Computer Vision Market: Overview
The growing advancements in the latest technologies and the widened scope of computer vision systems in a plethora of industries such as consumer electronics, education, healthcare, manufacturing, security, robotics, surveillance, and others will bring substantial growth for the global market during the forecast period of 2021-2031.
Computer vision is a sub-category in the computer science sector. This field applies mathematical techniques to understand videos and images. Computer vision is used in processing images with a set of general rules. The benefits associated with computer vision make it one of the preferred technologies for use across many end-user industries.
On the basis of product, the computer vision market can be segmented into smart cameras-based computer vision systems and PC-based computer vision systems. Based on vertical, the computer vision market can be segmented into industrial vertical and non-industrial vertical.
Transparency Market Research (TMR) has obtained considerable information on the overall growth trajectory of the computer vision market. The upcoming report on the computer vision market gives a detailed insight about diverse growth aspects. Furthermore, the COVID-19 impact is also included in the report.
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TMR W.I.N Approach
The W.I.N (Wholesome Competitive Insights. Important Trends. Noteworthy Regions.) Approach makes TMR one of the best research companies in the industry. This approach assures on-point information to the stakeholders and the CXOs.
Computer Vision Market: Wholesome Competitive Insights
The computer vision market is extensively fragmented. New entrants are plenty in the computer vision market. Startups are entering the computer vision market with high-end technology and novel features. Many well-established players in the computer vision market acquire new entrants to decrease the competition level.
Investments play a crucial role in the growth of the computer vision market. Capital venture companies and investment firms are investing in this market. Some of the prominent developments across the competitive landscape of the computer vision market are as follows:
- Mobius Labs, a startup in the computer vision sector recently raised US$ 4.5 Mn funding in a Series A funding round.
- Voyage 81, a prominent computer vision startup in Israel was recently acquired by II Makiage.
Such developments serve as growth boosters for the computer vision market.
Research and development activities form an important part of the computer vision market growth structure. The players invest in these activities for adding new features and upgrades to the computer vision systems. All these factors eventually increase the growth rate of the computer vision market. Strategic collaborations are also important for the overall development of the computer vision market.
Computer Vision Market: Important Trends
CV as a Service (CVaaS) to Gain Considerable Traction
The popularity of CVaaS has increased extensively. Instead of building the computer vision systems from scratch, organizations can lease this system through CVaaS. The pay-as-you-go model and on-demand algorithm access make them both scalable and affordable. All these factors assure considerable growth for the computer vision market.
Integration of Computer Vision Systems with Edge Computing to Garner Substantial Momentum
Computer vision systems are being integrated with edge computing for the plethora of benefits they provide. Edge computing counterbalances some utilization and maintenance expenses of cloud computing for data sharing. It also enables the computer vision systems to respond better in real-time. All these aspects bring profitable growth for the computer vision market.
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Computer Vision Market: Noteworthy Regions
The computer vision market in North America is estimated to observe a dominating position through the forecast period of 2021-2031. Favorable government initiatives are encouraging the adoption of computer vision systems. Furthermore, pharmaceutical and food and packaging companies are also adopting computer vision systems on a large scale in the region. Asia Pacific is also estimated to observe lucrative growth during the forecast period owing to the presence of major players in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.