Rapid advancements in Robotics technology drives the Computer Vision Market: Cognitive Market Research

Computer Vision Market Overview 

Product Overview and Scope of Computer Vision Market

Computer vision is a branch of artificial intelligence (AI) that enables computers and systems to extract meaningful information from digital photos, videos, and other visual inputs and perform actions or make decisions based on that information. If artificial intelligence (AI) gives computers the ability to think, computer vision gives them the ability to perceive, watch, and understand. Computer vision works much the same as human vision. The human sight takes advantage of lifetimes of context to train how to distinguish between objects, determine their distance from the subject, determine whether they are moving, and determine whether an image is incorrect. Instead of using retinas, optic nerves, and the visual cortex, computer vision trains robots to execute these tasks in a lot less time using cameras, data, and algorithms. 
Furthermore, computer vision technology finds applications across multiple industries. In healthcare, it aids in medical imaging analysis, diagnosis, and disease detection. In automotive, computer vision enables driver assistance systems and autonomous vehicles. The retail industry utilizes computer vision for inventory management, facial recognition for personalized shopping experiences, and cashier-less checkout systems. Computer vision needs lots of data. It keeps performing analyses of the data until it can distinguish between things and recognize images.

Computer Vision Market – Global Industry Analysis

Market Drivers

• Rapid advancements in robotics technology 

Rapid advancements in robotics technology are a major driving factor contributing to the growth of the computer vision market. Computer vision and robotics technology are highly interrelated with each other. The combination of these two fields has the potential to revolutionize industries and bring about significant advancements. Computer vision enables robots to perceive and understand their environment, enabling them to perform complex tasks with accuracy and efficiency. This integration is important in industrial settings, where robots equipped with computer vision can perform tasks such as object recognition, quality control, assembly, and logistics. The manufacturing industry can make its production activities more flexible, adaptable, and efficient for business continuity when coupled with digitalization and computer vision technology.
Computer vision technology provides robots with the ability to see and interpret visual information, enabling them to make real-time decisions based on their surroundings. This enables robots to adapt to dynamic environments, navigate obstacles, and interact safely with humans. In addition, robotics in manufacturing is being used in multiple different areas due to automation. Robot applications in manufacturing include welding, assembly, shipping, handling different materials, and product packaging. Due to this aspect, multiple manufacturers are shifting their focus to robotic automation for handling complex tasks. Therefore, computer vision technology plays an important role in ensuring the safety and efficiency of human-robot collaboration. For example, according to the International Federation of Robotics (IFR), the total installations of robots in manufacturing increased by around 12.1% and reached 41,624 units in 2022. The automotive industry is the top adopter, where companies based in the US, Canada, and Mexico installed nearly 20,391 industrial robots which are up by 30% compared to 2021.

• The rising trend toward deep learning and artificial intelligence (AI)
• Increasing demand for facial detection technologies in a wide range of applications

Worldwide installations of industrial robots (2018-2022)

Source: Cognitive Market Research

Global Computer Vision Revenue by Regions (2018-2023)

Global Computer Vision Revenue and Market Share (%) by regions (2018-2023)

Global Computer Vision Revenue (USD Billion) by regions (2018-2023)

Global Computer vision market was valued at USD 13.72 Billion in 2022 and is expected to grow at a CAGR of 18.4 % over the forecast period, from 2023 to 2030.

Global Computer Vision Market Scope

By Component

• Hardware 
• Software

By Type 

• Smart Camera-Based Computer Vision System
• PC-Based Computer Vision System

By Application

• Quality Control and Inspection
• Positioning and Guidance
• Measurement
• 3D Visualization & Interactive 3D Modelling
• Identification
• Predictive Maintenance

By End Use

• Automotive
• Consumer Electronics
• Healthcare
• Retail
• Robotics
• Manufacturing
• Security & Surveillance

Company List 

• Basler AG
• Intel Corporation
• Cognex Corporation
• Baumer Electric AG
• KEYENCE CORPORATION
• Teledyne Technologies Incorporated.
• Matterport Inc.
• National Instruments Corp.
• Texas Instruments Incorporated
• Omron Corporation
• Sony Semiconductor Solutions Corporation
• Cadence Design Systems Inc.
• CEVA Inc.
• Synopsys Inc.

Computer Vision Market, By Application

Computer Vision Market, By Application (2022)

Source: Cognitive Market Research

In 2022, the quality assurance & inspection segment dominated the market and accounted for over 25% share of the global revenue. This largest share is obtained due to the rapid adoption of process automation in the manufacturing industry to boost productivity. Computer vision along with deep learning algorithms, enables inspection automation for every product in the manufacturing line. The assurance offered by the quality management department to management and to customers, government agencies, regulators, third parties, and certifiers.

Computer Vision Market, By Component

Computer Vision Market, By Component (2022)

Source: Cognitive Market Research

In 2022, the hardware sector dominated the global computer vision market with the largest revenue market share of about 71%. This is attributed to the availability of the latest hardware platforms that provide convenient component interconnection and advanced capabilities, such as fast processing, multi-mega-pixel resolution, and fully digital data handling.

Global Computer Vision Manufacturers Profiles/Analysis

Cognex Corporation

Cognex Corporation Company Basic Information, and Sales Area

Business Segment/ Overview:

Cognex Corporation is a US-based provider of machine vision products that capture and analyse visual information in order to automate manufacturing and distribution tasks. The company offers a full range of machine vision systems and sensors, vision software, and industrial image-based. Its portfolio includes the following products,
•    Barcode readers
•    Vision Sensors
•    Vision Systems
•    3D Vision Systems
•    Deep Learning
•    Fixed-Mount Barcode Readers
•    Handheld Barcode Readers
•    Vision Software
•    Barcode Verifiers

Investment in Research and Development 

Research, Development, and Engineering costs incurred and charged to income for the fiscal years ended December 31, 2021, and 2020 were USD 135.37 million and USD 130.98 million respectively.

Cognex Corporation RD&E Investment (USD Million) (2020-2021)

Source: Cognitive Market Research

Recent Developments:

Business Strategy 

Cognex Corporation strives to expand its position as one of the leading worldwide providers of machine vision products for industrial customers. The company invests heavily in research and development in order to enhance its position as a technology leader in machine vision. It also invests in technology that makes vision easier to use and more affordable, and therefore, available to a wide base of customers. Further, the company has invested in technology that addresses complex vision applications, such as its 3D vision products.