Global AI in Computer Vision Market

Global AI in Computer Vision Market Overview:

Artificial intelligence relates to the simulation of human intelligence in machines programmed to mimic human actions and think like them. The fundamental characteristic of artificial intelligence is its ability to deliberate and take actions that have the most excellent chance of achieving a particular goal. The goals of artificial intelligence include reasoning, learning, and perception. AI is being used beyond various industries, including healthcare and finance. Computer vision is a field of AI that guides computers to understand and interpret the visual world. Machines can precisely identify and locate objects then react to what they “see” using videos, digital images from cameras, and deep learning models.

Global AI in Computer Vision Market Insights

The global AI in computer vision market size was valued at USD 14.8 billion in 2019 and projected to reach USD 51.5 billion by 2027, growing at a CAGR of 26.3% during the forecast period, 2020-2027. The major factors are the growing demand for computer vision systems in non-traditional and emerging applications. Additionally, the need for quality inspection & automation and the rising need for ASICs will spur the global AI in the computer vision industry in the future periods. Furthermore, the advancement in medical care services and increasing adoption of computer vision for accurate and quick medical reports is expected to witness the remarkable growth of AI in computer vision. The increase in demand for emotion AI to analyze facial appearances and eye trends in photos & videos are expected to propel the demand for AI in computer vision over the coming years. Moreover, the increasing investments by both public and private enterprises in technologies to enhance the overall efficiency and increase production capacity by converting traditional processes into modern smart manufacturing units positively impact the market for AI in computer vision. Furthermore, the rising use of IoT-enabled devices and technology with wireless connectivity is fueling the demand for AI in the computer vision market. The rise in expenses to improve and innovate manufacturing processes across industries and penetration of AI in computer vision solutions in the manufacturing sector will bolster the growth of global AI in computer vision market share.  In addition, the rising scope of vision-guided robotic systems and stringency in quality assurance & inspection of industrial products propelling the growth of the AI in computer vision market across the globe.

Growth Driver

Rising need for quality inspection and automation

Quality control inspection is the most critical manufacturing process for most industries and companies. Especially if a minor flaw in the production process can result in a heavy loss for the business, it becomes crucial to invest in better and advance technology such as AI. Early detection of flaws or damages in the production process can save from tremendous losses. Manufacturing companies are planning to raise investments in automation as it decreases the need for human intervention required for several processes. Besides, industry players have realized its importance in manufacturing processes due to the increasing demand for automated quality assurance. This has resulted in the popular recognition of AI-based computer vision solutions as a necessary part of long-term automation development processes. Computer vision in automated production processes helps recognize problems quickly, reducing costs and enhancing response times. Likewise, it reduces the risk of returning products, identifies defective goods, and ensures more significant customer satisfaction. Similarly, the need for computer vision in quality assurance has developed. It helps the manufacturers to examine fairly and with an equal focus on all products on production lines. Thus, the increasing need for quality inspection and automation will significantly drive AI in the computer vision market.

Offering Segmental Analysis

Based on the offering, the global AI in the computer vision market is segregated into hardware and software. Furthermore, the hardware segment includes processor, memory, and storage. The software segment is estimated to the highest growth over the analysis timeframe due to the high adoption in the production line. It saves money spent on faulty products and services. It allows an individual to interface with a camera and a production line. Furthermore, it automatically performs image improvement, character verification, character recognition, flaw detection, location analysis, symbol recognition, and several other functions. The hardware will grow significantly due to the technological advancements related to AI in computer vision hardware and rising adoption because of better security practices & high speed.

Machine Learning Model Segmental Analysis

Based on the machine learning model, the global AI in the computer vision market is categorized into supervised learning, convolutional neural network, recurrent neural network, unsupervised learning, and reinforcement learning. The supervised learning segment held a significant market share in 2019 and will gain maximum market revenue by 2027 due to the rising adoption of supervised learning in various healthcare applications, particularly medical imaging and modern facial recognition algorithms using different sensors and devices. Learning models are presently being implemented to develop several AI products and services. These models’ new applications are autonomous vehicles, expert systems, virtual assistants, computer-aided diagnostics, drones, video games, and image recognition systems. In addition, smartphones such as iPhones and Google Pixel are capable of facial recognition, while the OnePlus, Samsung can display finger recognition. The convolutional neural network segment is poised to witness significant growth over the forecast period. It is attributable to rising adoption for image classification in search engines, social media, and recommender systems.

