AI in Computer Vision Market Project to Include More Research & Development to Attain High Valuation
Research Reports
Apr 07, 2022
AI In Computer Vision Market Research Report by Component (Hardware, Software), Vertical (healthcare, security, automotive, agriculture, sports & entertainment, and others), and Region–Global Forecast to 2023
Market Highlights
Computer vision has become an integral manifestation of AI. From retail to autonomous driving and healthcare, top global firms are using computer vision across domains, in order to enhance operations and improve productivity. The development graph for computer vision in application areas has shown exponential growth over the past few years and is extensively being used by tech giants like FaceX and Amazon’s Rekognition.
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?GR 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.
The growth of AI in computer vision market can be cushioned to the mounting demand for computer vision in robotics and autonomous cars. The improved computing capabilities of processors is likely to encourage the development of AI in computer vision. The market will experience a healthy growth due to the surging demand for mobile edge computing, video and image analysis, adoption of AI in business verticals, and use of electronic devices provided with augmented and virtual reality equipment.
The AI in computer vision market is likely to face a few challenges, in terms of complex AI algorithms that are needed to achieve computer vision efficiently. As the creation of specific algorithms requires specific knowledge, people skilled to perform such tasks are presently limited. Such concerns are predicted to deter the market growth in the foreseeable future.
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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).
Regional Outlook
Geographically, the AI in computer vision market spans across Europe, Asia Pacific, North America, and Rest of the World (RoW).
Considering the global scenario, North America is predicted to be a prominent region in AI in computer vision, with noteworthy contribution coming from economies like the U.S. North America is predicted to uphold its position in the global market due to the increasing demand from the gaming industry, coupled with the presence of dedicated global IT leaders. The surging adoption of machine vision across industry verticals, especially automotive and manufacturing, is encouraging the growth of the regional market. Moreover, the integration of surveillance systems with video analytics solution is considered one of the game changers.
The Asia Pacific is likely to showcase a substantial growth rate and is likely to surge forward during the review period. The growth of the regional economy, coupled with the growth of start-ups, has fortified a strong demand for AI in computer vision. Countries with rising disposable incomes like China, Japan, and India are highly responsible for the growth of the regional market. The growth is further motivated by factors like evolving AI talent to influence applications of computer vision technology, coupled with the increased demand from the end-users.
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Segmentation:
With the aim to gain a better perspective of the global AI in computer vision market , 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.
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