Computer vision system and method of label detection, reading, and registration of labels on objects

A computer vision system for automatic identification, tracking and management of inventory and/or assets, wherein: the computer vision system is programmed with predetermined and configurable image data conditions that identify and capture certain types of movement; the computer vision system is programmed to constantly capture and process image data from one or more sets of sensors to detect the image data conditions; the computer vision system is programmed to trigger the process of identifying all objects and extracting label information from objects present in a field of view of the system if the image data conditions are fulfilled; the computer vision system processes the image data with one or more object detection algorithms and label detection algorithms and generate correspondences between objects and labels identified; and the computer vision system running change detection algorithms and semantic analysis to detect if any object was moved, removed, occluded and if any new objects were added in to the system.