The AI In Computer Vision Market is expected to develop significantly, according to a report titled "AI In Computer Vision Market". It anticipates growth from a value of USD 17.2 billion in 2023 to a sizeable USD 45.7 billion by 2028, representing a solid Compound Annual Growth Rate (CAGR) of 21.5% throughout the projection period. The market's expansion is attributable to elements including the expanding use of computer vision solutions powered by AI in a variety of sectors, including the automotive and consumer electronics industries. Regions, applications (industrial, non-industrial), functions (training, inference), and market components (hardware, software) are all taken into consideration during the analysis. This development underlines the growing impact that AI and computer vision technologies will have on a variety of businesses in the years to come.

A number of crucial variables are driving the market for AI in computer vision. The growth of AI-powered computer vision systems is being fueled by the growing demand for improved quality inspection and automation across a number of industries. Additionally, the market is growing as computer vision technology is increasingly used in novel and developing applications. Along with government programmes that support industrial automation and the integration of AI into edge devices, there is an increase in demand for Application-Specific Integrated Circuits (ASICs). The market does, however, confront some difficulties, chiefly in the form of security issues with cloud-based image processing and analytics. These worries can represent a significant barrier to the market's projected growth trajectory.

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Software is projected to witness the highest CAGR for the forecast period

Throughout the projected period, the software segment is anticipated to have the highest Compound Annual Growth Rate (CAGR). Software is anticipated to expand quickly and gain a substantial market share. This development might be ascribed to the wide range of software tools that are now accessible, which, when combined with computer vision systems, enable users to interact with cameras and manufacturing lines in an intuitive manner. This interaction supports automated operations including, but not limited to, image enhancement, location analysis, fault detection, character verification, and character and symbol identification. The importance of software solutions in expanding the capabilities and uses of computer vision technology is shown by this trend.

Non-industrial to account for the largest share of AI in computer vision market during the forecast period

Throughout the forecast period, the non-industrial sector is anticipated to hold a majority of the AI in computer vision market share. A key factor in this market, especially among consumers, is the growing desire for smartphones with front- and rear-facing cameras. However, thanks to cutting-edge technologies that provide game-changing solutions for traffic management systems, the industrial sector is primed to experience even faster growth. These technologies cover activities including toll collection, monitoring traffic flow, and detecting violations. In non-industrial areas like security, surveillance, postal and logistics services, and intelligent transportation systems (ITS), 3D machine vision also has a lot of potential. Image quality, dimension, and direction play a crucial role in this situation. Modern technology integration has the ability to greatly improve transport systems, including toll collection and traffic monitoring features.

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Supervised Learning will have the highest growth in the coming years

By 2026, it is anticipated that supervised learning will have grown significantly, accounting for around 84% of the market for AI in computer vision. The growing use of supervised learning approaches in many healthcare applications, particularly in medical imaging, is what is driving this increase. The rise of this market is also supported by the incorporation of numerous sensors and gadgets into contemporary facial recognition algorithms. Virtual assistants like Apple's Siri, Microsoft's Cortana, and Google's Google Now, expert systems, drones, computer-aided diagnosis, video games, and image recognition systems are just a few examples of the diverse fields in which learning models are used to develop a wide range of AI products and services. Other fields include autonomous vehicles, drones, video games, and image recognition systems.

Consumer Electronics is expected to hold the largest share

In the landscape of AI and computer vision, it is predicted that consumer electronics will have the lion's share of the market. The rising demand for AI-powered computer vision systems built into consumer electronics like smartphones, laptops, and desktops is what's fueling this ascent. The healthcare industry is also anticipated to experience the greatest Compound Annual Growth Rate (CAGR) during the projection period. Computer vision technology powered by AI plays a crucial part in vital healthcare applications including radiology and medical imaging. The adoption of AI in the automotive industry is rapidly increasing, in large part due to the involvement of well-known automotive and IT businesses in the development of autonomous vehicles. This development increases the market share of the automobile sector in computer vision AI. Due to the major contribution of AI-powered computer vision systems to danger and person identification, the security and surveillance arena is also experiencing tremendous adoption. Notably, the scope of the AI in computer vision market in the industrial sector is growing because to developments in machine vision technology, which include innovations like smart cameras and automation. With the second-highest CAGR, this industry is predicted to grow quickly after healthcare, which reflects the increased adoption of AI-driven solutions to improve manufacturing procedures.

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APAC is attributed to growing at the highest CAGR in AI in computer vision market during the forecast period

Over the course of the forecast, the AI in computer vision market is expected to grow at the greatest Compound Annual Growth Rate (CAGR) in the Asia-Pacific (APAC) region. Notably, important nations like China, Japan, and South Korea are expected to be crucial in fostering this expansion within the APAC area. While India's effort to adopt Industry 4.0 and advanced manufacturing processes for increasing automation across a variety of applications propels significant growth in AI-powered computer vision, China's burgeoning industrial operations support its economic development. Contrarily, it is anticipated that North America would dominate the worldwide AI in computer vision industry, holding around 40% of the market in 2021. This development in North America is facilitated by the existence of well-known AI technology suppliers like IBM, Google, Microsoft, NVIDIA, Intel, and Facebook. Government involvement have increased as a result of growing worries about infrastructure security and data protection, which has encouraged the use of AI in computer vision for security applications. Germany and the UK are emerging as the major contributors to the AI in computer vision market in Europe, which is estimated to have a share of 29%. The expansion of the AI in computer vision market in the European region is mostly due to the influence of the automotive industry in the UK.

Key Market Players

The AI in Computer Vision Companies is dominated by players such as NVIDIA Corporation (US), Intel Corporation (US), Microsoft (US), IBM Corporation (US), Qualcomm Technologies Inc. (US), and others. The study includes an in-depth competitive analysis of these key players in the AI in Computer Vision market with their company profiles, recent developments, and key market strategies.

News Covered:

https://www.globenewswire.com/en/news-release/2023/02/24/2615196/0/en/AI-and-Computer-Vision-A-Powerful-Combination-for-Growth-in-the-Coming-Years.html

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