The mounting demand for computer vision in applications such as autonomous cars, robotics among others is anticipated to broaden the scope of application of the market. The improved computing capabilities of processors is expected to give an additional thrust to the development of the product types in the AI in computer vision market. Besides, the advances in AI and machine learning technologies is projected to transform the market’s growth in the forecast period.
A boom in the increasing demand for computer vision applications such as autonomous cars, robotics has masked revenue hike in the AI in computer vision market. On this, Market Research Future published a report that reveals that the market takes a hit sets itself active to gain a valuation of USD 27 billion, while at 45% CAGR during the years 2017 to 2023—the forecast period. The market has promising vision to rise high and achieve a decade long success in the growth period.
Market Drivers and Key Challenges
Computer vision is a part of automation and computer science that includes machine vision and develops methods for creating systems that take information from images. Computer vision is used in controlling processes of industrial robots, navigating autonomous vehicles, organizing information, detecting events, automatic inspection in manufacturing processes, and Human-computer interactions as well as medical image analysis. In fact, computer vision is closely linked with artificial intelligence, as it provides a human vision to a computer. However, a major part of artificial intelligence, mainly its advancements, has eventually fueled the growth of the computer vision market in recent years.
The market, as per the study, is also substantially aided by the factor of rising demand for computer vision applications such as robotics, autonomous cars, and more. As a result, the expansion of the automotive industry has projected the market of AI in computer vision to inflate at the highest CAGR during the forecast period. On focusing more, factors such as developing demand for mobile edge computing, rising adoption of artificial intelligence in various business verticals, video and image analysis applications, usage of electronic devices equipped with virtual and augmented reality equipment have contributed to the growth of the AI in Computer Vision Market worldwide in a considerable way.
On the contrary, there are some possibilities where AI in the computer vision market might have to face a few challenges related to the complex AI algorithms that are required to achieve computer vision effectively. Thus, the lack of technical expertise and concern in this matter could restrain opportunities of global AI in Computer Vision Market to a certain extent.
Market Key Players
The global market for AI in computer vision market is thriving on the profits made by several companies like Google LLC (US), Qualcomm Technologies, Inc. (US), Basler AG (Germany), NVIDIA Corporation (US), Allied Vision Technologies GmbH (Germany), Microsoft Corporation (US), Facebook (US), Apple Inc. (US), Intel Corporation (US), and COGNEX Corporation (US).
The region-wise analysis of the AI in computer vision market consists of Asia Pacific, Europe, North America and the rest of the world. The North American region is a prominent player in the computer vision market globally, with the most noteworthy contribution coming from countries such as the U.S. The region is anticipated to uphold its position throughout the forecast period. The factor motivating the AI in computer vision market in the North American region is the growing demand from the gaming industry and the dedicated presence of global IT leaders.
The Asia Pacific region is primed to be the show substantial growth in the AI in computer vision market and is projected to surge forward in the duration of the forecast period. The enhanced growth of the regional economy and the rise of start-ups has fortified a strong demand for AI in computer vision products. The nations with increasing disposable incomes such as Japan, China and India are responsible for the most important share of the Asia Pacific region. Furthermore, the growth of the region is being motivated by factors such as evolving AI talent to inspire the application of computer vision technology in the domestic market and the growing demand from the end-user segments.
With the aim to gain a better perspective of the global AI in computer vision market size, MRFR covers significant analysis over various segments such as components and vertical.
By the component segment, the market includes hardware and software. Wherein, the hardware segment is also segmented into the processor, network, memory, and others. Among these, the processor segment is sub-segmented into GPU, CPU, and FGPA. The hardware segment is predicted to grow with maximum CAGR, while the software segment will lead to controlling the component segment.
By the vertical segment, the market includes security, healthcare, agriculture, automotive, sports & entertainment, and more. Among these, the automotive segment is ready to develop at the highest CAGR, while the sports and entertainment segment will likely control the component segment.