Future Growth Prospects: AI in Computer Vision Market Size and Forecast with Major Players (2023-2032)
Research Reports
Aug 25, 2023
Market Research Future Highlights:
The AI in Computer Vision market has been growing rapidly in recent years and is expected to continue to do so in the foreseeable future. Computer Vision is a field of study focused on enabling computers to interpret and understand visual data from the world around us. It involves analyzing images and videos to extract information about the objects, people, and environments depicted in them.
The global AI in Computer Vision market is expected to grow at a CAGR of over 36.0% from 2023 to 2032, reaching a market size of USD 2,68,364.8 million by 2032. The increasing demand for AI-powered Computer Vision solutions in industries such as healthcare, automotive, and retail, among others, is expected to drive this growth.
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AI in Computer Vision Industry Key Players:
Some of the major players in the AI in Computer Vision market include
- Microsoft
- Amazon Web Services
- Intel
- NVIDIA
- IBM
- Qualcomm
These companies are investing heavily in research and development to improve their AI-powered Computer Vision solutions and expand their market share.
AI in Computer Vision Market Segmentation:
The AI in Computer Vision market can be segmented on the basis of component, technology, application, vertical, and region. Here’s a brief overview of each of these segments:
Component: The component segment includes software and hardware. The software segment is expected to have a larger market share as it is the core of AI and computer vision technology.
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Technology: The technology segment includes machine learning, image processing, and natural language processing (NLP), among others. The machine learning segment is expected to dominate the market during the forecast period, owing to its ability to learn and adapt to new data.
Application: The application segment includes facial recognition, object detection, image recognition, and others. The facial recognition segment is expected to have the largest market share, owing to its increasing adoption across various industries.
Vertical: The vertical segment includes healthcare, automotive, retail, and others. The healthcare vertical is expected to have the largest market share, owing to the increasing adoption of AI and computer vision technologies in medical imaging and diagnostics.
Region: The regional segment includes North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to dominate the market, owing to the high adoption of AI and computer vision technologies in the region.
Overall, the market segmentation of the AI in Computer Vision market helps in understanding the market trends, identifying target customers, and developing effective marketing strategies.
AI in Computer Vision Market Regional Analysis:
North America to Command AI in Computer Vision Market
North America is a major player in the global computer vision market, with countries like the United States contributing the most. Throughout the forecast period, the region is expected to maintain its position. The growing demand from the gaming industry, as well as the dedicated presence of global IT leaders is driving the market growth in the region. Over the forecast period, North America is expected to have a substantial market growth stake. This expansion can be attributed to government initiatives that encourage the use of computer visions in the region.
For example, the NIST supported Voxel51 Inc., a computer vision start-up, to acquire an AI-enabled video analytics platform through the Public Safety Innovation Accelerator Program in November 2019. The AI in Computer Vision in the region is expanding across various industry verticals, primarily in the manufacturing & automotive industries. Ford has incorporated artificial intelligence into its vehicle manufacturing and operations. The all-wheel-drive system on the 2020 Ford Edge will include artificial intelligence. One of the major market drivers in this region is the incorporation of surveillance systems with that of video analytics solutions.
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COVID-19 Analysis:
The COVID-19 epidemic has possessed a significant impact on global economies, causing workforce and travel restrictions, production and supply chain disruptions, and decreased demand and spending in a variety of industries. The market growth of several industry verticals is expected to be hampered by a sudden drop in infrastructure development & installation projects. The COVID-19 epidemic has had little effect on the market for AI in computer vision. The crisis has caused a huge setback to export-oriented economies in the region, owing to the temporary shutdown of manufacturing plants. Consumer products, like smartphones & smart homes, have, on the other hand, evolved from a luxury to a necessity. Wearables, desktops, laptops, and other appliances all fall into this category, which has been harmed by global supply chain disruptions, particularly in China.
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