29th March 2023
Computer vision is widely used in industries ranging from energy & utilities to manufacturing and automotive and the market is continuing to grow. There is a lot of research being done in the computer vision field. Real-world applications demonstrate how important computer vision technology is to endeavors in business, entertainment, transportation, healthcare, and everyday life. A key driver for the growth of these applications is the flood of visual information flowing from smartphones, security systems, traffic cameras, and other visually instrumented devices. The global AI in computer vision market size is anticipated to witness significant growth during the forecast period. Factors, such as rising demand for computer vision systems in automotive applications, increasing demand for emotion AI, and high demand for quality inspection and automation, drive the AI in computer vision market growth. Automobile manufacturers are increasingly reliant on computer vision and industrial robotics technologies to accomplish several levels of automation throughout the production process. Increasing participation of various automotive and IT giants to develop autonomous cars is driving the growth of the AI in computer vision market. However, rising safety and security-related concern is a major restraint to the global market growth. AI technologies such as deep learning, machine learning, and neural networks have revolutionized computer vision by allowing computers to analyze large amounts of visual data, recognize patterns, and make decisions based on that data. Some of the major applications of AI in computer vision include image and video recognition, object detection, facial recognition, medical image analysis, autonomous vehicles, and robotics.
The global AI in Computer Vision Market is expected to be valued at USD 17,248 million in 2023 and is projected to reach USD 45,688 million by 2028; it is expected to grow at a CAGR of 26.3% from 2023 to 2030.
The AI in the computer vision market includes Google, Microsoft, IBM, Intel Corporation (US), NVIDIA Corporation (US), Qualcomm Technologies Inc. (US), Amazon, Apple, Facebook, and Samsung, among others. These companies are investing heavily in research and development to advance AI technologies and enhance their applications in computer vision.
Region-wise, the AI in computer vision market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is dominating the market due to the increase in the adoption of AI in emotion analysis and the integration of artificial intelligence with computer vision. Moreover, countries such as China, Japan, and South Korea have been investing heavily in the development of AI technology, particularly in computer vision. For instance, China's government has set a goal of becoming a world leader in AI by 2030 and has been investing heavily in AI development.
The hardware and software components are further sub-segmented into processor, memory, and storage. The processor segment is divided into CPU, GPU, ASIC, and FGPA. This level of segmentation indicates that the market is highly specialized and focuses on the specific technical requirements of the industry. The functions of AI in computer vision are divided into training and interference, which is critical for businesses to decide which application they require. Additionally, the market is segmented based on applications into industrial and non-industrial. This level of segmentation is vital for businesses to understand the specific applications and industries that require AI in computer vision.
The end-users of the market include various industries such as automotive, consumer electronics, healthcare, agriculture, transportation & logistics, retail, security & surveillance, manufacturing, and others. This level of segmentation enables businesses to understand the specific industries that require AI in computer vision and target their products or services accordingly.
Overall, the computer vision market is expected to grow rapidly in the coming years, driven by the increasing adoption of AI technologies in various applications, including autonomous vehicles, medical imaging, and augmented reality. The segmentation of global AI in the computer vision market enables businesses to understand the market landscape and target their products or services to the specific requirements of the industry.