Increased advances in information and communication technology [TIC]Increasing demand for vision-guided robotic systems and continuous research and development in digital technology has driven the computer vision systems market.
global market computer vision It is expected to reach $25.69 billion by 2028, according to a new report from Reports and Data. The computer vision systems market has been witnessing continuous growth over the past year, primarily driven by significant advances in the information and communications technology sector. The continued focus on research and development in the industry has led to developments such as machine learning and machine learning, which open new avenues for the application of computer vision systems. This expansion of application areas has a positive impact on market growth. Industry growth has also been driven by increased demand for computer vision systems for industrial applications such as the automotive industry as well as non-industrial sectors such as the healthcare sector.
Apart from the above factors, one of the primary advantages of the computer vision system is its high accuracy, which also contributes to the expansion of the market. The said feature of the computer vision system increases its application to various processes ranging from identification to quality assurance and inspection in various industrial and non-industrial processes. The high utility of computer vision system also leads to market growth. Increased investments and continued focus on product development by major market players are also contributing to its growth. One such notable market development was by Keyence, a major market player in 2017, which introduced a 3D vision system featuring point-and-click tools to measure 3D objects. Such developments in the market have a positive effect on it.
In terms of region, the Asia Pacific region is expected to experience the highest growth rate. Increased investment in research and development activities, continuous advancement in computer vision systems, and an increase in start-ups in the region are contributing to its growth rate.
The main participants are Basler, Keyence, Cognex, Omron, Texas Instruments, Cognex, Teledyne Technologies, Sony, Intel, National Instruments and Mvtec Software.
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The research report evaluates market dynamics, market landscape, company profiles, production and manufacturing capacity, annual growth rate, SWOT analysis and Porter’s Five Forces Analysis. The report estimates the market size and market growth and provides an accurate forecast of the key market segments for the forecast period 2020-2028. The report also covers an in-depth analysis of the major competitors in the market along with growth strategies and business expansion plans.
Global Computer Vision System market has been segmented into global major regions and provides analysis of growth rate, market share, market size, current and emerging trends, production ratio, consumption, industry chain, demand and supply, import and export analysis, revenue contribution, and presence of key players in each region. A country-level market analysis is provided in the report to better understand the regional spread and progress of the Computer Vision System market.
Other key findings from the report indicate that
- Computer Vision Systems Market held a market share of $11.35 billion in 2020 with a growth rate of 10.8% during the forecast period.
- On the product side, the computer-based computer vision systems segment generated the highest revenue of $5.63 billion in 2020 at a compound annual growth rate of 10.3% during the forecast period. Its widespread use compared to computer vision systems based on smart camera, along with advantages such as flexibility in software options, has contributed to the revenue generated by this segment.
- In the context of components, the hardware segment is expected to generate a higher revenue of US$13 billion by 2028 with a growth rate of 10.1% over the forecast period. Contributing factors to the revenue generated by this segment are the affordability and high availability of semiconductor devices.
- As for applications, the predictive maintenance sector is expected to witness the highest growth rate of 13.5% during the forecast period, which brought in US$1.21 billion in 2020. The growth rate of this sector is the result of advances in artificial intelligence and information technologies. and communication technology and its integration into various industries such as the automotive sector. The expansion of these sectors increases the demand for predictive maintenance applications and contributes to the growth of the sector.
- When discussing applications, the identification segment generated the highest revenue of $3.12 billion in 2020 with a compound annual growth rate of 11.1% over forecasts. The revenue generated by this segment comes as a result of the increased demand for services such as facial recognition and the need for limited hardware to perform successful identification.
- In terms of the end user, the automotive segment occupied the largest market share with 38.0% in 2020 with a compound annual growth rate of 11.1% over the forecast period. The market share held by this segment is the result of the growing need for automation in the automotive industry, for vehicle assembly. The need for increased automation has led to the integration of computer vision systems at a significant rate, contributing to the market share of the sector.
- In terms of region, the Asia Pacific region is expected to experience the highest growth rate of 12.2% during the forecast period. The growth rate in the region is the result of continued advancements in computer vision systems, an increase in the number of start-ups and increased investment in research and development activities in the region.
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For the purposes of this report, reports and data have segmented the global Computer Vision System market into segments on the basis of product, component, application, and end user. , and the region:
Type of future product (revenue, billion USD, 2020-2028)
- Computer vision based on smart cameras and computer vision systems
- computer based computer
Forecast component type (revenue, billion USD, 2020-2028)
Outlook Application Type (Revenue, billion USD, 2020-2028)
- Positioning and Orientation
- Quality assurance and inspection
- Preventive maintenance
End user type forecast (revenue, billion USD, 2020-2028)
- the cars
- Electronics and semiconductors
- Food and packaging
Regional Outlook (revenue, billion USD, 2020-2028)
- North Amarica
- Asia Pacific
- Middle East Airlines
- Latin america
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Key Benefits of Computer Vision System Report:
- Defining and analyzing market size and competition
- Qualitative and quantitative analysis of market data
- The data has been validated by industry experts after extensive primary study and secondary research
- In-depth regional analysis of the computer vision system industry
- Profiling of key players along with their business overview, business strategies, agreements, partnerships and product portfolio
- SWOT analysis and Porter’s Five Forces for an in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analyze opportunities, drivers, constraints, challenges, risks and constraints
Finally, all aspects of Computer Vision System market are quantitatively and qualitatively evaluated to study the global and regional market proportionally. This market study provides important information and factual data about the market that presents a comprehensive statistical study of this market based on market drivers, restraints, and its future prospects.
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