The Computer Vision Market is expected to grow at a strong CAGR of around 10% owing to the rapid adoption of computer vision systems in the automotive and transportation industry and the increasing need for quality inspection and automation. Moreover, factors such as the growing demand for vision-guided robotic systems, rising demand for application-specific computer vision systems, increasing adoption of 3D computer vision systems, and the growing investment in AI research and development are also contributing to the growth of the market. For instance, the U.S. National Science Announced a USD 220 Mn investment in 11 new research AI research institutes.

Based on component, the market is classified into hardware and software. The hardware segment catered to a significant share of the computer vision market in 2020 due to the availability of modern hardware platforms that offer convenient component connectivity and advanced features such as high-speed processing, multi-megapixel resolution, and full digital data processing. The hardware segment includes a range of different hardware components such as processors, cameras, lenses, frame grabbers, and LED lighting.

Based on product type, the market is divided into the smart camera-based system and PC-based system. The demand for PC-based systems is comparatively higher mainly owing to the low cost, upgradeability, and the ability to be swapped out for relative ease of use. PC-based vision systems are commonly used for image processing and require multiple peripherals for other tasks such as data transfer, frame capture, storage, and lighting.

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For a better understanding of the market adoption of the computer vision industry, the market is analyzed based on its worldwide presence in the countries such as North America (The United States, Canada, and the Rest of North America), Europe (Germany, The United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America captured a notable share of the market in 2020. This high share is attributable to favorable government initiatives to encourage the adoption of computer vision and AI across various industries. Additionally, North America has been the most-promising region across verticals, such as banking and financial services, telecommunication, e-commerce, and others. Governments and the public sector are also in a technologically advanced race to serve a large customer base.

Some of the major players operating in the market include Cognex Corporation, Basler AG, Omron Corporation, Keyence Corporation, National Instruments Corp, Sony Group Corporation, Teledyne Technologies Incorporated, Texas Instruments Incorporated, Intel Corporation, and MediaTek Inc.

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