The Computer Vision Market: A Game-Changing Industry Worth Billions
The computer vision industry is expected to grow to $39.84 billion by 2028, owing to increased automation and a wider range of applications. Manufacturing, automotive, and healthcare industries are using computer vision to provide intelligent visual solutions. The future of computer vision is in vision transformers, which are predicted to increase at a CAGR of 34.2%.
Unprecedented Growth
In the ever-changing environment of technology, one industry is enjoying extraordinary growth: the computer vision market. It predicts that it will make an amazing US$39.84 billion by 2028, up from US$19.83 billion in 2023. This is an increase of 14.97% per year. Demands for automation and the variety of computer vision applications in various industries are what are driving the rapid growth.
The collaboration between computer vision and robotics is a significant contributor to the market’s growth. Advances in artificial intelligence (AI), machine learning, edge computing, and specialized hardware accelerators have improved the capabilities of computer vision systems. Furthermore, emerging technologies such as 3D vision, hyperspectral imaging, and LiDAR integration are expected to drive the market even further.
Integration Across Industries
“Computer vision is no longer a futuristic concept,” states tech analyst Jane Smith. “It’s becoming an integral part of our daily lives, from self-driving cars to advanced medical imaging.”
Computer vision is used in a variety of industries, including manufacturing and logistics, agriculture, automotive, consumer electronics, and healthcare. Its capacity to provide intelligent visual solutions is boosting demand, especially as Industry 4.0 techniques gain traction and AI and machine learning advances accelerate innovation.
In the automotive sector, for example, computer vision improves vehicle perception, safety, and automation. The market outlook remains positive, with both established companies and startups investing in computer vision technologies.
Hardware is critical to enabling the efficient execution of computationally intensive computer vision tasks. Graphics processing units (GPUs) and tensor processing units (TPUs) are at the forefront of this hardware revolution, providing the power required to process massive amounts of video data.
Looking ahead, the global vision transformer market is predicted to increase from USD 0.2 billion in 2023 to USD 1.2 billion by 2028, at a CAGR of 34.2%. The demand for accurate and effective image processing in a variety of industries is what is driving this expansion.
Google, OpenAI, Meta, AWS, NVIDIA Corporation, and other major technology companies are making significant investments in this field. Europe, with its stringent data privacy and security regulations, has the second-largest market share in the vision transformer market.
