Computer vision market to Reach $49.96 billion by 2023
With the rapidly evolving technology innovation landscape, growing shift towards digitalization, and emergence of new applications as well as new industry participants across the globe
Infoholic Research LLP, a global market research, and consulting organization, has published a study titled “Computer Vision Market: Global Drivers, Restraints, Opportunities, Trends, and Forecasts, 2017–2023” (February 2018).
According to Infoholic Research, Americas will witness the high growth rate in the Computer Vision Market. As per the analysis and in-depth study, American market will be aided by the automotive market with many cars having advanced systems based on computer vision and growing digitalization. The Computer Vision Market is expected to grow at a CAGR of 31.60% during the forecast period 2017–2023.
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Computer vision technology has seized the attention of a varied set of industry participants during the past few years, and the market at present is gaining momentum across several key application areas. Which primarily includes Device manufacturers, semiconductor and component companies, and software developers have all made significant investments in technology development. In addition, many companies have demonstrated prototypes, and a few have moved into full production mode Meanwhile, consumer awareness and enthusiasm for computer vision-based applications continue to grow.
The key driver for fuelling the growth of the market is due to the rapid development of technology, declining chip prices. In addition, the market is growing due to the increase in adoption of internet & mobile phones and propelling the demand for energy efficient sources to safeguard the Earth’s limited resources and with the growing connectivity are major factors, for propelling computer vision technologies market during the forecast year (2017-2023).
“The computer vision market is at the peak for further innovation and is being adopted primarily with the emergence of new applications as well as new and established industry participants. In addition, several key application markets are driving growth in computer vision adoption. It is further anticipated that the automotive sector will surpass robotics & machine vision as the largest segment in 2016. Though, the consumer market will overtake automotive for a few years afterward, primarily due to increased volume for virtual reality head-mounted displays. In the long run, the automotive market will reclaim its position as the largest segment. Other smaller, yet still high-growth, application markets will include security & surveillance, medical, and sports & entertainment.” Priyanka Yadav, Research Analyst at Infoholic Research
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The Americas is the leading region for the Computer Vision market in followed by APAC and EMEA. The market growth in APAC is expected to witness growth due to the increase in the consumer demand for camera-based applications, increasing penetration rate of internet devices and government initiatives. Moreover, the counties covered in report are Canada, UK, France, US, China, India, Japan, and Germany. Among these Japan, the US, and China are expected to grow at a high rate during the forecast period (2017-2023) due to its several benefits that includes face recognition, and is primarily being used in the automotive segment.
The report aims to highlight key insights from service providers, verticals and stakeholders. The report covers the current scenario and the development prospects of the Computer Vision Market during the forecast period 2017–2023. It also provides an in-depth analysis and forecast about the industry covering the following key features:
In addition, the report not only highlights users’ conundrum (challenges and barriers of cognitive security) but also brings in their perspective on the worldwide cognitive security market:
- The report is analyzed based on –type, application, regions and Countries
- The report covers the evolution of features, advantages, and its importance
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth during the forecast period (2017–2023)
- The report contains an analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape, which includes vendor assessment
- The report covers the major types, namely: hardware and software
- The report covers an analysis of countries such as UK, China, India, Japan, Germany, US, France, and Canada