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Computer vision will be worth $28bn by 2030

Computer vision (CV) will find myriad applications in several industries and reach an estimated market size of $28bn by 2030, up from $3.5bn in 2019, according to GlobalData, a leading data and analytics company.

GlobalData’s latest report, ‘Computer Vision – Thematic Research’, states that the explosion in the volume of visual data, coupled with the increased sophistication of artificial neural networks and the availability of chips created specifically for artificial intelligence (AI) processes, will all drive growth in CV over the coming years.

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Technology players with large sets of visual data are leading the pack in CV, with Chinese and US technology giants dominating each segment of the value chain.

As the technology matures, it will come under increasing scrutiny from regulators worldwide, especially on the use of facial recognition (FR), which is relatively cheap and easy to implement.

Laura Petrone, Senior Analyst at GlobalData, commented: “In the face of a regulatory vacuum, the lack of open public debate around FR is compromising its legitimacy among the public and raising fears of mass surveillance”.

China and the US continue to battle for leadership in next-generation technologies. There will be an intense rivalry between the two countries over CV and increasing divergence over standards and ethical approaches.

Petrone continues: “Despite short-term hurdles to Chinese CV vendors, the ongoing trade dispute is unlikely to prevent Beijing from pursuing its Made in China 2025 program, in which AI plays a major role.”

Source: GlobalData