Computer Vision Market Size Worth $19.1 Billion By 2027 | CAGR 7.6%: Grand View Research, Inc.
SAN FRANCISCO, Nov. 23, 2020 /PRNewswire/ -- The global computer vision market size is expected to reach USD 19.1 billion by 2027, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 7.6% from 2020 to 2027. This technology has emerged as an emulation of a human visual system to support the automation tasks that require visual cognition. However, the process of image deciphering is more complicated than analyzing data in a binary form due to the vast amount of multi-dimensional data in an image for analysis. Artificial neural networks and deep learning are being used to increase computer vision's capabilities of replicating human vision, to address such complexity in developing AI systems to recognize visual data. Besides, this technology has become more adept at pattern recognition than the human visual cognitive system, with the advents in deep learning techniques.
Key suggestions from the report:
- Vision inspection solutions to food and beverages, pharmaceuticals, and automotive industries, provide vision systems for robotic vision and quality control is expected to be prevalent over the projected period
- Deep learning algorithms using Convolutional Neural Network (CNN) classifiers allow image classification and object/ pattern recognition, and their segmentation at speed. The development of these AI-powered deep learning systems is anticipated to boost the market growth
- Facial recognition and biometric scanning systems in the security and surveillance industry are significantly driving the market growth with the rising use of pattern recognition in high-confidentiality workplaces, such as research labs, nuclear power plants, and bank vaults
- Tasks automation in manufacturing units is one of the significant use-cases of computer vision technology as machine vision is highly used for the inspection of manufactured products for non-conformities and defects.
Read 100 page research report with ToC on "Computer Vision Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Product Type (Smart Camera-based, PC-based), By Application, By Vertical, By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/computer-vision-market