Allied Market
The report focuses on the growth prospects, restraints, and computer vision market analysis.
PORTLAND, OR , UNITED STATES, UNITED STATES, May 12, 2023 /EINPresswire.com/ — Faster processing, better accuracy, and economic advantage of computer vision system drive the growth of the global computer vision market. Growing applications of computer vision systems and advancements in the field of Computer vision and AI are expected to create lucrative opportunities in the industry.
The global Computer Vision industry generated $9.45 billion in 2020, and is anticipated to generate $41.11 billion by 2030, witnessing a CAGR of 16.0% from 2021 to 2030.
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Based on component, the hardware segment held the highest market share in 2020, accounting for nearly three-fourths of the global computer vision market, and is estimated to maintain its leadership status throughout the forecast period. Growing industrial workloads and rising demands for industrial automation has been the major factor driving the growth of the segment. Moreover, the software segment is projected to manifest the highest CAGR of 18.1% from 2021 to 2030. The fact that software-based computer vision systems find a variety of applications in the retail, agriculture, public health, automotive, and agricultural sectors drives the segment growth.
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Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global computer vision industry. This is owing to rising focus on adopting computer vision technology into the production lines to help boost efficiency and overall productivity. Moreover, the Asia-Pacific region is expected to witness the fastest CAGR of 17.5% during the forecast period. This attributed to high demand for modernization and technological up scaling 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.
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Based on application, the quality assurance and inspection segment accounted for the largest share in 2020, contributing to nearly one-third of the global computer vision market, and is projected to maintain its lead position during the forecast period. This is because the quality assurance and inspection process is a crucial part of the manufacturing life cycle. However, the identification segment is expected to portray the largest CAGR of 17.6% from 2021 to 2030. Identification.
Major industry players such as – Cognex, Basler, Omron, Keyence, National Instruments, Sony, Teledyne Technologies, Texas Instruments, Intel and Baumer Optronic.
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The market numbers are verified by means of numerous data triangulation techniques. Additionally, reliable industry journals, accurate press releases from trade association, and government websites have also been revised for producing exclusive industry insights.
Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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