also, the tool built by Numina provides real-time insights on pedestrian movements to monitor how people are following social distancing guidelines (2-meter distance). For another instance, in December 2019, BlueDot, a Canadian start-up that provides an AI platform for infectious disease detection, predicted the coronavirus infections before the statement release by WHO (World Health Organization) for the pandemic. Therefore, from accelerated drug discovery to social distancing monitoring, AI-enabled with computer vision is at the forefront in the fight against this pandemic.

Several major players in the market have developed various platforms that can be used for data storage and analysis, using the application software. For instance, companies such as OMRON Corporation have developed various software for different 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 cost in the Asia Pacific region has led major technology giants to establish manufacturing bases in the region, thus driving the regional industry. Major 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 Report Highlights

  • Vision inspection solutions to food and beverages, pharmaceuticals, and automotive industries that provide vision systems for robotic vision and quality control are expected to be prevalent over the projected period
  • Deep learning algorithms using CNN (Convolutional Neural Network) classifiers allow image classification and object/pattern recognition, and their segmentation at speed. The development of these AI-powered deep learning systems is anticipated to boost the computer vision market over the forecast period
  • Facial recognition and biometric scanning systems in the security and surveillance industry are significantly driving the computer vision market, with the growing use of pattern recognition in high-confidentiality workplaces, such as research labs, nuclear power plants, and bank vaults
  • Task automation in manufacturing units is one of the significant use-cases of computer vision technology, as machine vision is highly used for the inspection of manufactured products for non-conformities and defects
  • The key players in the market are Intel Corporation; Texas Instruments Incorporated; Teledyne Optech; Teledyne Digital Imaging Inc.; Sony Semiconductor Solutions Corporation; National Instruments; Keyence Corporation; OMRON Corporation; Cognex Corporation; and Matterport, Inc.