Computer Vision Market size worth $17.4 billion by 2023 growing with a CAGR of 7.8%

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MarketsandMarkets Presents
Computer Vision Market size worth 17.4 billion
by 2023 growing with a CAGR of 7.8 Non-Industria
l vertical to witness higher growth during
forecast period The computer vision market growth
is attributed to the burgeoning demand for
computer vision systems in the consumer
electronics, semiautonomous and autonomous
vehicles, sports and entertainment, and retail
industries. Additionally, the growing labor costs
in the physical security market and the high
adoption of robotics in the healthcare industry,
has led to the increase in demand for computer
vision systems in non-industrial vertical.
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Software to witness fastest growth during
forecast period The integration of AI into
computer vision software is expected to fuel the
growth of the computer vision market for software
during the forecast period as deep learning
enables machines to recognize objects. Also, deep
learning-based computer vision software helps in
minimizing human intervention and provide a
real-time solution by distinguishing the
acceptable variations in products and the defects
in various industries. APAC is expected to hold
the largest market size of laser sensor market
during forecast period Countries in APAC such as
China, Japan, India, and South Korea have some of
the largest manufacturing facilities wherein
automation of manufacturing processes has been
taken as the highest priority. In addition,
strong competition among consumer electronics
companies in APAC is likely to boost the adoption
of computer vision systems in the region. Key
players in the computer vision market include
Cognex Corporation (US), Basler (Germany), Omron
Corporation (Japan), KEYENCE CORPORATION (Japan),
National Instruments (US), Sony Corporation
(Japan), Teledyne Technologies, Inc. (US), Allied
Vision Technologies (Germany), Texas Instruments,
Inc. (US), Intel Corporation (US), Baumer
Optronic (Germany), and JAI A/S (Denmark),
MediaTek, Inc. (Taiwan), Cadence Design Systems,
Inc. (US), CEVA, Inc. (US), and Synopsys, Inc.
(US) among others.
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The computer vision market is expected to grow
from USD 10.9 billion in 2019 to USD 17.4 billion
by 2024-growing at a CAGR of 7.8 during the
forecast period. Major factors driving the market
growth include increasing need for quality
inspection and automation, growing demand for
vision-guided robotic systems, rising demand for
application- specific computer vision systems.
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The growth is attributed to the advancements
in smart camera technology and IoT, and
increasing penetration of smart camera-based
computer vision systems. Smart camera-based
computer vision systems are cost-effective,
compact and flexible, thus it becomes easier to
implement changes in these systems based on
revised regulations and standards.
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