AI In Computer Vision Market Size, Share & Trends

Updated on : October 22, 2024

The AI in Computer Vision market is experiencing significant demand driven by a convergence of technological advancements and increasing applications across various sectors. Key factors propelling this growth include the rapid evolution of deep learning algorithms, which enhance image processing capabilities, and the rising need for automation in industries such as healthcare, retail, and manufacturing. Additionally, the proliferation of high-resolution imaging devices and the integration of AI with Internet of Things (IoT) technologies enable real-time data analysis and improved decision-making processes. Increased investments in AI research and development, coupled with a growing emphasis on data-driven insights, are further fueling the market's expansion, making AI in computer vision an essential component of modern technological infrastructure.

AI In Computer Vision Market Size

The global AI in Computer Vision Market Size is expected to be valued at USD 17.2 Billion in 2023 and is projected to reach USD 45.7 Billion by 2028;  growing at a CAGR of 21.5% from 2023 to 2028.

Advancements in deep learning algorithms increased data availability, faster and cheaper computing power, and advancements in hardware technology like GPU and TPU are the driving factors of the AI in computer vision industry. Moreover, the market players are expected to benefit from the government's initiatives aimed at supporting industrial automation and integrating AI into edge devices, creating profitable opportunities for them.

AI In Computer Vision Market Forecast to 2028

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AI in Computer Vision Market Share :

The AI in computer vision market is experiencing significant growth, driven by the increasing adoption of AI technologies across various industries such as automotive, healthcare, retail, and security. The market's expansion is supported by advancements in AI algorithms and the integration of deep learning techniques, which enhance the capabilities of computer vision systems in tasks like image recognition, object detection, and facial recognition.

AI in Computer Vision Market Trends:

Several key trends are shaping the AI in computer vision market. There is a notable increase in the use of AI-powered vision systems in autonomous vehicles, where these technologies are critical for navigation, obstacle detection, and safety systems. The healthcare sector is leveraging AI in computer vision for diagnostic imaging and surgical assistance, improving accuracy and patient outcomes. Additionally, the retail industry is adopting AI vision systems for inventory management, customer behavior analysis, and enhanced security measures. The trend towards edge computing is also prominent, allowing real-time processing of visual data directly on devices, reducing latency and improving efficiency.

Global AI in Computer Vision Market Dynamics:

Driver: Increasing demand for automation and efficiency

Increasing demand for automation and efficiency is one of the key drivers for the AI in computer vision market growth. Automation and efficiency can help businesses save time and resources and improve the accuracy of decision-making processes. This is why many industries are now implementing AI computer vision technologies to automate their processes and enhance efficiency; the manufacturing industry is one example. For instance, factories can use computer vision systems to inspect products and detect defects. This allows them to recognize and address production issues more quickly and effectively, improving efficiency and reducing waste.

Restraint: High cost of acquiring and implementing AI Computer Vision solutions

The high cost of acquiring and implementing AI computer vision solutions is one of the key challenges in the market growth. Developing and deploying AI computer vision systems can be expensive, often requiring specialized hardware, software, and technical expertise. Acquiring and implementing these systems can be significant for organizations new to AI computer vision, including costs for hardware, software licenses, and technical support. Additionally, organizations may need to invest in training and development programs to build their technical expertise in these systems.

Opportunity: Emerging applications of AI Computer Vision in agriculture, logistics, and manufacturing

AI computer vision has numerous emerging applications in several fields, including agriculture, logistics, and manufacturing, which can significantly benefit from the application of this technology. AI computer vision is used in agriculture to automate various processes, such as crop monitoring, yield prediction, and disease identification. AI algorithms can analyze images of crops and provide information on their growth, health, and potential yield. This information can help farmers determine the best methods to care for their crops and improve their products.

Challenge: Maintaining trust and transparency of AI Computer Vision Systems

Maintaining trust and transparency in AI computer vision systems is a critical challenge that the industry is facing. In critical applications such as healthcare and security, the output of AI computer vision systems can have a significant impact on individuals and society. As a result, there is a need to ensure that these systems are reliable, accurate, and transparent in their decision-making processes. One major challenge in maintaining trust and transparency is ensuring that the data used to train AI computer vision systems represents the population it is being applied to. Bias in the training data can lead to biased decisions the system makes, which can result in discrimination or other unintended consequences. Additionally, it is crucial to understand how the system arrived at a particular decision so that its outputs can be validated and potential errors can be corrected.   

