The computer vision market is estimated to grow from USD 11.45 billion in 2022 and is likely to grow at a CAGR of 7.10% during 2023-2028 to reach 17.34 billion by 2028.
Emotion AI uses computer vision technology to read an individual's emotional responses by analyzing facial appearances and eye trends in photographs and videos. Emotion AI, also known as Affective Computing, is a rapidly growing branch of Artificial Intelligence that enables machines to analyze and understand nonverbal signs provided by humans such as facial expressions, body language, gestures, and voice tones in order to assess their emotional state.
Key Players
The following are the key players operating in the computer vision market-
- 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)
Market Dynamics
The computer vision market is driven by a host of factors, some of which are noted below:
- Faster processing and better accuracy, combined with the economic advantage of computer vision systems.
- The high demand for highly skilled and experienced professionals, as well as user data privacy and security concerns.
- The growing use of computer vision in non-industrial applications, as well as advancements in the fields of computer vision and AI.
Opportunities:
- High-quality data: Computer vision models require large amounts of high-quality data to train. This data can be expensive and time-consuming to collect and label.
- High-performance computing: Computer vision models can be computationally expensive to deploy. This can be a challenge for organizations with limited resources.
Regional Trends
North America accounted for the largest market share in 2022 and is projected to grow at a healthy CAGR during the forecast period.
Pharmaceuticals and food and packaging are the two major industries that are implementing computer vision systems due to mandatory government regulations, quality assurance, and ease of operation. This is expected to propel the market in this region forward. The growth is being driven by a number of factors, including:
- The growing availability of data: The availability of large datasets of images and videos is making it possible to train more accurate computer vision models. This data is being collected from a variety of sources, including social media, traffic cameras, and security cameras.
- The decreasing costs of computing power: The cost of computing power has decreased significantly in recent years, making it more affordable to deploy computer vision solutions. This is especially important for small businesses and startups.
- The increasing demand for artificial intelligence: Computer vision is a key component of artificial intelligence (AI). As AI becomes more widely adopted, the demand for computer vision solutions is also expected to increase.
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