The AI in computer vision market will surpass a valuation of USD 27 billion, attaining a CAGR of 45% during the forecast period (2017-2023), Market Research Future (MRFR) unveils in a detailed report. Computer vision is an AI technology that helps computers to label and understand images. This technology is extensively used in driverless car testing, convenience stores, monitoring livestock and crop health, and daily medical diagnostics.
Market Potential and Pitfalls
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.
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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By component, the AI in computer vision market is segmented into hardware and software. Of these, the hardware segment is predicted to gain prominence due to the increased penetration of AI-capable processors in mobile devices like drones, smartphones, consumer electronics, and automotive devices.
By vertical, the AI on computer vision market is segmented into healthcare, automotive, security, agriculture, and sports & entertainment. Among these, the automotive segment is predicted to evolve with the highest CAGR. Initiatives undertaken by the Chinese government in order to support AI by offering to fund for R&D, suggestions for expansions and international collaborations, and support for workforce development.
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.
June 2019: A team of researchers from MIT is making AI easier for the novices, while also assisting the experts to advance the field. The researchers have demonstrated a novel probabilistic-programming system termed Gen in a paper which has been presented at the Programming Language Design & Implementation conference. Users can write algorithms and models from more than one fields where AI is applied, like robotics, computer vision, and statistics. Users now do not have to deal with equations or write high-performance code manually. The programming system also allows expert researchers to write interference algorithms and sophisticated models, which are used for prediction tasks.
The top players operating in the AI in computer vision market include Google LLC (US), Qualcomm Technologies, Inc. (US), Basler AG (Germany), Allied Vision Technologies GmbH (Germany), Facebook (US), NVIDIA Corporation (US), Intel Corporation (US), Microsoft Corporation (US), COGNEX Corporation (US), and Apple Inc. (US).
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List of Figures
FIGURE 1 Global AI In Computer Vision Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Porter’s Five Forces Analysis Of Global AI In Computer Vision Market
FIGURE 4 Value Chain Of Global AI In Computer Vision Market
FIGURE 5 Share Of AI In Computer Vision Market In 2018, By Country (In %)
FIGURE 6 Global AI In Computer Vision Market, 2018–2023
FIGURE 7 Global AI In Computer Vision Market Size By Component, 2018–2023
FIGURE 8 Share Of Global AI In Computer Vision Market By Component, (In %)
FIGURE 7 Global AI In Computer Vision Market Size By Vertical, 2018–2023
FIGURE 8 Share Of Global AI In Computer Vision Market By Vertical, (In %)
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