Visual Computing Market Size, Share, Opportunities, COVID 19 Impact, And Trends By Component (Hardware, Software, Services), By End-User Industry (Healthcare, Retail, Manufacturing, Automotive, Media And Entertainment, Others), And By Geography - Forecasts From 2019 To 2024

The visual computing market was valued at US$14.812 billion in 2017 and is projected to expand at a CAGR of 18.52% over the forecast period to reach US$41.063 billion by 2023. Visual computing allows interaction with and control of work by manipulating visual images. It basically means gaining information from the images by transforming information. The rapid increase in simulation products and virtual reality is leading to the growth of the market. Simultaneously, the growing focus on the improvement in graphics and gaming technology is likely to stimulate the growth of the visual computing market. The growth may be attributed to the surging demand for virtual reality and simulation products by various end-user industries.

Visual computing is a field of computing that deals with the acquisition, analysis, and synthesis of visual data through the use of computer resources while encompassing several fields of science (computer science, in particular), mathematics, physics, and the cognitive sciences. Visual computing aims to let us control and interact with activities through the manipulation of visual images, either as direct objects or, simply, representations of nonvisual objects. Visual computing is a rather large field with many subfields, but all are related to the visual aspect of computing.

Visual computing is computing that lets you interact with and control work by manipulating visual images either as direct work objects or as objects representing other objects that are not necessarily visual themselves. The visual images can be photographs, 3-D scenes, video sequences, block diagrams, or simple icons. Visual computing contributes to understanding images and high-dimensional data from the real world to produce numerical or symbolic information. Visualization methods provide various ways to demonstrate information from complex datasets.

The tremendous growth in visual computing is fuelled by the rapid increase in deployment of visual sensing (e.g. cameras) in many usages ranging from digital security/surveillance and automated retail (e.g. smart cameras & analytics) to interactive/immersive environments and autonomous driving (e.g. interactive AR/VR, gaming and critical decision making). The increase in simulation products and virtual reality is leading to the growth of the market. Simultaneously, the growing focus on the improvement in graphics and gaming technology is likely to stimulate the growth of the visual computing market. Overall, the rapid growth of visual computing workloads continues to pose important and challenging research areas that are ripe for emerging architecture and workload characterization research. Growing applications in scientific research and e-learning during the forecast period will also drive the market during the given time frame.

By Component

By component, the visual computing market is segmented as hardware, software, and services. The hardware component is expected to hold a significant share owing to the rising demand for virtual reality and simulation products from various industries such as gaming, healthcare, etc.

By Geography

Geographically, the visual computing market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. North is expected to hold a significant share during the given forecast period owing to the high penetration rate of advanced technologies and the presence of established players. The Asia Pacific is expected to witness rapid growth because of the rising inclination of the younger generation towards technology and trends.     

Visual Computing Market Scope:

Segmentation

The visual computing market has been segmented by component, end-user industry, and geography.

By Component

Hardware

Software

Services

By End-User Industry

Healthcare

Retail

Manufacturing

Automotive

Media and Entertainment

Others

By Geography

North America

USA

Canada

Mexico

South America

Brazil

Argentina

Others

Europe

Germany

France

United Kingdom

Spain

Others

Middle East and Africa

Saudi Arabia

Israel

UAE

Others

Asia Pacific

China

Japan

South Korea

India

Others

Frequently Asked Questions (FAQs)

Q1. What are the growth prospects for the visual computing market?
A1. The visual computing market is projected to expand at a CAGR of 18.52% over the forecast period.

Q2. What is the size of the global visual computing market?
A2. Visual Computing Market was valued at US$14.812 billion in 2017.

Q3. Which region holds the largest market share in the visual computing market?
A3. North America is expected to hold a significant share in the visual computing market owing to the high penetration rate of advanced technologies and the presence of established players.

Q4. What will be the visual computing market size by 2023?
A4. The global visual computing market is projected to reach a total market size of US$41.063 billion by 2023.

Q5. What factors are anticipated to drive the visual computing market growth?
A5. The rapid increase in simulation products and virtual reality is leading to the growth of the visual computing market.