AI in Computer Vision Market Size Zooming More Than 5X to Touch USD 123 Billion by 2029
AI in computer vision market is flourishing because of the growing advancements in deep learning and neural networks and a spurring demand for automation and efficiency in visual analysis.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global AI in computer vision market size at USD 24 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global AI in computer vision market size to grow at a robust CAGR of 26% reaching a value of USD 123 billion by 2029. Major growth drivers for the global AI in computer vision market include an increasing requirement for quality inspection and automation, along with the growing utilization of computer vision systems in non-traditional and emerging applications and the adoption of emotion AI. The government initiatives aimed at promoting industrial automation and the integration of artificial intelligence into edge devices are expected to present lucrative opportunities for industry participants. Notably, the market for computer vision systems is experiencing increased demand in both non-traditional and emerging applications, further driving its growth. These systems find application in various industries for tasks such as inspection, identification, measurement, and product localization. Moreover, the versatility of AI-enabled vision systems allows for the development of new applications, including 3D model creation, retail, medical imaging, optical character recognition, automotive safety, surveillance, traffic monitoring, morphing, and augmented reality. As a result, there is ongoing development of vision systems and software tailored for novel applications in sectors such as healthcare, traffic management, security and surveillance, postal and logistics, and document processing. Also, established market players stand to benefit from their capability to develop in-house, application-specific AI-enabled computer vision systems in the future. Hence, such aspects are expected to boost the expansion of global AI in computer vision market during the forecast period. However, the factors like data privacy and security concerns and high initial investment and infrastructure costs are anticipated to restrain the overall market growth during the period in analysis.
Global AI in Computer Vision Market – Overview
Artificial intelligence (AI) refers to the capacity of computer systems or robots to organize data and generate outputs that mimic human brain processes, encompassing learning, decision-making, and problem-solving abilities. Within the realm of AI, computer vision focuses on enabling machines to extract valuable information from digital images, videos, and visual inputs and utilize that information for action or providing recommendations. While human vision holds an advantage in terms of experience, with a lifetime of context for distinguishing objects, detecting motion, and assessing image correctness, these tasks can be taught to machines through computer vision. As technology such as the Internet of Things (IoT) continues to transform the manufacturing industry, AI will play a crucial role in enhancing computer vision processes and enabling greater autonomy in operations. Computer vision is particularly essential for inspecting manufactured goods for defects and non-conformities, potentially reducing the need for manual inspection on assembly lines. This trend further amplifies the adoption of AI in computer vision technology within the industry.
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Impact of COVID-19 on Global AI in Computer Vision Market
COVID-19 pandemic adversely affected the global AI in computer vision market. While it initially posed challenges due to disruptions in supply chains and project delays, the pandemic also accelerated the adoption of AI-powered computer vision solutions. With the need for social distancing and contactless operations, industries turned to computer vision technologies for tasks such as crowd monitoring, temperature screening, and mask detection. Also, the healthcare sector utilized AI in computer vision for diagnostics, monitoring, and patient care. The pandemic highlighted the importance of automation and remote capabilities, driving the demand for AI in computer vision. As businesses adapted to the new normal, the market witnessed increased investments and advancements in AI-powered computer vision applications.
Global AI in Computer Vision Market – By Function
Based on function, the global AI in computer vision market is split into training and interference segments. The training function segment is expected to hold a higher share in the artificial intelligence in computer vision market during the forecast period by function. The rising demand for computer vision applications driven by artificial intelligence necessitates the availability of precise and dependable training data. Companies are investing in the creation of robust training datasets to improve the performance and accuracy of their computer vision models. The advancements in deep learning algorithms and techniques require extensive training for achieving optimal outcomes. Consequently, the training function segment is projected to expand as businesses concentrate on refining their models through continuous training and retraining processes.
Competitive Landscape
Major players operating in the global AI in computer vision market include NVIDIA Corporation, Microsoft Corporation, Intel Corporation, Alphabet Inc. (Google), IBM Corporation, Amazon Web Services (AWS), Qualcomm Technologies, Inc., Apple Inc., Facebook, Inc., Baidu, Inc., Alibaba Group Holding Limited, Cognex Corporation, Honeywell International Inc., SenseTime Group Ltd., and NEC Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global AI in Computer Vision Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global AI in Computer Vision Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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