The global computer vision market size is estimated to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand for quality inspection & automation and increasing need for vision-guided robotic systems across industries.
Computer vision is a branch of artificial intelligence (AI) that uses digital images from cameras and deep learning models to teach computers in order to interpret the visual environment. Furthermore, it analyzes real- world photos to generate numerical or symbolic data. On the other hand, computer vision algorithms provide particular adaptations and modifications that are widely used in navigation procedures such as medical picture analysis, self- driving cars, human-machine interactions, and inspection in a variety of industries.
Moreover, biometric scanning and facial recognition technologies are used to increase the security of high-value assets using computer vision technology. Furthermore, computer vision systems can distinguish various patterns in human retinas and irises. In addition, enterprises or residential security systems that employ persons' physiological traits for identity verification are more advanced use- cases of facial recognition. Access to high-security areas such as bank vaults and research labs is similarly controlled via fingerprint analysis.
On the other hand, conventional automobiles are steadily shifting towards AI- powered or self-driving vehicles in the automotive sector. Furthermore, ultrasonic and LiDAR sensors are used in self-driving cars to detect signposts, other vehicles, and obstacles. Additionally, these cars have cameras with computer vision that allow them to read traffic signals, calculate steering angles, and make vital on-road judgments, such as yielding to fire engines or ambulances.
Moreover, automation and robots are used extensively in the manufacturing business. The demand for intelligent solutions to monitor industrial procedures and outcomes is growing as manufacturing facilities shift to completely automated manufacturing. Additionally, the Internet of Things (IoT) is transforming manufacturing and making industrial operations more computer vision, autonomous, in the form of machine vision. For example, machine vision is used in the quality inspection of manufactured products to detect non-conformities and faults.
The COVID-19 outbreak has had impact on several industries all around the world. However, this pandemic has provided several opportunities for computer vision systems to combat the outbreak. For example, Alibaba's research institute Damo Academy has created a diagnosis algorithm that uses a chest computed tomography (CT) scan to detect new coronavirus cases. Furthermore, the AI model has been developed and utilized in the systems by using data from over 5,000 COVID-19 positive cases.
Market Trends, Drivers, Restraints, and Opportunities
- Growing adoption of Artificial Intelligence (AI), deep learning, and advanced hardware and software is expected to fuel the market growth during the forecast period.
- Increasing scope of vision-guided robotic systems along with high quality assurance & inspection of industrial products is propelling the market expansion in the coming years.
- Rising incorporation of computer vision systems in the automobile and transportation industry is up surging the market growth.
- Rising security threats of neural networks and deep learning is anticipated to hamper the market expansion in the coming years.
- Increasing investment in new product development and ongoing government initiatives to encourage the incorporation of computer vision technology across businesses are estimated to provide lucrative opportunity for market during the forecast period.
- Texas Instruments Inc.
- Cognex Corp.
- Teledyne Optech
- Intel Corp
- Teledyne Digital Imaging Inc.
- Keyence Corp.
- Matterport, Inc.
- Sony Semiconductor Solutions Corp.
- OMRON Corp.
- National Instruments Corp.
Some of the major players competing in the global computer vision market are Texas Instruments Inc.; Cognex Corp.; Teledyne Optech; Intel Corp; Teledyne Digital Imaging Inc.; Keyence Corp.; Matterport, Inc.; Sony Semiconductor Solutions Corp.; OMRON Corp.; and National Instruments Corp.
These major players are concentrating on growing their customer base in order to acquire a competitive advantage in the market. Furthermore, market players are pursuing various marketing strategies, such as partnerships, acquisitions & mergers, and collaborations.
For example, Clobotics, a Chinese computer vision startup has purchased AtSite AS, a visual inspection solution supplier, in April 2020. This agreement was completed by Clobotics in order to create AI-enabled offshore wind-turbine inspection technology.
For instance, Snap Inc., a social media company based in the United States has acquired AI Factory, a computer vision start-up based in Ukraine, in January 2020. Snap Inc.'s social networking app was expected to benefit from this acquisition by adding a new function called Cameos, which converts a person's photo into a short animated video.
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