The AI in Computer Vision Market is estimated to be valued at USD 15.9 billion in 2021 and reach USD 51.3 billion by 2026; it is anticipated to grow at a CAGR of 26.3% during the forecast period (2021–2026).

Key Players:

The AI in computer vision market was dominated by, NVIDIA (US), Microsoft Corp. (US), Intel Corporation (US), IBM Corporation (US) and Qualcomm Technologies, Inc. (US).

The major factors driving the growth of AI in computer vision market are growing need for quality inspection and automation, increasing demand for computer vision systems in non-traditional and emerging applications, and rising need for ASICs and government initiatives to support industrial automation and integration of AI into the edge devices. However, several factors, such as rising security concerns related to cloud-based image processing and analytics can act as a key challenge in the market during the forecast period.

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Consumer Electronics is expected to hold the largest share in 2026

There is an increasing demand for AI-enabled computer vision systems in consumer electronics such as smartphones, desktops, and laptops is driving the growth of the AI in computer vision market. Healthcare, however, is projected to grow at the highest CAGR during the forecast period as AI-enabled computer vision technology plays a vital role in applications like radiology, medical imaging. Apart from this, increasing participation of various automotive and IT giants to develop autonomous cars is driving the growth of the AI in computer vision market for the automotive industry.

Drivers Growing need for quality inspection and automation

Manufacturing companies across the globe are planning to increase investments in automation in the post-COVID-19 period as it reduces the need for human intervention required for various processes. Besides, the need for automated quality assurance has increased as industry players have realized its importance in manufacturing processes. This has resulted in the widespread acceptance of AI-based computer vision solutions as an integral part of long-term automation development processes. The use of computer vision in automated production processes helps identify problems in a short period, which consequently reduces costs and improves response times.

Supervised Learning will have the highest growth in the coming years

Supervised learning is expected to account ~84% share of the overall AI in computer vision market by 2026. The growing adoption of supervised learning in various healthcare applications, especially medical imaging, and the use of different sensors and devices in modern facial recognition algorithms supplement the growth of this segment. Learning models are currently being implemented to develop various AI products and services. Some recent applications of these models are in autonomous vehicles/connected cars, virtual assistants (Apple's Siri, Microsoft's Cortana, and Google's Google Now), expert systems, drones, computer-aided diagnostics, video games, and image recognition systems.

Increasing demand for computer vision systems in non-traditional and emerging applications

Inspection, identification, measurement, and locating the product are some of the major applications of computer vision systems in various industries. Apart from these applications, all AI-enabled vision systems have some means of developing new applications such as 3D model building, retail, medical imaging, optical character recognition, automobile safety, surveillance and traffic monitoring, morphing, and augmented reality. Vision systems and software are developed to address new applications related to the healthcare industry, traffic management, security & surveillance, postal & logistics, and document processing.

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APAC is attributed to growing at the highest CAGR in AI in computer vision market during the forecast period (2021-2026)

APAC is expected to grow at the highest CAGR in the AI in computer vision market. Countries such China, Japan, and South Korea are expected to be the major contributors to the market in APAC. Increased manufacturing operations contribute mainly to the economic development in China, while the rising demand to incorporate Industry 4.0 and advanced manufacturing techniques for increasing automation across various applications in India is contributing to the tremendous growth of AI in computer vision in APAC. North America is expected to hold the largest share of ~40% of the global AI in computer vision market in 2021. The presence of prominent AI technology providers, such as IBM (US), Google (US), Microsoft (US), NVIDIA (US), Intel (US), and Facebook (US) is complementing the growth of the regional market. The growing concern about the security of critical infrastructure and sensitive data has increased government intervention in recent years and resulted in the adoption of AI in computer vision in security applications. Europe is likely to hold a share of ~29% of the AI in computer vision market in 2021. Germany and the UK are the major contributors to the AI in computer vision market in this region. The automotive industry in the UK is contributing to the growth of the AI in computer vision market.

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