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Computer Vision Market is Expected to Grow High CAGR of 16.0% by 2030 | Top Impacting Factors

Computer Vision Market

Computer Vision Market

The computer vision market share in the world is dominated by the industrial market share and is expected to continue its dominance in the coming years.

PORTLAND, PORTLAND, OR, UNITED STATE, July 24, 2022 / — Faster processing, better accuracy, and economic advantages of computer vision systems are driving the growth of the global computer vision market. However, the requirement of highly skilled and experienced professionals and many concerns over privacy and data safety have hindered the growth to some extent.

On the other hand, the growing application of computer vision systems and advances in the field of Computer vision and AI are expected to create profitable opportunities in the industry.

According to the report, the global Computer Vision industry generated $9.45 billion in 2020, and is expected to generate $41.11 billion in 2030, witnessing a CAGR of 16.0% from 2021 to 2030.

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Covid-19 situation

• The global pandemic has had a significant economic impact on many industries. These industries are experiencing a slowdown in production and supply chain. And, the computer vision market is no exception in this regard.

• However, the growing application of computer vision and artificial intelligence in non-industrial applications such as health care, monitoring and surveillance, and transportation has created a large margin of profit for the market, thus creating a uniform effect in the sector.

Based on component, the hardware segment will have the highest market share in 2020, accounting for nearly three-fourths of the global computer vision market, and is estimated to maintain its leadership position throughout forecast period. Growing industrial workloads and increasing demands for industrial automation are the main factors driving the growth of the segment.

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Moreover, the software segment is expected to show the highest CAGR of 18.1% from 2021 to 2030. The fact that software-based computer vision systems have found various applications in retail, agriculture, public health, automotive, and agricultural sectors are driving the growth of the segment.

On the basis of application, the quality assurance and inspection segment accounted for the largest share in 2020, contributing nearly one-third of the global computer vision market, and is expected to maintain its position in leading the forecast period.

This is because the quality assurance and inspection process is an integral part of the manufacturing life cycle. However, the recognition segment is expected to portray the largest CAGR of 17.6% from 2021 to 2030. Recognition.

On the basis of region, North America will hold the highest market share in terms of revenue in 2020, accounting for nearly two-fifths of the global computer vision industry. This is due to the increasing focus on adopting computer vision technology in production lines to help improve efficiency and overall productivity.

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Additionally, the Asia-Pacific region is expected to witness the fastest CAGR of 17.5% during the forecast period. This is due to the high demand for modernization and technological increase in trends in many industrial sectors within Asia-Pacific countries such as China, Japan, India, South Korea, Southeast Asia, Australia, and the Rest of Asia-Pacific.

Key Benefits For Stakeholders

• The study provides an in-depth analysis of the computer vision market growth along with the current trends and future projections to clarify the imminent investment pockets.

• Information about the key drivers, restraints, and opportunities and their impact analysis on the market size is provided in the report.

• Porter’s five forces analysis describes the potency of buyers and suppliers operating in the industry.

• Quantitative analysis of the computer vision of market growth for the period 2020-2030 is provided to determine the potential of the market.

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Finally, this report provides the most comprehensive market intelligence. The structure of the report is kept in such a way that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those poised to enter the market.

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