Grand View Research is predicting that the market for computer vision technology will climb to $19.1 billion between 2020 and 2027. That figure represents a modest CAGR of 7.6 percent for the entire forecast period.
Facial recognition and other biometric scanning systems will drive much of that demand. The technology can be used for physical and digital access control in addition to basic surveillance, making it an increasingly popular security option in sensitive industries like finance.
Other potential applications include manufacturing and pharmaceutical production, where computer vision can automate quality control procedures. Grand View notes that computer vision systems are better at pattern recognition than human beings, which allows them to spot defects and imperfections in products coming off the line. Computer vision is also being used in the automotive industry to support the development of autonomous vehicles, and for image captioning on various social media platforms.
As far as the present is concerned, Grand View called particular attention to the ways in which computer vision is being used to help combat COVID-19. In addition to helping with diagnostics, the technology can be deployed in smart cities and smart buildings to monitor the flow of traffic and make sure that people are following the necessary social distancing requirements.
Grand View has previously predicted that the broader image recognition market will hit $109.4 billion in the same timeframe. Those numbers are in line with those of Allied Market Research, which expects the image recognition market to reach $86 billion two years earlier, in 2025.
Grand View itself identified Intel, Sony, Teledyne, and Texas Instruments as some of the key players in the computer vision space. Some of the firm’s other reports have placed the physical security market and the biometrics market at $171 billion and $59.31 billion, respectively.
November 23, 2020 – by Eric Weiss