After a massive 30% drop in 2022, the computer vision market has picked up the pace of growth, driven by continuous improvements in AI and machine learning and the increasing integration of computer vision across sectors.
According to data presented by AltIndex.com, the global computer vision market is expected to grow by 17% and hit a $25.8 billion value this year. By 2028, this figure is expected to increase by 81% and hit $47 billion.
Market to Continue Growing by CAGR of 10.5% by 2030
The rise of the 4.0 industry and the increasing demand for automation and artificial intelligence-based solutions in various sectors like retail, healthcare, and automotive have made the computer vision market projections very promising in the following years.
Since 2020, the entire market has nearly tripled, rising from $9.6 billion to $25.8 billion, despite the challenging 2022. However, the following years are expected to bring just as impressive growth as the global demand for this technology continues rising. According to a Statista Market Insights survey, the global computer vision market will continue growing by a CAGR of 10.5% between 2024 and 2030, resulting in a market value of $47 billion and showing a massive 81% increase in six years.
Nearly half of that value will come from image recognition, the market`s largest segment. Between 2024 and 2030, this part of the computer vision industry is expected to grow by 64% and hit a $22.6 billion value. Still, that is practically half the growth expected in the speech recognition field. By 2030, this segment of the computer vision industry is forecasted to grow by 121% and hit a $15.8 billion value. Facial recognition follows with a 68% increase in six years and $8.4 billion value by 2030.
Analyzed by geography, China and the United States represent the global leaders in the computer vision field, generating nearly half the market`s total revenue. In 2030, the US computer vision industry will reach a $12.5 billion value, up from $6.8 billion this year. As the second largest globally, the Chinese market will also practically double in size, rising from roughly $5 billion to almost $9 billion value. Although far below the two countries, Japan is still the third-largest player in the computer vision landscape. According to Statista, the Japanese market will grow by 82% in the next six years and hit a $2 billion value by 2030.
Computer Vision to Make 5% of Total AI Market Value in 2030, 10% Less than this Year
While the computer vision industry is experiencing rapid growth, its market share in the global AI landscape is projected to decrease significantly in the coming years, remaining much smaller compared to other market segments.
For example, in 2024, the global AI industry is set to reach a value of $184 billion, and more than 60% of that figure will come from the machine learning and natural language processing segments. The computer vision segment will comprise 15% of the total AI market size.
However, by 2030, computer vision`s share will shrink threefold to only 5%, while machine learning and natural language processing will increase their share to almost 80%.
