In a recent published report, Kenneth Research has updated the market report for Computer Vision Market for 2024 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2024- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2024, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2024. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2024. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2024. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2024 till March 2024 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Computer Vision Market products.
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In the United States, internet access to households grew from around 73% of the households in 2015 to close to 80% of the households in 2019. In Korea, it was around 98% in 2014 which grew to nearly 100% in 2024. On the other hand, in the Netherlands, internet access to households touched nearly 98% in 2019. Countries in the Latin America, such as Brazil and Mexico grew at a significant pace by about 1.45x and 1.63x respectively within a span of 4 years between 2015 and 2019.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Computer Vision is a field of Artificial Intelligence and Computer Science that provides computers a visual understanding of the globe. Computer vision is primarily concerned with the theory and technology for structuring the artificial systems that contain the important information from images or multi-dimensional data. Computer vision is primarily being concerned with the automatic extraction, analysis and understanding of meaningful data from a single image or a sequence of images. It involves the development of a theoretical and algorithmic basis to achieve automatic visual understanding.
computer vision technology is primarily being adopted across the globe, highly depends on the application. Applications like machine vision and gaming, security and surveillance, and others. In which some are leading in the market, whereas some are just emerging. The value provided by applications, coupled with innovation in business models, will dictate the growth of the market over the next 10 years. Marketing buzz from large companies will also play a large part in adopting technologies like virtual reality (VR).
The market is gaining momentum across various application areas, which further enhance the market. In addition, the device manufacturers, semiconductor and component companies, and software developers have all made significant investments in technology development. Many companies have demonstrated various prototypes, and a very few have moved into full production mode. Meanwhile, consumer awareness and enthusiasm for computer vision-based applications continues to grow. Computer Vision Market
Market Analysis:
The Computer Vision Market is expected to reach $9.62 billion by 2024, growing at a CAGR of around 31.60% during the forecast period.
The rapid development of technology, declining chip prices, and with the growing connectivity are major factors, for propelling computer vision technologies. The market is being considered to be a horizontal market, as the applications are widespread across different application segments. Each vertical market has its own drivers and challenges, as well as its own market ecosystem and business models.
Furthermore, America region is experiencing significant growth due to the developed infrastructure in the region boosting the computer vision market, followed by APAC and EMEA during the forecast period.
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Market Segmentation Analysis:
The report provides a wide-range evaluation of the market. It provides an in-depth qualitative insights, historical data, and supportable projections and assumptions about the market size. The projections featured in the report have been derived using proven research methodologies and assumptions based on the vendors portfolio, blogs, whitepapers, and vendors presentations. Thus, the research report serves every side of the market, and is segmented based on regional markets, types, and applications.
Countries and Vertical Analysis:
The report contains an in-depth analysis of the vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape. The key and the prominent vendors are covered in the report includes Mobileye, Mercedes-Benz, Google, Autoliv, Facebook and others. Most of the major players are in the American region. The vendors have been identified based on the portfolio, geographical presence, marketing & distribution channels, revenue generation, and significant investments in R&D.
The counties covered in report are Canada, the US, China, India, Japan, and Germany. Among these Japan, the US, and China are expected to grow at a high rate during the forecast period (2017-2023) owing to the increase in the penetration rate of e-commere, connected devices, and increasing the number of data centers.
Competitive Analysis
The report covers and analyzes the Computer Vision market. Various strategies, such as joint ventures, partnerships, collaborations, and contracts, have also included accordingly. In addition, as customers are in search for the better solutions, there is expected to be a rising number of partnerships. There is likely to be an increase in the number of mergers, acquistions, and strategic partnership during the forecast period.
The report includes a complete insight of the industry, and aims to provide an opportunity for the emerging and established players to understand the market trends, current scenario, initiative taken by government, and the latest technology related to the market. In addition, it also helps the venture capitalists in understanding the companies better and take informed decisions.
Regional Analysis
The Americas is the dominating region, which holds the largest share for Computer Vision owing to the need for better and cost-effective solutions for smart devices is driving the growth of the technology in this region. In addition, APAC is also fuelling the market with a lot of opportunities for the technology market growth, mainly due to government initiatives for the development of smart cities, increasing FDI, the need for energy efficient technology, and demand for increased safety and security.
EMEA is also driving the computer vision market as most of the computer vision-based systems are being deployed currently in high-end, luxury cars and they primarily dominate that segment. The computer vision market is closely correlated to the luxury car market. Thus, computer vision market will witness a high growth rate in this region due to the increase in adoption of computer vision technology in the automotive segment.
Benefits
The report provides an in-depth analysis of the Computer Vision aiming to secure the data and services, reduce operational cost, improve business efficiency, and operational performance. With the help of Computer vision, various organizations can increase the productivity and efficiency and can ensure the protection of the data. They can easily be integrated with other applications. They can be installed either on-premises or even through the networks of the vendors. In addition, the solutions are proven to be reliable and improves scalibility. The report discusses about the organization size, deployment mode, end-users, and regions. Further, the report provides details about the major challenges impacting the market growth.
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Table of Contents
1 Industry Outlook 10
1.1 Industry Overview 10
1.2 Industry Trends 10
1.3 PEST Analysis 11
2 Report Outline 11
2.1 Report Scope 11
2.2 Report Summary 12
2.3 Research Methodology 13
2.4 Report Assumptions 13
3 Market Snapshot 13
3.1 Total Addressable Market 14
3.2 Segmented Addressable Market 14
3.3 Related Markets 15
3.3.1 AI in Homes 15
3.3.2 Smart Meters 15
4 Market Outlook 16
4.1 Overview 16
4.1.1 Market Definition – Infoholic Research 16
4.2 Market Trends and Impact 17
4.3 Market Segmentation 17
4.4 Porter 5 (Five) Forces 18
5 Market Characteristics 19
5.1 Evolution 19
5.2 Value Chain 20
5.3 Benefits and Challenges of Smart Homes M2M Market 20
5.4 Factors Influencing Smart Home Solutions Choice 21
5.5 Market Dynamics 21
5.5.1 Drivers 22
5.5.1.1 Enhanced global broadband connectivity 22
5.5.1.2 Increased investment in smart cities, IoT, and M2M communication system 22
5.5.1.3 Adoption of digital lifestyle 22
5.5.1.4 Need for safety and security arrangement 22
5.5.2 Restraints 23
5.5.2.1 High upfront cost 23
5.5.2.2 Lack of standards and interoperability 23
5.5.2.3 Low awareness 23
5.5.3 Opportunities 24
5.5.3.1 Opportunities for growth of wearable devices 24
5.5.3.2 Opportunities from developing economy 24
5.5.3.3 Opportunities for telecom providers 24
5.6 DRO – Impact Analysis 25
6 Applications 25
6.1 Overview 25
6.2 Medical, robotics & machine Vision 26
6.2.1 Market Size and Analysis 27
6.3 Consumer 27
6.3.1 Market Size and Analysis 28
6.4 Sports & Entertainment 28
6.4.1 Market Size and Analysis 28
6.5 Automotive 29
6.5.1 Market Size and Analysis 29
6.6 Security & Survillence 30
6.6.1 Market Size and Analysis 30
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