BOULDER, Colo.--(BUSINESS WIRE)--Computer vision technology has captured the attention of a diverse set of industry participants during the past few years, and the market is gaining momentum across several key application areas. Device manufacturers, semiconductor and component companies, and software developers have all made significant investments in technology development. Many companies have demonstrated prototypes and a few have moved into full production mode. Meanwhile, consumer awareness and enthusiasm for computer vision-based applications continue to grow.
According to a new report from Tractica, the global market for computer vision hardware and software will increase from $6.6 billion in 2015 to $48.6 billion annually by 2022, at a compound annual growth rate (CAGR) of 32.9%. The market intelligence firm anticipates that approximately three-quarters of the revenue opportunity during that period will derive from hardware, with the balance of the revenue coming from computer vision software and services.
“The computer vision market remains ripe for innovation and open to the emergence of new applications as well as new industry participants,” says principal analyst Anand Joshi.
Joshi adds that several key application markets are driving growth in computer vision adoption. Tractica anticipates that the automotive sector will surpass robotics & machine vision as the largest segment in 2016. However, the consumer market will overtake automotive for a few years afterward, primarily due to increased volume for virtual reality head-mounted displays. In the long run, the automotive market will reclaim its position as the largest segment. Other smaller, yet still high-growth, application markets will include security & surveillance, medical, sports & entertainment, retail, and agriculture.
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 2015 through 2022. Eight application markets are analyzed in depth, and 27 key industry players are profiled. Market forecasts, segmented by world region and application market, include hardware unit shipments and revenue, device pricing, and software and services revenue. An Executive Summary of the report is available for free download on the firm’s website.
About Tractica
Tractica is a market intelligence firm that focuses on human interaction with technology. Tractica’s global market research and consulting services combine qualitative and quantitative research methodologies to provide a comprehensive view of the emerging market opportunities surrounding User Interface Technologies, Biometrics, Digital Health, Wearable Devices, and Automation & Robotics. For more information, visit www.tractica.com or call +1.303.248.3000.