AI in Computer Vision Market Segmentation:

AI in Computer Vision Market for software to hold the highest market share during the forecast period

AI in computer vision for the software segment is predicted to attain the highest market share during the forecast period. The market for AI platforms has been growing rapidly in recent years, driven by increasing demand for advanced technologies and the growing use of AI in a wide range of industries. Factors driving this growth include the increasing adoption of AI in healthcare, finance, and retail industries, as well as the growing use of AI in emerging technologies such as the Internet of Things (IoT) and edge computing. Additionally, the increasing availability of data, improvements in computing power, and advancements in machine learning algorithms have also contributed to the growth of the AI platform market.

Training function for AI in Computer Vision to hold the highest CAGR from 2023 to 2028

In the context of AI, training is developing an algorithm that can infer a result from data or processes. Training an AI model involves providing the learning algorithm with training data to learn from. The training data must contain the correct answer, known as a target or target attribute. The learning algorithm finds patterns in the training data, maps the input data attributes to the target, and outputs an ML model that captures these patterns. Training is computationally very expensive and is best accelerated with GPUs. The time taken to go through all the training samples can be reduced using GPU compared to CPU, even when using a small dataset.

ML and DL training are used in a wide range of industries to improve performance and efficiency. A few examples of industries that commonly use AI and ML training include healthcare, finance, retail, transportation, manufacturing, agriculture, telecommunication, media, transportation and logistics, public services, and many more.

AI in Computer Vision Market - Regional Analysis:

Asia Pacific to hold the highest CAGR during the forecast period

The overall APAC region is home to a few of the fastest-growing and leading industrialized economies, such as China, South Korea, and Japan. It is witnessing dynamic changes in the adoption of recent technologies and advancements across industries. Advancements in AI have attracted investments from the private and public sectors. AI mainly finds its applicability in app-based cab aggregators and digital assistants on smartphones. Many companies are trying to identify untapped areas of commercial applications in this region, which would enable optimal utilization of AI. Public policies on the application of AI have some limitations when compared with the subtle use of AI in startups, as they have combined AI with customer services. With the advent of AI, technologies have also reached a level of maturity where they can analyze like humans in real-time. The rise of AI in computer vision is also expected to drive innovation in the retail, healthcare, and transportation industries.

AI In Computer Vision Market Statistics by Region

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Top AI in Computer Vision Companies - Key Market Players

The AI in Computer Vision Companies is dominated by players such as

• NVIDIA Corporation (US),
• Intel Corporation (US),
• Microsoft (US),
• IBM Corporation (US),
• Qualcomm Technologies Inc. (US), and others. The study includes an in-depth competitive analysis of these key players in the AI in Computer Vision market with their company profiles, recent developments, and key market strategies.

AI in Computer Vision Industry Overview:

The AI in computer vision industry is characterized by rapid technological advancements and increasing investments from major players. Companies such as Intel, NVIDIA, Google, and Microsoft are at the forefront, driving innovation and expanding the application scope of AI vision systems. The industry is also witnessing a surge in patent filings, indicating a highly competitive landscape focused on technological improvements and new use cases. Regulatory developments and standardization efforts are also playing a crucial role in shaping the industry, ensuring interoperability and addressing ethical concerns related to AI.

AI in Computer Vision Market Report Scope:

AI In Computer Vision Market Highlights

The study categorizes AI in the computer vision market size based on the following segments:

Recent Developments in AI In Computer Vision Industry

• In January 2023, Microsoft announced the third phase of its long-term partnership with OpenAI through a multiyear, multibillion-dollar investment to accelerate AI breakthroughs to ensure these benefits are broadly shared with the world.
• In January 2023, Visteon and Qualcomm Technologies, Inc. announced that the companies intend to take their technology collaboration one step further by developing a high-performance cockpit domain controller designed to enable global automakers to build next-generation cockpits. The combination of Visteon's SmartCore software and Snapdragon Cockpit Platforms will enable automakers to deliver advanced features & functions in their next-generation cockpits quickly with production programs targeted for 2025.
• In January 2023, IBM collaborated with Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) to formally launch an AI Center of Excellence as part of Abu Dhabi Sustainability Week's World Future Energy Summit. The Center aims to advance collaboration to improve the adoption of AI technology and help drive sustainability.
• In December 2022, Qualcomm Incorporated announced the launch of the Africa Innovation Platform, a suite of mentorship, education, and training programs created to support the development of Africa's emerging technology ecosystem. The platform will provide resources and support for local universities, small-to-medium-sized startups, and grant participants, exposing them to Qualcomm Technologies Inc.'s engineers and its state-of-the-art capabilities suite for mobile platforms and technologies, including 4G, 5G, IoT, AI, and machine learning.

Frequently Asked Questions (FAQ):

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