Computer Vision Hardware and Software Market to Reach $48.6 Billion by 2022, According to Tractica

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.

“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.