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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Latest Industry Developments:

The "Video Surveillance Market by Offering (Hardware (Camera, Storage Device, Monitor), Software (Video Analytics, VMS), Service (VSaaS)), System (IP, Analog, Hybrid), Vertical and Geography (North America, Europe, APAC, RoW) - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The video surveillance market is expected to grow from USD 48.7 billion in 2022 and is projected to reach USD 76.4 billion by 2027; it is expected to grow at a CAGR of 9.4% during the forecast period. IoT has made sending and receiving data over the internet simpler, facilitating the use of video surveillance in smart cities. Integration of IoT, big data, and video surveillance is expected to provide better operational and security needs in public spaces.

The market for video surveillance services has the highest CAGR during the forecast period.

Modern VMS has integration capabilities for various software applications, such as people counting, facial recognition, and number plate recognition. Real-time video analytics can provide important insights on events or activities across several verticals. Various cloud capabilities fulfill the varying requirements of end users, hence driving the high growth in the video surveillance service market, especially for VSaaS. In cloud implementation, VMS solutions are accessed via the internet and hosted by third-party VMS providers. Video recording, controlling, and management are performed by the cloud. VSaaS is an appealing choice as a service because it eliminates the requirement of storage devices, such as network video recorders (NVR), digital video recorders (DVR), or hybrid recorders. It is a remote approach to video surveillance systems, as opposed to an on-site video security system.

The market for dome cameras to have the highest share in 2021.

Dome security cameras are easily recognizable for their circular, dome encasing. Dome surveillance cameras are highly versatile and can be used in both indoor and outdoor settings, providing unparalleled coverage for nearly any use case. The number of lenses that can be attached to these cameras is limited based on the dome size. However, due to their low cost and relatively small size, they are more prevalent than other types of cameras.

The market for hybrid VSaaS to grow at the highest CAGR during the forecast period.

In hybrid VSaaS, the recorded data is stored at the customer and the service provider's end, providing greater redundancy. As hybrid services ensure more data security, remote access, flexibility in adding devices, flexible payment structure, and scalability of data storage, they are adopted for commercial applications, including enterprises, retail stores, and financial institutions. The demand for storing data both on the premises and over the cloud drives the high growth of the hybrid VSaaS market.

Retail stores and malls segment to grow at the highest CAGR for the commercial video surveillance market during the forecast period.

The market for video surveillance across retail stores and malls is expected to grow at the highest CAGR during the forecast period. The retail sector implements surveillance systems to prevent theft, flash robbery, and organized crime across stores. Big retail shops covering large areas require more automated surveillance, as physical surveillance has certain limitations. This further highlights the importance of video surveillance systems in retail stores.

In the process of determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the video surveillance market space.

Market Dynamics

Drivers

• Low Cost of Investment
• Increasing Demand for Real-Time Surveillance Data
• Flexible Scalability Offered by VSaaS

Restraints

• Privacy and Security Concerns Regarding Data Usage

Opportunities

• Integration of VSaaS with Access Control and Alarm Systems
• Increasing Use of Smart Devices
• Rise in Big Data, IoT, and Smart Cities
• Rising Demand Across Commercial Vertical Owing to COVID-19

Challenges

• Lack of Awareness About Benefits of VSaaS

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 VSaaS Market, by Type

7 VSaaS Market, by Vertical

8 Regional Analysis

9 Competitive Landscape

10 Company Profiles

11 Appendix

Companies Mentioned

• 3Deye Inc.
• ADT
• Alarm.Com
• Arcules, Inc.
• Arlo Technologies, Inc.
• Avigilon Corporation, a Motorola Solutions Company
• Axis Communications Ab
• Bosch Sicherheitssysteme GmbH
• Camcloud
• Camio
• Comcast Corporation
• Duranc Inc
• Eagle Eye Networks Inc.
• Genetec Inc.
• Hangzhou Hikvision Digital Technology Co., Ltd.
• Honeywell International Inc.
• Ironyun
• Ivideon
• Johnson Controls
• Mobotix Ag
• Morphean Sa
• Pacific Controls
• Securitas Ab
• Solink Corp.
• Verkada Inc.
• Vivint Smart Home, Inc.