Computer Vision Market Forecast To Grow At 8.1% CAGR From 2024 To 2031 | Skyquest Technology

2024-08-20 08:46:27

(MENAFN- GlobeNewsWire - Nasdaq) Westford, USA, Aug. 20, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Computer Vision Market will attain a value of USD 32.45 Billion by 2031, with a CAGR of 8.1% during the forecast period (2024-2031). Computer vision technologies using artificial intelligence (AI) are becoming more and more common in a variety of application cases, including consumer drones and fully and partially driverless cars. Moreover, it extends to various sectors such as education, medicine, robotics, gadgets for consumers, shops, factories, public safety systems, etc. The latest innovations in computer vision systems including camera sensor devices, advanced imaging devices and methods of machine deep learning algorithms were exploited by these sectors.
Download a detailed overview:

Browse in-depth TOC on the " Computer Vision Market "

Pages - 157
Tables - 87
Figures – 76

Computer Vision Market Overview:

Report Coverage	Details
Market Revenue in 2023	$17.4 Billion
Estimated Value by 2031	$32.45 Billion
Growth Rate	Poised to grow at a CAGR of 8.1%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Component, Product, Application, End Use and Region
Geographies Covered	North America, Europe, Asia-Pacific, and the Rest of the world
Report Highlights	Harnessing computer vision and machine vision for intelligent automation
Key Market Opportunities	Emerging applications of AI computer vision in agriculture, logistics, and manufacturing
Key Market Drivers	Impact of computer vision on market growth in automation

Hardware Component to Dominate the Market Due to Processing Power and Sensor Technologies

In the global commercial computer vision sphere, the superior quality of hardware components is driven mainly by technological growth in sensor technology and processor power. The escalating demand for high-resolution images and real-time data processing see companies investing heavily on powerful hardware solutions. By so doing they enhance system performance through higher accuracy and efficiency thus boosting the growth of computer vision applications across different fields.

Smart Camera-Based Product as Largest Growing Sub-Segment Due to Processing Capabilities and Advanced Algorithms

Due to their sophisticated algorithms and integrated processing capabilities, smart camera-based devices have dominated global computer vision industry. The cameras provide the businesses with more precision and faster response times that they need in order to have economically feasible solutions for monitoring and analysing in real time. The increasing dependence on smart cameras encourages investment and innovation, which accelerates their acceptance in a variety of fields, including automation and security.

Promoting the Use of Computer Vision Helped North America to Dominate the Market

The region with the most anticipated market share is predicted to be North America. Favourable government initiatives aiming at encouraging the usage of computer vision to guarantee quality and convenience of use in the area are projected to promote the regional computer vision market. Throughout the forecast period, this supports the market's geographic expansion.
Request Free Customization of this report:

Computer Vision Market Insight

Drivers:

Impact of Computer Vision on Market Growth in Automation

Increasing Demand for Automation and Efficiency

Emerging Applications of AI Computer Vision in Agriculture, Logistics, and Manufacturing

Restraints:

High Cost of Acquiring and Implementing AI Computer Vision Solutions

Maintaining Trust and Transparency of AI Computer Vision Systems

High Cost of Implementation

Prominent Players in Computer Vision Market
The following are the Top Computer Vision Companies

NVIDIA Corporation (US)
Intel Corporation (US)
Microsoft (US)
IBM Corporation (US)
Qualcomm Technologies Inc. (US)
Advanced Micro Devices, Inc (US)
Alphabet, Inc. (US)
Amazon (US)
Basler AG (Germany)
Hailo (US)

View report summary and Table of Contents (TOC):

Key Questions Answered in Global Computer Vision Market Report

What is SkyQuest's estimated market value for the global computer vision market by 2031?
Which geographical area is anticipated to lead the computer vision market, and what reasons are driving its expansion?
What are the primary causes of hardware components' dominance in the global computer vision market?

This report provides the following insights:

Analysis of key drivers (Faster & more accurate root cause analysis, simplify repetitive tasks performance, traffic detection and monitoring systems are 91% more reliable and incentivizing increased expenditures), restraints (Developing and deploying AI computer vision systems can be expensive, requiring specialized hardware and organizations may need to invest in training & development programs) opportunities (Numerous emerging applications in several fields, AI computer vision is used in agriculture to automate various processes and offering a range of applications from industrial automation), and challenges (Lack of transparent in their decision-making processes and bias in the training data) influencing the growth of computer vision market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the computer vision market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the computer vision market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

Related Reports:

Artificial Intelligence Market

Machine Learning Market

Brain Computer Interface Market

AI in Computer Vision Market

Data Analytics Market

About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

Contact:

Mr. Jagraj Singh

Skyquest Technology

1 Apache Way,

Westford,

Massachusetts 01886

USA (+1) 351-333-4748

Email: ...

Visit Our Website:

MENAFN20082024004107003653ID1108579982

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.