Expanding range of applications and more powerful hardware are expected to drive growth in the computer vision and machine vision market in the next five years, according to BCC Research.In its “Computer Vision and Machine Vision in Everyday Life” report, the research firm projects the market to achieve a compound annual growth rate (CAGR) of 11.7 percent to US$26 billion in 2024.
Cameras should grow at a CAGR of 13 percent from US$4.0 billion in 2019 to US$7.4 billion in 2024. Optics, lighting and frame grabbers should grow from US$4.3 billion in 2019 to US$7.5 billion in 2024 at a CAGR of 11.9 percent.
Key players in this market are AccuSentry, Amazon Web Services Inc. Keyence Corp, and Vision and Control Systems.
“Demand for MV systems has increased in all everyday life applications, including medical devices, packaging, automotive, printing and publishing, consumer goods, traffic management and toll collection,” said Srinivasa Rajaram, Analyst of BCC Research.
“Applications such as automatic plate number recognition, traffic flow monitoring, traffic surveillance, and other related applications, are witnessing increased integration and utilisation of MV systems. Customers’ sophisticated demands are additional factors that are having positive effects on the MV industry,” he added.