New York, United States , May 15, 2024 (GLOBE NEWSWIRE) -- The Global AI in Computer Vision Market Size is to Grow from USD 16.94 Billion in 2023 to USD 118.56 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 21.48% during the projected period.
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Artificial intelligence (AI) in computer vision enables computers and systems to interpret and analyze visual data and derive meaningful information from digital images, videos, and other visual inputs including object detection, processing, understanding and analysis of visual content, product search, image classification and search, and content moderation. Machine learning, a part of AI, has been at the forefront of enabling computer vision, which uses humongous volumes of training datasets to learn about patterns. The algorithms or logic in machine learning help to detect the features, characteristics, or objects within the most complex images and can distinguish between various parts of an image. Thus, the integration of ML into computer vision and deep learning has revolutionized advanced digital picture processing, enabling significant advancements in computer vision. The increasing demand for automation and advancement in neural networks and deep learning are driving the market. The application of AI-driven computer vision in various sectors is likely to enhance market growth. Further, the implementation of regulatory standards on AI technology like ISO/IEC standards to ensure and maintain international quality norms, and increasing the investment in AI-driven computer vision are responsible for increasing the AI in the computer vision market. However, the concerns regarding the security and privacy of personal information, lack of skilled talent, and ethical and biased issues are responsible for restraining the market.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global AI in Computer Vision Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware and Software), By Function (Training and Inference), By Application (Industrial and Nonindustrial), By End-Use (Automotive, Healthcare, Retail, Security & Surveillance, Robotics & Machines, and Consumer Electronics), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The software segment is anticipated to hold the largest revenue share through the forecast period.
Based on component, the global AI in computer vision market is segmented into hardware and software. Among these, the software segment is anticipated to hold the largest revenue share through the forecast period. The increasing application of AI in emerging technologies such as IoT and edge computing is expected to drive the market in the software segment. Further, the improvement and advancements in computing power and ML algorithms have contributed to market growth.
The training segment is expected to grow at the fastest CAGR through the forecast period.
Based on the function, the global AI in computer vision market is segmented into training and inference. Among these, the training segment is expected to grow at the fastest CAGR through the forecast period. AI model training includes a learning algorithm with training data which is computationally very expensive. The healthcare, finance, transportation, manufacturing, agriculture, media, logistics, and other industrial sectors are using AI and ML training.
The nonindustrial segment dominates the market with the largest market share through the forecast period.
Based on the application, the global AI in computer vision market is categorized into industrial and nonindustrial. Among these, the nonindustrial segment dominates the market with the largest market share through the forecast period. Computer vision technology is extensively used in entertainment and media as it enables content creators to automate video editing tasks, analyze audience engagement, and deliver immersive experiences to consumers.
The consumer electronics segment dominates the market with the largest revenue share through the forecast period.
Based on the end-use, the global AI in computer vision market is categorized into automotive, healthcare, retail, security & surveillance, robotics & machines, and consumer electronics. Among these, the consumer electronics segment dominates the market with the largest revenue share through the forecast period. Smartphones are the gateway to cutting-edge computer vision technology, containing advanced features like facial recognition, reality filters in social media apps, text recognition in images, and organizing photos by recognizing faces. Other consumer electronics such as tablets and smart TVs are also contributing to the market growth in the consumer electronics segment.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. The growing investments in R&D activities for developing advanced technology tools are expected to drive market growth. Further, the presence of key market players in the region is also responsible for enhancing the market. The rising innovations in the healthcare industry due to the rising need for intelligent automation technologies are responsible for the market growth of AI in computer vision.
Asia Pacific region is expected to grow the fastest during the forecast period. The incorporation of AI-based solutions in various sectors such as manufacturing and automotive and the adoption of smart automation solutions are propelling the market growth. The considerable expansion rate, specifically in countries like China, India, and Japan is also responsible for enhancing the market.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global AI in computer vision market are IBM Corporation, Qualcomm Technologies, Inc., Nvidia Corporation, Baummer, Cognex Corporation, Intel Corporation, Microsoft Corporation, Teledyne Technologies Incorporated, Texas Instruments Incorporated, Omron Corporation, Facebook, Inc., Apple, Inc., Google LLC, Clarifai Inc., Sony Semiconductor Solutions Corporation, Amazon Web Services, and Others.
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Recent Developments
- In January 2023, Microsoft announced a new multibillion-dollar investment in ChatGPT-maker OpenAI. The investment is the third phase of the partnership, following Microsoft’s previous investments in 2019 and 2021. This renewed partnership is expected to accelerate breakthroughs in AI and help both companies commercialize advanced technologies.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global AI in computer vision market based on the below-mentioned segments:
Global AI in Computer Vision Market, Component
- Hardware
- Software
Global AI in Computer Vision Market, Function
- Training
- Inference
Global AI in Computer Vision Market, Application
- Industrial
- Nonindustrial
Global AI in Computer Vision Market, End-Use
- Automotive
- Healthcare
- Retail
- Security & Surveillance
- Robotics & Machines
- Consumer Electronics
Global AI in Computer Vision Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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