According to a recent research report by AIMResearch, the Indian Computer Vision market is valued at $2.46 Bn as of July 2020. The report titled, State of Computer Vision in India – 2020, takes a deep dive into the computer vision market as it emerges as a priority Data Science technology across Enterprises and Industries in India
Analytics India Magazine (AIM) has developed this study on the Computer Vision market to understand the size of the market across India, covering the various segments in terms of industries and company types, and the market size of the different categories of CV startups.
It will help AI and CV practitioners across all levels to study the landscape and scale of the computer vision market across India, for the purpose of opportunities and capability development.
The report will also help venture firms and large-scale technology enterprises to ascertain the potential of the domestic computer vision market across organisation types and industries for the purpose of potential investments, market entry or buy-outs.
The report suggests that while India has been a preferred destination of IT transformation services, including Digital services and Analytics, the Indian IT companies, MNC IT, and Software and Technology companies, operations in India have not been set-up across the computer vision domain till now. However, this is starting to change.”
The CV market size in relation to the types of companies is the highest across the MNC Technology category, which includes high-end Software and Hardware Technology firms, IT Services firms, Semiconductor firms, and Electronics firms. Similarly, for the market break-down by Industries or Sectors, the IT Services sector has the highest share of the CV market, followed by the Software & Hardware Technology sector, and then the Semiconductor & Electronics sector.
According to the report, there are close to 35000 computer vision personnel working across enterprises in India, with around 22500 positions related to CV jobs that currently need to be filled.
In terms of market size, the Indian Computer Vision market has been valued at $2.46 Bn. The enterprises that fall under this category include software and technology firms, MNC IT Services firms, high-end semiconductor firms, electronics Firms, MNC Telecom and network equipment firms. While MNC Tech category has the highest share of the CV market at 47.2% in percentage share, and $1159 Mn in terms of market value, it is followed by the domestic IT company type with 30.5% market share at a value of $749.6 Mn.
In terms of sector or industry, the broad-based IT services industry has the highest share of the CV market at 46.8%, and $1149.6 Mn in terms of value. This is followed by the software & hardware tech sector, semiconductor industry, eCommerce and retail sector. The healthcare (imaging) sector stands at $58 Mn in terms of contribution and 2.4% in terms of market share.
According to the report, the domestic boutique start-up company type has a market value of $98.3 Mn. AIMResearch further divided this market contribution on the basis of the types of start-up firms, covering areas such as analytics Products & Services, AI and CV, robotics, IoT and Natural Language Processing.
Of these, the analytics products and services firms have the largest market contribution at $48.13 Mn. and the market share at 49.0% within this Domestic Boutique Start-up space. The specialized AI and CV firms have a combined market value for CV services at $41.07 Mn and market share at 41.8%.
In terms of salary, the median salary of computer vision professionals is INR 12 Lakhs, according to the report. It shows low median salary as it has been researched at a time when all the sectors of the economy are facing a recessionary outlook.
The salary-wise distribution of personnel reveals that the largest proportion of personnel is in the 3-6 Lakhs salary level at 27.8%. This is followed by the 6-10 Lakhs level that has 20.9%.
The report suggests that Bengaluru has the highest median salary at INR 13.6 Lakhs. Bengaluru is followed by Mumbai and Delhi (NCR) which have similar salaries of INR 12.7 Lakhs.
In terms of experience, the median experience level of computer vision professionals is 5.3 years. The lower median experience level highlights the nascent nature of the CV segment in India.
The city-wise median experience level reveals one surprise with Chennai that has the highest median experience level at 5.8 Years. Chennai is followed by Bengaluru with a median experience level of 5.5 years. This is followed by Delhi, Mumbai and Pune.
The report also suggests that the growth rate for 2020-2021 is expected to be 3.5%. This relatively low growth rate is attributed to the recessionary effects in the market that would be experienced until 2021. Thereafter, the Computer Vision market is expected to grow at a CAGR of 9.2%, higher than the global CAGR of 7.5%. By 2025, the CV market is expected to be valued at $3.62 Bn.
Access the complete report, here.
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"Siddhartha is an industry research professional with areas of interest across the Digital Media,Traditional Media, and Technology sectors. Siddhartha studies and researches organizations and industries from the perspective of innovation, finance, and strategic management. He has extensive research and knowledge management experience across numerous large and small organizations."