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- State: Indiana
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- Listed: April 15, 2019 5:36 pm
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Computer-Vision-Market is expected to grow from USD 10.06 Billion in 2017 to USD 28.63 Billion by 2024, at a CAGR of 15.25% between 2017 and 2024. (Detailed analysis of the market CAGR is provided in the report)Computer vision market is segmented on the basis of Component, Product, Application, Vertical, and Geography. Rising need for quality inspection and automation across industry verticals, growth in demand for vision-guided robotic systems in automotive, and growth in the non-industrial vertical are the major factors driving the growth of the overall computer vision market.Computer Vision MarketHowever, lack of user awareness about rapidly changing machine vision technology, changing requirements of end users with respect to computer vision applications, and complexity in integrating computer vision systems are the key restraining factors for the growth of computer vision market.Further key findings from the report:• Computer vision market for predictive maintenance applications is expected to grow at the highest CAGR between 2017 and 2024 With the developments in IoT and artificial intelligence technologies, the market for predictive maintenance applications is anticipated to grow during the forecast period• Software segment from the components segment is anticipated to witness a high growth rate during the forecast period. This can be attributed to the introduction of deep learning and AI technologies and Innovations in computer vision software. Deep learning-based computer vision software allows to minimize human intervention and delivers a real-time solution for industrial and non-industrial applications• From the industry vertical segment, food and packaging industry is to grow at the highest rate during the forecast period owing to a growing necessity to identify and combat counterfeit products and the increasing implementation of government rules pertaining to safety in manufacturing plants. Booming e-commerce industry in countries such as China and India is one of the key factors driving the growth of computer vision market in this segment• Among geographical regions, APAC accounted for the largest share of the computer vision market and is expected to lead the computer vision market between 2017 and 2024 owing to increased investments in vision-related R&D activities and ongoing developments in computer vision systems. China is emerging as one of the key contributors in APAC region owing to growing industrial base in China and increasing manufacturing facilitiesKey Highlights:• Analysis of competitive developments such as contracts, joint ventures, mergers & acquisitions, collaborations, product launches & developments, and research and development (R&D) in the Computer Vision Market• The objective of the report is to provide a detailed analysis of the Computer Vision Market on the basis of a component, product, application, vertical, and geography• Complete quantitative analysis of the industry from 2017 to 2024 to enable the stakeholders to capitalize on the prevailing market opportunities• In-depth analysis of the industry on the basis of market segments, market dynamics, market size, competition & companies involved value chain• Analysis of the Computer Vision Market with respect to individual growth trends, prospects, and contribution to the total market• Segment wise business performance detailed in a report will be worthwhile for the organizations willing to enhance its business• Provides detailed information regarding the major factors influencing the growth of the Computer Vision Market (drivers, restraints, opportunities, and challenges)• This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the businessYears that have been considered for the study are as follows:• Base Year – 2016• Estimated Year – 2017• Forecast Period – 2017 to 2024For company profiles, 2016 has been considered as the base year. In cases, wherein information was unavailable for the base year, the years prior to it have been consideredResearch Methodology:Bloomberg, Hoovers, Factiva are some of the sites that are being referred to gain insights about Computer Vision Market. Experts from top manufacturing companies along with other stakeholders have been considered. This is done to validate and collect critical information for evaluating trends related to this market during the forecast period. Top-down and bottom-up approaches have been used to estimate the global and regional size of this market. Data triangulation techniques along with other comparative analysis are also used to calculate the exact size of the Computer Vision Market globally.
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