Published on : Oct 7, 2022
The AI in computer vision market growth to is driven by rising demand for merged reality, emotion AI and automating processes across industries. The automotive segment held the highest share in the AI in computer vision market by 2027
The Insight Partners published latest research study on “AI in Computer Vision Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component (Hardware and Software) and End-User (Automotive, Sports and Entertainment, Robotics and Machine Vision, Security and Surveillance, Government and Defense, and Others)”, the global AI in computer vision market size is expected to grow from US$ 9.04 billion in 2021 to US$ 95.08 billion by 2027, it is expected to grow at a CAGR of 46.9% during the forecast period of 2021 to 2027.
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AI in Computer Vision Market Study Scope, Segmentations, Regional & Country Scope:
AI in Computer Vision Market: Competitive Landscape
The top five companies in the AI in computer vison market include ALLIED VIS; BASLER AG; XILINX; COGNEX CORPORATION; TELEDYNE TECHNOLOGIES, INC. The above listing of key players is derived by considering multiple factors such as overall revenue, current AI in computer vision portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. There are various other notable players in the global data wrangling market ecosystem such as ION TECHNOLOGIES GMBH, GENERAL ELECTRIC COMPANY., INTEL CORPORATION, and MICROSOFT CORPORATION., among others.
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AI in computer vision is receiving high momentum across the world. Rise in demand for automating processes across industries is fuelling the growth of the market. While technologies such as the Internet of Things are revolutionizing the manufacturing industry and making processes more autonomous, AI will help to further enhance them in computer vision. In inspecting fabricated goods for defects and non-conformities, computer vision plays an important role. Thus, it may reduce the need for human inspection on the production line, which is substantially increasing the adoption of AI in computer vision technology across the industry. Edge computing similarly answers the latency and network accessibility problem. Currently, systems may be set up in areas where a network connection is poor or non-existent without access being taken into account.
In the fiscal year 2020, the U.S. federal government has made plans to spend US$ 4.9 trillion in research and development of technology such as artificial intelligence and machine learning. Furthermore, this growing region's investment in advanced technology is expected to contribute to the growth of AI in the computer vision market over the years.
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APAC AI in Computer Vision Market to Grow at Highest CAGR during Forecast Period:
The major contributors to the growth of the AI in computer vision market in APAC are Australia, China, Japan, and India. Rapid advancements in technology, digitalization of economies, and sufficient support from government are leading to the smooth evolution of these economies from a developing stage to a developed stage in terms of adoption of technologically advanced solutions across various industries present in the region.
Investing in technology is enabling industries to enhance their overall production capacity in developing countries. These ventures enable both public and private investors to benefit from the investment of capital. Moreover, the countries in APAC have experienced a rise in both public and private investments in complex technologies across the region. This is boosting the adoption of artificial intelligence (AI) and computer vision solution implementation across enterprises in the region. For instance, AI & Vision Solutions (Pvt) Ltd offers AI-powered computer vision solutions such as smart parking management systems, traffic law violation detection system, and city surveillance and crime prevention solutions. Thus, the advanced solutions are being highly adopted by both private and public sectors in the region, which is propelling the growth of the AI in computer vision market in APAC.
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Nowadays, any virtual reality or augmented reality device produces an interactive 3D world. Most AR devices can conduct basic environment scans—for example, Google ARCore can detect flat surfaces and changes in light conditions—and VR systems can detect the user's movements by head tracking, controllers, etc.; however, their abilities stop there. The program for computer vision moves VR and AR to the next level of progress that some call merged reality (MR). With the aid of external environment mapping cameras and sensors, as well as eye-tracking solutions and gyroscopes to position the user, the VR and AR systems can perceive the atmosphere and direct the user away from barriers such as walls, products or other users; detect the movement of the user's eye and body and adopt the VR environment accordingly; and offer instructions and directions for indoor areas, public parks, underground and more. For instance, at Lowe's hardware store, each visitor can use an AR system to make their shopping list from which they can get directions for each item in the store. This is expected to raise the demand for artificial intelligence (AI) in computer vision over the years.
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