According to the business intelligence report titled ‘Global Computer Vision Market Size study, by Component (Hardware, Software), by Product (PC-Based Computer Vision Systems, Smart Cameras-Based Computer Vision Systems), by Application (Quality Assurance & Inspection, Positioning & Guidance, Measurement, Identification, Predictive Maintenance), by End-User (Automotive, Consumer Electronics, Pharmaceuticals, Healthcare, Retail, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global computer vision market valuation was USD 11 billion in 2019 and is projected to reach USD 20 billion by 2027, growing at a yearly rate of 7.8% throughout.
 

Rising popularity of vision-guided robotic systems, increasing use in automotive, and growing demand of 3D variant are key factors boosting the global computer vision market growth.
 

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For the unversed, computer vision is an artificial intelligence field which develops, processes, and examines real-world images to generate information in numerical or symbolic format. It uses digital images and deep learning systems to detect and classify objects with precision. From the engineering point of view, computer vision aims to identify and automate tasks that can be accomplished by the human visual system.
 

Moreover, growing investments for development of autonomous and semi-autonomous vehicles will result in increasing adoption of computer vision technology, thereby proliferating the industry share. 
 

For example, in 2018, the U.S. government allocated USD 100 million to fund a highly automated vehicle research & development project. Similarly, in June 2018, Centre for Connected and Autonomous Vehicles in collaboration with Innovate UK and Meridian Mobility released USD 39.6 million funding to manufacture autonomous & connected vehicles in the UK.
 

On the other hand, high development cost of vision technology, and finite availability of computer vision solutions are key factors hindering the market growth.
 

From the regional frame of reference, North America is poised to lead the global computer vision market forecast over 2020-2027, due to presence of leading companies in the region, and support by government to implement these solutions.
 

Meanwhile, Asia Pacific computer vision industry size is projected to expand rapidly through 2027, owing to extensive integration of solution in electronic and automobile sectors, and increasing technological advancements in the field.
 

Key players profiled in the report are Cognex Corporation, Baumer Optronic GmbH, Intel Corporation, Teledyne Technologies Incorporated, Omron Corporation, MVTec Software GmbH, Keyence Corporation, Texas Instruments Incorporated, NI (previously National Instruments Corporation), and Basler AG.