Computer Vision Market Global Size, Segments, Growth and Trends by Forecast to 2023


Market Highlights:
The field of computer vision has changed since its inception. The emergence of artificial intelligence with deep learning methods changed how the computers see an object. The advancements in algorithms led to identify, analyze and react to the obstacles which are considered to be a breakthrough technology. The market for computer vision is highly lucrative. The adoption of Internet of Things (IoT) across industry verticals and high increasing demand for computer vision systems from the automotive industry is driving the market.

The global computer vision market is segmented on the basis of the component, business model, application, industry and region. High investments associated with the development of computer vision is hindering the market growth.

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Major Key Players:
·         Google LLC (U.S.),
·         Facebook Inc. (U.S.),
·         Microsoft Corporation (U.S.),
·         Nvidia Corporation (U.S.),
·         Mercedes-Benz (Germany),
·         IBM Corporation (U.S.),
·         Autoliv Inc (U.S.),
·         PlayfulVision (Switzerland),
·         Wikitude GmbH (Germany),
·         Cognex Corporation (U.S.),
·         National Instruments Corporation (U.S.),
·         General Electric (U.S.),
·         VideoIQ (U.S.),
·         KLA-Tencor Corporation (U.S.)

Regional Analysis:
North America is the technically advanced region, it holds the major market share for global Computer Vision Market. Most of the Information Technology companies are based in U.S and Canada which are heavily investing in computer vision systems which is majorly driving the market in this region. Google LLC, an American Multinational Technology Company is offering image analysis through cloud which is known as Google Cloud Violin API. It helps developers to understand the content of an image by using machine learning models. These methods help in classifying the images and detect individual objects and face present in the image. The tools are capable of detecting text within the images through optical character recognition which is integrated with automatic language identification. The tools possess various features like label detection, logo detection, face detection, image attributes and many more.

Asia Pacific is anticipated to show rapid growth during the forecast period. Japan is supposed to have a large market for computer vision. The high adoption of computer vision systems in wearables of consumer electronics is driving the market. Japan is expected to lead the market in Asia Pacific with its expertise in technology. In June 2017, Xped Ltd. an Australian based Internet of Things Company has acquired Jemsoft Pvt Ltd. which is an artificial intelligence based company. The acquisition will help Xped by adding technical expertise to their existing team. The company will produce monitoring and control solutions using Jemsofts artificial intelligence and deep learning methods.

Segmentation:
The global computer vision market is segmented on the basis of the component, business model, application, industry and region. On the basis of component the segment is further classified into hardware and software. Hardware components consist of scanners, cameras, sensors, sonar, processing chipsets and others. On the basis of business model the segment is classified into Software as a Service, technology licensing, on-time payment and pay as you go service.

The computer vision can is useful in various applications such as facial recognition, gesture analysis, image restoration, character recognition, medical image analysis and many more. The computer vision technology is deployed in various industry verticals such as agriculture, automotive, healthcare, entertainment, consumer electronics, transportation and many more.

Key Findings:
  • Umbo computer vision, leading provider of video security technology, released Umbo SmartBullet. It possesses AI-based technology which can be used for intruder detection in industries, transportation areas, schools and many others.
  • Microsoft Corporation, recently launched an update for embedded image recognition for mobile applications. Part of Azure cognitive services suite, Microsoft tool enables computer vision capabilities such as identifying objects in applications. They developed real-time image classification functionality for iOS devices.


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