Computer vision market will reach $26 billion by 2033

According to the latest forecast from Future Market Insights, the global computer vision market may reach US$26.11 billion by the end of 2033, up from US$12.91 billion in 2023, with a compound annual growth rate of 7.3% .

The market is defined as industries equipped with machine learning and deep learning algorithms that enable machines to interpret visual data.

The increasing adoption of automation in the manufacturing and retail sectors, the rise of the Internet of Things (IoT), the growth of autonomous vehicles, and the growing demand for surveillance and security systems are some of the key drivers for the computer vision market factor.

Based on predictions, governments around the world are investing in developing and implementing computer vision technology to monitor public spaces, detect criminal activity, and identify potential security threats in real time.

Key takeaways from FMI’s forecast include:

• The hardware category leads the market in 2021, accounting for 39.4% of total market revenue of $4.6 billion.
• Driven by the increasing adoption of artificial intelligence and deep learning technologies, the software segment is expected to grow at a CAGR of around 20-25% during the forecast period from 2023 to 2033.
• Cloud-based computer vision software is also expected to become an important driver of growth in the software field.
• The demand for smart camera-based computer vision systems is expected to grow during the forecast period, driven by low cost, small size, and ease of integration.
• The quality assurance and inspection segment held a significant market share in 2021, accounting for 17.3% of the total market revenue of USD 2.02 billion. This share is driven by the manufacturing industry’s rapid adoption of process automation to improve productivity.
• The PC-based computer vision systems segment accounted for 61.7% of the market in 2022.
• The industrial segment accounts for more than 51% of total revenue and includes the automotive and transportation industries.
• North America is a lucrative market with a CAGR of 21.9%.
• In 2021, the Asia-Pacific region became the main market for the computer vision market, with a market share of approximately 39.6% and revenue of US$4.6 billion.

Competitive Landscape

Competition among the players in the computer vision technology market is moderately intensifying. Industries are being revolutionized by the latest technologies such as facial recognition, gesture analysis and enhanced security. Therefore, new companies are entering the market. Intel Corporation, National Instruments, Keyence, Texas Instruments and SAS Institute are among the key players.

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