BOULDER, Colo.--(BUSINESS WIRE)--After being a research technology for the past few decades, computer vision has become commercialized in the past few years and is being deployed in a wide range of application markets including security and surveillance, automotive, consumer, industrial, medical, and entertainment, to name a few. A computer vision system captures image and then manipulates, changes, or enhances them for a given application. Each application requires a specialized adaptation and enhancement to the computer vision algorithm, although several fundamental building blocks of algorithms are common.
According to a new report from Tractica, the market for computer vision technologies will grow from $5.7 billion in 2014 to $33.3 billion by 2019, representing a compound annual growth rate (CAGR) of 42%. The market intelligence firm forecasts that the consumer segment will experience the highest growth rate, followed by the robotics and machine vision segment.
“Rapid development of technology, together with falling chip prices, increasing need for automation and surveillance, and consumer demand for camera-based applications, are some of the factors currently driving the adoption of computer vision technologies,” says senior analyst Anand Joshi. “New technologies like deep learning are also evolving that promise to increase accuracy and reliability of computer vision systems dramatically, but these technologies need more research before they can become mainstream.”
Tractica’s report, “Computer Vision Technologies and Markets”, examines the market dynamics, technology issues, and business opportunities surrounding computer vision and presents 5-year forecasts for the period from 2014 through 2019. Six application markets are analyzed in depth, and key industry players are profiled. Market forecasts, segmented by world region and vertical market, include hardware unit shipments, device pricing, and software revenue. An Executive Summary of the report is available for free download on the firm’s website.
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.