The global AI in computer vision market witnesses high traction. The market growth attributes to the rapidly growing automotive and sports & entertainment industries worldwide. Besides, improving the computing capabilities of processors drives the market growth. Artificial intelligence technology is rapidly finding its way into consumer products and services.
Tech giants are increasingly introducing the latest advances in AI that can make personal devices smarter and more useful. With the rising implementations of AI in computer vision technology in the automotive and 3D gaming sectors, the market is expected to create a significant revenue pocket in the next few years.
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According to Market Research Future (MRFR), the global AI in computer vision market is poised to create a valuation of USD 27 Billion by 2027, registering a massive 45% CAGR during the forecast period (2020 to 2027). The burgeoning healthcare sectors worldwide are cited as one of the contributing factors for the development of the market.
On the other hand, complex AI algorithms required to achieve effective computer vision are major factors impeding market growth. Also, the lack of skilled technology developers poses significant challenges for the market players. Nevertheless, developments in machine learning and AI technologies would support the market growth in the upcoming period.
Major Players:
Players leading the AI in computer vision market are Google LLC (US), Qualcomm Technologies, Inc. (US), Allied Vision Technologies GmbH (Germany), NVIDIA Corporation (US), Basler AG (Germany), Facebook (US), Microsoft Corporation (US), Apple Inc. (US), Intel Corporation (US), and COGNEX Corporation (US), among others.
AI in Computer Vision Market - Segments
The report is segmented into components, verticals, and regions. The component segment is sub-segmented into hardware (memory, processor (CPU, GPU, FGPA), and network) and software. The vertical segment is sub-segmented into automotive, healthcare, agriculture, security, sports & entertainment, and others. The region segment is sub-segmented into Europe, North America, APAC, MEA, and Rest-of-the-World.
AI in Computer Vision Market - Regional Analysis
North America dominates the global AI in computer vision market. Factors such as the growing demand from the gaming industry and the presence of global IT leaders drive the market growth. Besides, evolving AI expertise market and the growing demand from the end-user segments in the region boost the market shares.
Moreover, the manufacturing and automotive sectors in the region drive the growth of the market. Increasing R&D investments and rising business digital transformation push the growth of the market demand in the region.
AI in Computer Vision Market - Competitive Analysis
Highly competitive, the AI in computer vision market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and brand reinforcement remain prevailing key trends for the leading players as these strategies support their growth and expansion plans. They deliver reliable, leading-edge products and services, substantially investing in R&D to develop adept technologies and products.
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Industry/Innovation/Related News:
Nov 10, 2021 --- Standard AI (Standard Cognition), a leading global provider of computer vision for retail, announced the completion of the acquisition of ThirdEye Labs (ThirdEye –The UK), a rapidly growing computer vision company. The acquisition would enable Standard AI to expand its capabilities of AI platforms in exciting new ways to drive forward the autonomous retail future.
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