The computer vision hardware and software market will be worth $48.6 billion by the year 2022, according to a new report from Tractica. Entitled “Computer Vision Technologies and Markets”, the report forecasts a CAGR of 32.9 percent between 2015 and 2022, with the market having been worth about $6.6 billion last year.
Tractica predicts that the automotive segment will lead the market this year, surpassing robotics and machine vision as more companies invest in the smart, connected car of the future. But it will then be overtaken by consumer electronics for a few years with the emergence of VR headsets, only to eventually reclaim its leading position by the end of the forecast period. Other high-growth market segments include retail, agriculture, sports, security, and healthcare.
There’s still plenty of room for growth, too. In a synopsis announcing the new report, principal analyst Anand Joshi asserted that the market “remains ripe for innovation and open to the emergence of new applications as well as new industry participants.” It appears that, like the Internet of Things and attendant technologies like voice-controlled AI assistants, it’s a market that is only just starting to emerge, and which will grow alongside various other technologies in the years to come.
June 24, 2016 – by Alex Perala