The computer vision market was valued at US$14.82 Billion in 2020 and is predicted to reach US$27.02 Billion by 2028, growing at a CAGR of 7.8% from 2021 to 2028. Major factors driving the market growth include the increasing need for quality inspection and automation, growing demand for vision-guided robotic systems, rising demand for application-specific computer vision systems.
The increasing adoption of AI, deep learning, and technical advancements in hardware and software are other major factors driving the growth of the computer vision market. The rising adoption of 3D inspection systems over conventional inspection systems is increasing which is also boosting the growth of the market. The security threats of neural networks and deep learning is acting as a major challenge for the growth of the market as the threats are increased with the evolution of technology.
The automotive industry is one of the early adopters of computer vision systems and continues to hold the largest share of the computer vision market among other industries in the industrial vertical. Automation is widely used for assembling vehicles in this industry; hence, the adoption of computer vision systems is high. This is contributing to the growth of the computer vision market for the automotive industry.
Artificial intelligence with computer vision technology is becoming increasingly popular in different use-cases, such as computer vision solutions in consumer drones and autonomous and semi-autonomous vehicles. Also, the recent advancements in computer vision comprising image sensors, advanced cameras, and deep learning techniques have widened the scope for computer vision systems in various industries, including education, healthcare, robotics, consumer electronics, retail, manufacturing, and security and surveillance, among others. For instance, image captioning in social media platforms is one of the most popular applications of computer vision.
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