New Analysis from Global Industry Analysts Reveals Steady Growth for Computer Vision, with the Market to Reach $18 Billion Worldwide by 2026
SAN FRANCISCO, June 23, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Computer Vision - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 8; Released: January 2022
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Global Computer Vision Market to Reach $18 Billion by 2026
Amid the COVID-19 crisis, the global market for Computer Vision estimated at US$12.2 Billion, is projected to reach a revised size of US$18 Billion by 2026, growing at a CAGR of 6.4% over the analysis period. Software, one of the segments analyzed in the report, is projected to record a 6.9% CAGR and reach US$5.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 6.5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $3.9 Billion in 2021, While China is Forecast to Reach $3.2 Billion by 2026
The Computer Vision market in the U.S. is estimated at US$3.9 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.2 Billion by the year 2026 trailing a CAGR of 6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.1% and 5.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.2% CAGR.
Hardware Segment to Reach US$5.6 Billion by the year 2026
In the global Hardware segment, USA, Canada, Japan, China and Europe will drive the 5.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.2 Billion will reach a projected size of US$4.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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SOURCE Global Industry Analysts, Inc.