Computer Vision Market Likely to Garner a CAGR at 12.5% during 2022-2026, Predicts GlobalData Plc

The latest published report titled Computer Vision Market 2021-2026 has been added to the report store by GlobalData Plc. The report predicts the market to garner a CAGR of 12.5% during 2022-2026. Factors such as an increasing need for automation and optimization of workflows across various sectors, including healthcare, automotive, retail, and BFSI coupled with the implementation of technologies such as edge computing, AI, the IoT, and automated machine learning are expected to drive the adoption of computer vision technology.

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The key trends anticipated to influence the market growth positively during the forecast period. Key technology trends include CVaaS, convolutional neural networks, GPUs, ambient commerce, emotion AI, and smart cities. Some of the main macroeconomic trends include trade wars and India’s data privacy. Key regulatory trends include AI surveillance and data privacy. The computer vision market growth might face impediments from challenges including the high initial cost, poor quality of data, and latency in the data processing.

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Computer Vision Market Segment Highlights

By Vertical

• IT & Telecom: The IT & telecom and healthcare verticals captured over 20% of the overall market share in 2021. Telecom companies are offering these services to cater to the increasing need for low-latency and efficient computer vision for IoT and 5G use cases. As such, the proliferation of IoT devices and the roll-out of 5G is anticipated to propel the market growth.
• BFSI
• Healthcare
• Government
• Retail
• Manufacturing
• Energy & Utilities
• Others

Regional Opportunities

• North America: North America accounted for the highest market share of over 30% of the overall market in 2021. The high market share is attributed to the early adoption of technology in the region and a high number of IoT deployments. Further, the robust IT & Telecom infrastructure across the region and the number of clouds and edge deployments are some factors supporting the adoption of computer vision.
• Western Europe
• Central & Eastern Europe
• Asia Pacific
• South & Central America
• Middle East & Africa

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Computer Vision Market Vendor Highlights

The computer vision market is highly competitive, with several technology players investing in developing innovative computer vision solutions. Further, tech startups with cutting-edge technology and expertise to develop innovative CV solutions are spurring competition in the market. Companies operating in the market have a strong hold on their respective solution offerings.

Top Computer Vision Companies

• Microsoft Corp: The company offers a wide range of products and services including public, private, and hybrid server products. In March 2022, Microsoft Corp completed the acquisition of Nuance Communications, Inc., a leader in conversational AI and ambient intelligence across industries including healthcare, financial services, retail, and telecommunications.
• Alphabet Inc: The company offers online advertising services through its AdSense, internet, TV services, licensing, and research and development services. In September 2022, Arize AI announced that its machine learning observability platform is available on Google Cloud Marketplace. In June 2022, Google announced new capabilities for Vertex AI, its managed AI platform designed to help companies accelerate the deployment of AI within their organizations, also known as MLOps.
• Hikvision: In September 2022, the company launched a collaboration with Prysm Software to integrate its HikCentral Professional with Prysm Software’s AppVision PSIM platform. The company also announced new additions to its Pro series PTZ cameras, including the integration of ColorVu technology for the first time in this range.
• Intel Corp
• Ambarella
• Apple Inc
• IBM
• com Inc
• Baidu
• Bosch

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About GlobalData

GlobalData is a leading provider of data, analytics, and insights on the world’s largest industries. As a leading information services company, thousands of clients rely on GlobalData for trusted, timely, and actionable intelligence. Our mission is to help our clientele ranging from professionals within corporations, financial institutions, professional services, and government agencies to decode the future and profit from faster, more informed decisions. Continuously enriching 50+ terabytes of unique data and leveraging the collective expertise of over 2,000 in-house industry analysts, data scientists, and journalists, as well as a global community of industry professionals, we aim to provide decision-makers with timely, actionable insights.