Dubai, UAE, Sept. 06, 2023 (GLOBE NEWSWIRE) -- According to the recent report released by Kings Research, the global AI in Computer Vision Market was valued at USD 17.42 billion in 2022 and is estimated to reach USD 206.33 billion by 2030, exhibiting a staggering CAGR of 37.05% from 2023 to 2030. Rising demand for machine vision applications, the advent of innovative technology, and the implementation of algorithms to handle visual data are fostering market growth.
The global market for AI in computer vision includes the development and implementation of AI-based solutions. It is used for a variety of tasks, such as object detection, tracking, remote quality control, sports analysis, and precision medicine. Moreover, the growing reliance on AI and its solutions driven by the widespread adoption of automation is anticipated to further fuel market expansion.
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Trending Now: Kibsi Has Raised $9.3M to Make Computer Vision Accessible
In June 2023, Kibsi, a no-code computer vision platform, announced that it had raised $9.3 million in pre-seed and seed funding. The participants in these rounds were GTMfund, NTTVC (which led the $4 million pre-seed round), Preface Ventures, Ridge Ventures, Secure Octane, and Wipro Ventures. Kibsi's platform uses artificial intelligence (AI) to power its computer vision applications.
With the help of Kibsi's platform, companies can create and use computer vision apps without having any programming knowledge. It is simple to build applications for the platform that can track inventory, monitor quality, and automate processes due to its drag-and-drop interface.
"We believe that computer vision is the future of business intelligence," said Kibsi CEO and co-founder Abhishek Agarwal. "Our platform makes it easy for businesses of all sizes to get started with computer vision and start realizing the benefits."
The additional investment will be used by Kibsi to expand its operations and introduce new features. Although the company presently focuses on the manufacturing and warehouse sectors, it plans on entering into more sectors.
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Competitive Landscape
Key competitors are concentrating on a number of critical business tactics, including partnerships, mergers & acquisitions, product developments, and joint ventures, to enhance their respective market shares across various geographies and diversify their product offerings. Expansion and investments cover a wide range of strategic objectives, such as funding for R&D projects, the construction of additional factories, and supply chain improvement.
Prominent players in the global AI in computer vision market include:
- Intel Corporation
- IBM
- Microsoft
- Basler AG
- Qualcomm Technologies, Inc.
- TEC Competence GmbH & Co. KG
- Advanced Micro Devices, Inc.
- NVIDIA CORPORATION
- AWS
The global AI in Computer Vision Market is segmented as:
By End-Use Industry
- Consumer Electronics
- Automotive
- Healthcare
- Retail
- Security & Surveillance
- Manufacturing
- Others
By Offering
- Software
- Hardware
Effective Digital Data Management Offered by Software to Fuel Market Growth
The software segment dominated the market with a valuation of USD 10.85 billion in 2022. The availability of cutting-edge hardware platforms that enable seamless software integration and offer improved capabilities, including high-speed processing, multi-megapixel resolution, and effective digital data management, are the key factors contributing to segmental progress. Additionally, advancements in computer power, machine learning methods, and data availability are promoting product advancements.
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By Application
- Non-industrial
- Industrial
Utilization of Computer Vision in Non-Industrial Sectors Augment Market Development
Non-industrial applications segment led the market by amassing USD 12.51 billion in revenue in 2022 and is likely to retain its dominance through the forecast period. This growth is due to the significant increase in the utilization of computer vision systems within the automotive & transportation sector.
By ML Model
- Supervised Learning
- Unsupervised Learning
- Reinforcement Learning
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Rapid Adoption of Digitalization to Drive Market Proliferation
Digitalization plays a pivotal role in driving the growth of the computer vision AI market. Advancements in machine learning technology, coupled with the increasing abundance of digital data and images, have created valuable opportunities for AI systems to learn and improve their performance significantly. Notably, the adoption of digitalization in emerging economies is expected to promote market expansion over 2023-2030.
North America to Retain its Dominance Through the Forecast Period
North America is anticipated to constitute the lion’s share of the global market revenue through the review timeframe. The primary driver propelling regional industry growth is the increase in non-industrial applications, such as the usage of AI in machine learning and other end-user industries. The region has witnessed an upsurge in demand from companies in the fields of agriculture, education, and law enforcement, which has widened the range of industries that the service and solution providing businesses in the region may serve. The U.S. is a major contributor to this regional growth and was valued at more than USD 6 billion in 2022.
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Key Points from TOC:
Chapter 1 Introduction of the Global AI in Computer Vision Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global AI In Computer Vision Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global AI In Computer Vision Market, By Offering
Chapter 7 Global AI In Computer Vision Market, By Application
Chapter 8 Global AI in Computer Vision Market, By End-Use Industry
Chapter 9 Global AI in Computer Vision Market, By Ml Model
Chapter 10 North America
Chapter 12 Asia-Pacific
Chapter 13 Middle East & Africa
Chapter 14 Latin America
Chapter 15 Global AI in Computer Vision Market Competitive Landscape
Chapter 16 Company Profiles
16.1 NVIDIA CORPORATION
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Product Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 Intel Corporation
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Product Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 IBM
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Product Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 Microsoft
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Product Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 Basler AG
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Product Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis
Continued…..
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