Allied Market Research (AMR) has released a new report that suggests that the computer vision market will grow at a steady rate for the rest of the decade. The report specifically predicts that the market will climb from $9.45 billion in 2020 to $41.11 billion in 2030, which corresponds to a CAGR of 16 percent for the entire forecast period.
According to AMR, much of that growth can be attributed to recent improvements in computer vision technology. Contemporary systems can now process information faster and more accurately than systems could in the past, which opens up new use cases in a number of different sectors. For example, computer vision can help with automation or quality assurance in a factory setting, or enable biometric identification through facial recognition.
The computer vision market has suffered some of the same supply chain disruptions that every industry has faced in the wake of COVID-19, though AMR noted that the high profit margin and growth potential has helped buoy the market through the crisis. However, the lack of skilled professionals could slow the growth of the market in the short term, as could some of the privacy concerns that go along with surveillance technology.
The hardware segment accounted for roughly 75 percent of the global market in 2020, and is expected to maintain that position for the next ten years thanks to the increased use of computer vision technology for industrial automation. Those same factors will make the quality assurance and inspection segment the biggest segment of the market at the end of the prediction window.
The software segment, meanwhile, will display the highest CAGR (18.1 percent), with the identification segment (17.6 percent) driving much of that growth. That identification segment covers both face and object recognition. The former is becoming more and more popular in authentication and access control applications, while the latter can help automate certain functions in the retail, agricultural, and automotive sectors.
North America is the largest computer vision market, though the Asia-Pacific region will grow at a faster rate. AMR identified National Instruments, Teledyne, Sony, Texas Instruments, and Intel as some of the key players in the object recognition space. Grand View Research has previously predicted that the computer vision market would hit $19.1 billion in 2027.
(Originally posted on FindBiometrics)