Computer Vision Market Size Worth $19.1 Billion By 2027 | CAGR: 7.6%: Grand View Research, Inc.

SAN FRANCISCO, Nov. 23, 2020 /PRNewswire/ -- The global computer vision market size is expected to reach USD 19.1 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.6% from 2020 to 2027. This technology has emerged as an emulation of a human visual system to support the automation tasks that require visual cognition. However, the process of image deciphering is more complicated than analyzing data in a binary form due to the vast amount of multi-dimensional data in an image for analysis. Artificial neural networks and deep learning are being used to increase computer vision's capabilities of replicating human vision, to address such complexity in developing AI systems to recognize visual data. Besides, this technology has become more adept at pattern recognition than the human visual cognitive system, with the advents in deep learning techniques.

Key suggestions from the report:

    --  Vision inspection solutions to food and beverages, pharmaceuticals, and
        automotive industries, provide vision systems for robotic vision and
        quality control is expected to be prevalent over the projected period
    --  Deep learning algorithms using Convolutional Neural Network (CNN)
        classifiers allow image classification and object/ pattern recognition,
        and their segmentation at speed. The development of these AI-powered
        deep learning systems is anticipated to boost the market growth
    --  Facial recognition and biometric scanning systems in the security and
        surveillance industry are significantly driving the market growth with
        the rising use of pattern recognition in high-confidentiality
        workplaces, such as research labs, nuclear power plants, and bank vaults
    --  Tasks automation in manufacturing units is one of the significant
        use-cases of computer vision technology as machine vision is highly used
        for the inspection of manufactured products for non-conformities and

Read 100 page research report with ToC on "Computer Vision Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Product Type (Smart Camera-based, PC-based), By Application, By Vertical, By Region, And Segment Forecasts, 2020 - 2027'' at:

Also, different trends are emerging in the use of computer vision techniques and tools after the COVID-19 outbreaks. It is being used for multiple purposes of fighting against COVID-19, such as medical data monitoring to diagnose patients and movement and traffic control in urban spaces. For instance, Numina, a U.S.-based startup that delivers real-time insights using computer vision for the development of sustainable cities, has developed a tool that enables monitoring of social distancing in the cities, such as New York. Also, the tool built by Numina provides real-time insights on pedestrian movements to monitor how people are following social distancing guidelines (2-meter distance). For another instance, in December 2019, BlueDot, a Canadian start-up that provides an AI platform for infectious disease detection, predicted the coronavirus infections before the statement released by the World Health Organization (WHO) for the pandemic. Therefore, from accelerated drug discovery to social distancing monitoring, AI-enabled with computer vision is at the forefront in the fight against this pandemic.

Artificial intelligence with computer vision technology is becoming increasingly popular in different use-cases, such as imagery solutions in consumer drones and autonomous and semi-autonomous vehicles. Also, the recent advancements in computer vision comprising image sensors, advanced cameras, and deep learning techniques have widened the scope for these systems in various industries, including education, healthcare, robotics, consumer electronics, retail, manufacturing, and security and surveillance, among others. For instance, image captioning in social media platforms is one of the most popular applications of computer vision. These platforms use deep learning algorithms to apply pattern recognition in images shared by the users and provide textual information extracted from the images.

Grand View Research has segmented the global computer vision market based on component, product type, application, vertical, and region:

    --  Computer Vision Component Outlook (Revenue, USD Million, 2016 - 2027)
        --  Hardware
        --  Software
    --  Computer Vision Product Type Outlook (Revenue, USD Million, 2016 - 2027)
        --  Smart Camera-based
        --  PC-based
    --  Computer Vision Application Outlook (Revenue, USD Million, 2016 - 2027)
        --  Quality Assurance & Inspection
        --  Positioning & Guidance
        --  Measurement
        --  Identification
        --  Predictive Maintenance
        --  3D Visualization & Interactive 3D Modeling
    --  Computer Vision Vertical Outlook (Revenue, USD Million, 2016 - 2027)
        --  Industrial
        --  Non-Industrial
    --  Computer Vision Regional Outlook (Revenue, USD Million, 2016 - 2027)
        --  North America
            --  The U.S.
            --  Canada
            --  Mexico
        --  Europe
            --  Germany
            --  The U.K.
        --  Asia Pacific
            --  Japan
            --  China
            --  India
        --  South America
            --  Brazil
        --  Middle East & Africa

List of Key Players of Computer Vision Market

    --  Cognex Corporation
    --  Intel Corporation
    --  Keyence Corporation
    --  Matterport, Inc.
    --  National Instruments
    --  OMRON Corporation
    --  Sony Semiconductor Solutions Corporation
    --  Teledyne Digital Imaging Inc.
    --  Teledyne Optech
    --  Texas Instruments Incorporated

Find more research reports on Next Generation Technologies Industry, by Grand View Research:

    --  Software Defined Networking Market - The global Software Defined
        Networking (SDN) market is expected to reach USD 70.41 billion by 2024.
    --  IoT Device Management Market - Growing emphasis on increasing
        operational efficiencies and managing connected devices is anticipated
        to drive market growth.
    --  Geospatial Analytics Market - The global geospatial analytics market
        size was valued at USD 51,700.7 million in 2018, registering a CAGR of
        15.0% from 2019 to 2025.

Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Follow Us: LinkedIn | Twitter

View original content:

SOURCE Grand View Research, Inc.