Function Segmental Analysis

Based on the function, the global AI in the computer vision market is classified into training and inference. The training segment is expected to be the highest revenue share for AI in Computer Vision during the forecast period. However, the inference segment will witness a lucrative growth rate in the estimated period due to increasing advances in inference techniques.

Application Segmental Analysis

The global AI in the computer vision market is classified into non-industrial and industrial based on the application. The non-industrial segment is expected to be the highest revenue share for AI in computer vision during the forecast period. The segment’s growth is mainly attributed to the growing adoption in non-industrial applications, such as health care, hospitality, and consumer uses. In addition, it is highly deployed in areas as diverse as retail, traffic management, road inspection, and agriculture. The industrial segment will witness a lucrative growth rate in the estimated period due to AI in computer vision help in the production process by quality management, productivity analytics, and theft detection. Computer vision technologies also help reduce risks for the workers by specifically identifying cracks, leaks, corrosion, and other irregularities in the machines. Additionally, packaging and product quality are monitored, and defective products are also diminished with computer vision. Further, advancements in machine vision technology, such as automation and smart cameras, have expanded the scope of AI in the computer vision market in the industries.

End-User Segmental Analysis

Based on the end-user, the global AI in the computer vision market is segmented into automotive, consumer electronics, healthcare, retail, security & surveillance, manufacturing, agriculture, transportation & logistics, and others. The consumer electronics segment will reduce the global AI in the computer vision market by 2027. It is due to the growing inclination towards smart and intelligent devices such as smartphones, laptops, and desktops. In addition, the increasing use of AI in home appliances such as AI-powered security systems drives the market. Healthcare accounted for the largest share of AI in the computer vision market in 2019 because of the increasing use in diagnostic applications, clinical trial attrition reduction, medical imaging, and surgery accuracy improvement.

Region Segmental Analysis

By geography, the global AI in the computer vision market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America is estimated to project considerable growth over 2020-2026. Due to prominent AI technology providers, growing concern about the security of critical infrastructure, and increasing automation across various applications. The Asia Pacific will capture a significant share of AI in the computer vision market by 2027. Due to the increased manufacturing operations, the rising demand to incorporate Industry 4.0 and government initiatives encourage artificial intelligence (AI) across various industries.

Competitor Analysis

Companies such as Microsoft Corp., Google, NVIDIA, Qualcomm, AWS, Intel Corp., IBM Corp., Xilinx, Facebook, Basler, Hailo, GROQ, AMD, Algolux, Athena Security, AMP Robotics, Curemetrix, Creative Virtual, CEVA Inc., Graphcore, Groopic, Leap Motion, Lionbridge AI, Oculus, Trivision, Vizseek, Robotic Vision Technologies, Zivid, and Inspekto are the key players in the global AI in computer vision market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global AI in computer vision products manufacturing firm
• Research organizations and consulting companies
• Organizations, associations, and alliances related to AI in computer vision
• Regulatory bodies
• Suppliers
• Retailers

The objective of the Research

• Market modeling goes with identifying a target market where historical data exists. A Market may include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our patient to have deep dive into the market.
• Product analysis elaborated examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to identify potential buyers and measure competition in the market.
• Market Trend and Economic Factors Analysis helps assess potential changes to an economy’s inflation rate, interest rates, exchange rates, trading regulations, taxes, and excise duties that can or have a major effect on the target market.
• Market Segmental Analysis defines an in-depth scenario of the target market by grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics.
• The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs, wants, and cultural characteristics that can specifically target.

Market Modelling

By Offering

• Hardware
  • Processor
  • Memory
  • Storage
• Software

By Machine Learning Model

• Supervised Learning
• Convolutional Neural Network
• Recurrent Neural Network
• Unsupervised Learning
• Reinforcement Learning

By Function

• Training
• Inference

By Application

• Non-industrial
• Industrial

By End-User

• Automotive
• Consumer Electronics
• Healthcare
• Retail
• Security & Surveillance
• Manufacturing
• Agriculture
• Transportation & Logistics
• Others

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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