The computer vision market continues to gain momentum, according to a new report from Tractica. Cameras in mobile devices and cameras added to consumer, commercial, and industrial products are being leveraged. Artificial intelligence (AI) based software algorithms for computer vision are improving rapidly. Deep learning and convolutional neural networks (CNNs) are continuing to evolve to leverage large amounts of visual information. Furthermore, computer vision’s application to video, and not just static images, is expanding its real-world utility.
Tractica forecasts that global revenue from computer vision software, hardware, and services will grow from $1.1 billion in 2016 to $26.2 billion by 2025. The market intelligence firm expects that the growth in computer vision will be driven by a wide range of industries and an increasing diversity of applications.
According to Tractica’s analysis, the top 10 use cases for computer vision during the 2016-2025 forecast period will be as follows:
- Video surveillance
- Machine/vehicular object detection/identification/avoidance
- Medical image analysis
- Augmented reality (AR)/virtual reality (VR) development
- Localization and mapping
- Converting paperwork into digital data
- Human emotion analysis
- Ad insertions into images and video
- Face recognition
- Real estate development optimization
“The computer vision market will include a mix of consumer-facing applications like augmented reality and virtual reality, robots, drones, and self-driving cars, along with business applications like medical image analysis, video surveillance, real estate development optimization, ad insertions, and converting paperwork into digital data,” says research director Aditya Kaul. “While the consumer-facing applications often generate more buzz, the big shift is that enterprises are moving beyond data analytics to embrace AI-based business applications that utilize computer vision capabilities.”
Tractica’s report, “Computer Vision Technologies and Markets”, examines the market dynamics, technology issues, and business opportunities surrounding computer vision technologies and provides market forecasts for computer vision hardware and software during the period from 2016 through 2025. 28 application markets are analyzed in depth, and 35 key industry players are profiled. Market forecasts, segmented by world region and application market, include hardware, software, and services revenue. An Executive Summary of the report is available for free download on the firm’s website.