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Computer Vision Market size worth $17.4 billion by 2023 growing with a CAGR of 7.8%

Computer Vision Market Research Report, identifies new revenue opportunity in computer vision size. The report aims at estimating the market size and future growth of the computer vision industry based on offering, process, application, vertical, and region.

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Computer Vision Market size worth $17.4 billion by 2023 growing with a CAGR of 7.8%

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  1. MarketsandMarkets Presents Computer Vision Market size worth $17.4 billion by 2023 growing with a CAGR of 7.8% Non-Industrial vertical to witness higher growth during forecast period The computer vision market growth is attributed to the burgeoning demand for computer vision systems in the consumer electronics, semiautonomous and autonomous vehicles, sports and entertainment, and retail industries. Additionally, the growing labor costs in the physical security market and the high adoption of robotics in the healthcare industry, has led to the increase in demand for computer vision systems in non-industrial vertical.

  2. Software to witness fastest growth during forecast period The integration of AI into computer vision software is expected to fuel the growth of the computer vision market for software during the forecast period as deep learning enables machines to recognize objects. Also, deep learning-based computer vision software helps in minimizing human intervention and provide a real-time solution by distinguishing the acceptable variations in products and the defects in various industries. APAC is expected to hold the largest market size of laser sensor market during forecast period Countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority. In addition, strong competition among consumer electronics companies in APAC is likely to boost the adoption of computer vision systems in the region. Key players in the computer vision market include 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), BaumerOptronic (Germany), and JAI A/S (Denmark), MediaTek, Inc. (Taiwan), Cadence Design Systems, Inc. (US), CEVA, Inc. (US), and Synopsys, Inc. (US) among others.

  3. The computer vision market is expected to grow from USD 10.9 billion in 2019 to USD 17.4 billion by 2024-growing at a CAGR of 7.8% during the forecast period. Major factors driving the market growth include increasing need for quality inspection and automation, growing demand for vision-guided robotic systems, rising demand for application- specific computer vision systems.

  4. The growth is attributed to the advancements in smart camera technology and IoT, and increasing penetration of smart camera-based computer vision systems. Smart camera-based computer vision systems are cost-effective, compact and flexible, thus it becomes easier to implement changes in these systems based on revised regulations and standards. Contact:MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 sales@marketsandmarkets.com

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