AI in Computer Vision Market Outlook – 2030
The global AI in computer vision market is expected to reach $207.09 billion by 2030 from $9.18 billion in 2020, growing at a CAGR of 39.60% from 2021 to 2030.
Computer vision is a field of artificial intelligence (AI) that enables computers and systems to derive meaningful information from digital images, videos, and other visual inputs and take actions or make recommendations based on that information. Computer vision works much the same as human vision, except humans have a head start. Human sight has the advantage of lifetimes of context to train how to tell objects apart, whether they are moving and whether there is something wrong in an image. Computer vision trains machines to perform these functions.
Computer vision is widely used in industries ranging from energy & utilities to manufacturing and automotive and the market is continuing to grow. There is a lot of research being done in the computer vision field. Real-world applications demonstrate how important computer vision technology is to endeavors in business, entertainment, transportation, healthcare, and everyday life. A key driver for the growth of these applications is the flood of visual information flowing from smartphones, security systems, traffic cameras, and other visually instrumented devices.
The global AI in computer vision market size is anticipated to witness significant growth during the forecast period. Factors, such as rising demand for computer vision systems in automotive applications, increasing demand for emotion AI, and high demand for quality inspection and automation, drive the AI in computer vision market growth. Automobile manufacturers are increasingly reliant on computer vision and industrial robotics technologies to accomplish several levels of automation throughout the production process. Increasing participation of various automotive and IT giants to develop autonomous cars is driving the growth of the AI in computer vision market. However, rising safety and security related concern is a major restraint to the global market growth.
In addition, government initiative to boost development of AI-related technologies is expected to create opportunities for the AI in computer vision industry. Leading government organizations across the globe are ramping up investment in AI and figuring out ways to apply and encourage its applications. For instance, the U.S. is expected to commit around $6 billion in AI-related R&D projects in 2021. The Indian government has revealed a number of initiatives for the development of emerging technologies in the country.
Top Impacting Factors
The prominent factors that impact the AI in computer vision market growth are rising demand for computer vision systems in automotive applications, increasing demand for emotion AI, and high demand for quality inspection and automation. However, rising safety and security related concern restricts the market growth. On the contrary, government initiative to boost development of AI-related technologies is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect the global AI in computer vision industry during the forecast period.
Software segment is projected as one of the most lucrative segments.
The global AI in computer vision market is segmented on the basis of component, function, application, end use, and region. By component, it is divided into hardware and software. The hardware segment is further sub segmented into processor, memory, and storage. The processor segment is further sub segmented into CPU, GPU, ASIC, and FGPA. On the basis of function, it is segregated into training and interference. Depending on application, it is separated into industrial and non-industrial. By end user, the market is categorized into automotive, consumer electronics, healthcare, agriculture, transportation & logistics, retail, security & surveillance, manufacturing, and others.
By End User
Consumer Electronics segment is expected to secure leading position during forecast period.
Region-wise, the AI in computer vision market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is dominating the market due to increase in adoption of AI in emotion analysis and integration of artificial intelligence with computer vision.
LAMEA region would exhibit the highest CAGR of 44.00% during 2021-2030
Competitive analysis and profiles of the major AI in computer vision market players, such as NVIDIA Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), AWS (U.S.), IBM Corporation (U.S.), Facebook (U.S.), Google (U.S.), Qualcomm (U.S.), Xilinx (U.S.), and BASLER AG (Germany), are focusing their investment on technologically advanced, cost-effective, and more secure products and solutions for various applications. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, regional expansion, and collaboration, to enhance their market penetration.
COVID-19 Impact Analysis
- The COVID-19 pandemic has significantly impacted global economies, resulting in workforce & travel restrictions, supply chain & production disruptions, and reduced demand & spending across many sectors. Sudden decline in infrastructure development and installation projects is expected to hamper the market growth for several industry verticals.
- The COVID-19 pandemic has a low impact on the growth of the AI in computer vision market. From a regional point of view, the outbreak of COVID-19 has caused a major setback to the export-oriented economies, owing to temporary shutting down of manufacturing plants. However, consumer products, such as smartphones and smart homes, have become less of a luxury and more of a necessity. This segment comprises wearables, laptops, desktops, and other appliances, which was impacted as the production declined due to disruptions in the global supply chain, especially in China.
- The COVID-19 outbreak has positively as well as negatively affected major businesses worldwide by disrupting production cycles and supply chains across industries. However, as vaccines roll out across the globe and the pandemic situation is better controlled, especially in North America and Europe, this is expected to boost the recovery of the AI in computer vision market.
Key Benefits for Stakeholders
- This study comprises analytical depiction of the global AI in computer vision market outlook along with the current trends and future estimations to depict the imminent investment pockets.
- The overall AI in computer vision market analysis is determined to understand the profitable trends to gain a stronger foothold.
- The report presents information related to key drivers, restraints, and AI in computer vision market opportunities with a detailed impact analysis.
- The current AI in computer vision market forecast is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and the AI in computer vision market share of key vendors.
- The report includes the market trends and the revenue share of key vendors.
AI in Computer Vision Market Report Highlights
By End Use
Key Market Players
IBM Corporation, BASLER AG, Google, Intel Corporation, Qualcomm, Microsoft Corporation, Facebook, NVIDIA Corporation, Xilinx, AWS
The AI in computer vision market holds high potential in the manufacturing industry. The current business scenario experiences rapid development in artificial intelligence and computer vision technology, particularly in the developed and developing regions such as North America, Asia-Pacific, and Europe. Companies in the industry adopt various innovative techniques to provide customers with advanced and innovative features.
The AI in computer vision market trends have been analyzed across North America, Europe, Asia-Pacific, and LAMEA. The analysis identified that North America contributed maximum revenue in 2020. The report focuses on the growth prospects, restraints, and trends of the AI in computer vision market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers, in the AI in computer vision market.
The key players of the market, such as NVIDIA Corporation, IBM Corporation, and Intel Corporation, focus on introducing technologically advanced products to remain competitive in the market. Product launch, agreement, collaboration, and partnership are expected to be the prominent strategies adopted by the market players.