Computer Vision Market – Industry Analysis and Forecast (2017-2024)_ by Component (Software, Hardware), by Product (Smart Cameras-Based Computer Vision Systems, PC-Based Computer Vision Systems), by Application, by Vertical, and by Geography (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America)
Computer Vision Market valued USD 10.06 Billion in 2017 and expected to reach USD 18.07 Billion by 2024, at a CAGR of 7.6%.
Key factors expected to drive the growth of Computer Vision Market include growth in demand for vision-guided robotic systems in automotive, and growth in the non-industrial vertical, and rising need for quality inspection and automation across industry verticals.
However, lack of user awareness about rapidly changing machine vision technology, changing requirements of end users with respect to computer vision applications, and complexity in integrating computer vision systems are restraining healthcare electronic data interchange (EDI) market growth.
Predictive maintenance applications to witness highest CAGR between 2017 and 2024
By Application, Computer Vision Market is segmented into Measurement, Quality Assurance & Inspection, Predictive Maintenance, Positioning & Guidance, and Identification. From this segment, market for predictive maintenance applications is expected to grow at the highest CAGR during the forecast period. Developments in Computer Vision Market technologies is anticipated to drive growth of this segment.
Software segment to experience higher growth rates during the forecast period
From components segment, Software segment is anticipated to witness high growth rate between 2017 and 2024. Growth of this segment can be attributed to introduction of deep learning and AI technologies and Innovations in computer vision software.
Food and packaging industry is to grow at the highest rate between 2017 and 2024
Based on Vertical, Computer Vision Market is segmented into Industrial Vertical and Non-Industrial Vertical. From the industry vertical segment, food and packaging industry is to grow at the highest rate during the forecast period owing to growing necessity to identify and combat counterfeit products and the increasing implementation of government rules pertaining to safety in manufacturing plants.
APAC held largest share of the market in 2016
Geographically Computer vision market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. APAC accounted for the largest share of the computer vision market and is expected to lead the computer vision market between 2017 and 2024. Growth of this region can be attributed to increased investments in vision-related R&D activities and ongoing developments in computer vision systems.