Computer Vision Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Computer Vision Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Computer Vision Global Market Report 2024, The computer vision market size has grown rapidly in recent years. It will grow from $14.98 billion in 2023 to $16.64 billion in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in the historic period can be attributed to rise in demand for automation, increased need for quality inspection and assurance, growth in surveillance and security applications, advancements in healthcare imaging, expanding applications in retail.

The computer vision market size is expected to see rapid growth in the next few years. It will grow to $27.63 billion in 2028 at a compound annual growth rate (CAGR) of 13.5%. The growth in the forecast period can be attributed to integration with autonomous vehicles, rapid growth in augmented reality (AR) and virtual reality (VR), expansion in agriculture and agtech, increased adoption in smart cities, growing role in human-computer interaction. Major trends in the forecast period include industrial automation utilizing vision systems, advancements in 3D computer vision, privacy and ethical considerations, cross-industry collaboration for innovation, integration with IoT for smart applications.

The increasing demand for artificial intelligence is expected to propel the growth of the computer vision market going forward. Artificial intelligence refers to the science and engineering of making intelligent machines, especially intelligent computer programs. Artificial intelligence (AI) in computer vision enables computers and systems to extract useful information from digital photos, movies, and other visual inputs and provide recommendations, and thus, the increase in demand for artificial intelligence is boosting the growth of computer vision. For instance, in February 2022, according to an article published by the Computing Technology Industry Association (CompTIA), a US-based non-profit trade association that issues professional certifications for the information technology industry, 86% of organizations reported that artificial intelligence (AI) is considered mainstream technology in their offices as of 2021. 91.5% of leading businesses invest in AI on an ongoing basis. Therefore, the increasing demand for artificial intelligence is driving the growth of the computer vision market.

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The computer vision market covered in this report is segmented –

1) By Product: Smart Camera-Based Computer Vision Systems, PC-Based Computer Vision Systems

2) By Component: Hardware, Software

3) By Offering: Deep Learning, Traditional Computer Vision

4) By Application: Quality Assurance And Inspection, Positioning And Guidance, Measurement, Identification, Predictive Maintenance, 3D Visualization And Interactive 3D Modelling

5) By End-User Industry: Life Science, Manufacturing, Defense And Security, Automotive, Other End User Industries

Major companies operating in the computer vision market are developing innovative products such as automotive vision systems. This refers to the use of advanced visual technologies, such as computer vision and machine vision, to enable functions such as pedestrian and object detection, collision warning, emergency braking for ADAS (Advanced Driver Assistance Systems) applications, and autonomous driving. For instance, in March 2023, Texas Instruments, a US-based semiconductor manufacturing company, introduced a new family of six Arm Cortex-based vision processors, including the AM62A, AM68A, and AM69A, aimed at enhancing computer vision solutions. These processors enable designers to integrate more vision and artificial intelligence (AI) processing at a lower cost and with improved energy efficiency, particularly in applications such as video doorbells, machine vision, and autonomous mobile robots.

The computer vision market report table of contents includes: