The global computer vision market is defined as an industry equipped with machine learning and deep learning algorithms that enable machines to interpret visual data.

The increasing adoption of automation in manufacturing and retail, the rise of the Internet of Things (IoT), the growth of autonomous vehicles and the growing demand for surveillance and security systems are some of the key drivers of the computer vision market.

According to predictions, governments around the world are investing in the development and implementation of computer vision technology to monitor public places and the like in real time.

Key elements of the FMI forecast include:

The hardware category led the market in 2021, accounting for 39.4% of the total $4.6 billion market revenue.

Driven by the growing popularity of artificial intelligence and deep learning technologies, the software segment is expected to grow at a compound annual rate of around 20-25% over the forecast period from 2023 to 2033.

Cloud-based computer vision software is also expected to be a significant driver of growth in software.

Demand for smart camera-based computer vision systems is expected to grow during the forecast period, driven by low cost, small size and ease of integration.

The Quality assurance and inspection segment accounted for a significant market share in 2021, accounting for 17.3% of total market revenue of $2.02 billion. This share was driven by the rapid adoption of process automation in manufacturing to improve productivity.

The PC-based computer vision system segment accounted for 61.7 percent of the market in 2022.

The industrial sector accounted for more than 51 per cent of total revenues, including the automotive and transport sectors.

North America was a lucrative market with a compound annual growth rate of 21.9%.

In 2021, the Asia-Pacific region became the dominant market in the computer vision market, with a market share of about 39.6% and revenue of $4.6 billion.

Competitive pattern

Competition among players in the computer vision technology market is growing moderately. Recent technological advances, such as facial recognition, gesture analysis and enhanced security, are revolutionizing industries from manufacturing to health care. So new companies are entering the market. Intel, National Instruments, Keyence, Texas Instruments, and SAS Institute are among the key players.