Computer Vision Market estimated to be worth $17.4 billion by 2023 growing with a CAGR of 7.8%

(IT-NEWSWIRE.COM, November 19, 2021 ) According to the new market research report on the "Computer Vision Market by Component (Hardware (Camera, Frame Grabber, Optics, Processor) and Software (Deep Learning and Traditional Software)), Product (PC Based and Smart Camera Based), Application, Vertical - Global Forecasts to 2023", The computer vision market is estimated to grow from USD 11.9 billion in 2018 to USD 17.4 billion by 2023; it is expected to grow at a CAGR of 7.8%. Changes related to high-quality standards have encouraged the companies to introduce factory automation; this has resulted in the increase in demand for computer vision systems in several industries. Other key factors contributing to the growth of the computer vision market include the rising demand for vision-guided robotic systems, growing adoption of 3D computer vision and application-specific computer vision systems.

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Non-Industrial vertical to witness higher growth during forecast period

The computer vision market growth is attributed to the burgeoning demand for computer vision systems in the consumer electronics, semiautonomous and autonomous vehicles, sports and entertainment, and retail industries. Additionally, the growing labor costs in the physical security market and the high adoption of robotics in the healthcare industry, has led to the increase in demand for computer vision systems in non-industrial vertical.

Software to witness fastest growth during forecast period

The integration of AI into computer vision software is expected to fuel the growth of the computer vision market for software during the forecast period as deep learning enables machines to recognize objects. Also, deep learning-based computer vision software helps in minimizing human intervention and provide a real-time solution by distinguishing the acceptable variations in products and the defects in various industries.

APAC is expected to hold the largest market size of laser sensor market during forecast period

Countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority. In addition, strong competition among consumer electronics companies in APAC is likely to boost the adoption of computer vision systems in the region.

Key players in the computer vision market include Cognex Corporation (US), Basler (Germany), Omron Corporation (Japan), KEYENCE CORPORATION (Japan), National Instruments (US), Sony Corporation (Japan), Teledyne Technologies, Inc. (US), Allied Vision Technologies (Germany), Texas Instruments, Inc. (US), Intel Corporation (US), Baumer Optronic (Germany), and JAI A/S (Denmark), MediaTek, Inc. (Taiwan), Cadence Design Systems, Inc. (US), CEVA, Inc. (US), and Synopsys, Inc. (US) among others.

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Computer Vision Market estimated to be worth $17.4 billion by 2023 growing with a CAGR of 7.8%