AI In Computer Vision Market Size
The Business Research Company recently released a comprehensive report on the Global AI In Computer Vision Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The ai in computer vision market size has grown exponentially in recent years. It will grow from $26.6 billion in 2023 to $34.1 billion in 2024 at a compound annual growth rate (CAGR) of 28.2%. The growth in the historic period can be attributed to growth in adoption of industry 4.0, increased applications in healthcare, increased agriculture industry, increased use in retail industries, growth of it industry.
The ai in computer vision market size is expected to see exponential growth in the next few years. It will grow to $93.73 billion in 2028 at a compound annual growth rate (CAGR) of 28.8%. The growth in the forecast period can be attributed to rising need for quality inspection and automation, government initiatives to support industrial automation and the integration of artificial intelligence, growing demand for computer vision systems in non-traditional and developing industries, increasing investments in ai technology. Major trends in the forecast period include innovative solutions, technological advancements in ai and computer vision technologies, strategic collaborations, integration of ai and ml, technological advancements.
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Market Drivers and Trends:
The growing need for computer vision technologies in various business sectors is expected to propel the growth of AI in the computer vision market going forward. Computer vision is used in agriculture for plant detection, crop monitoring, and automatic weeding. It is also used in retail for self-checkout and people counting, manufacturing for autonomous driving, and robotics. The growing need for computer vision technologies in various business sectors like manufacturing is driven by AI in the computer vision market, as it is employed to identify objects, allowing them to recognize and categorize a greater variety of things. For instance, in December 2021, according to the Association for Advancing Automation, a US-based automation trade association, robot sales in the 3rd quarter of 2021 brought the overall total of orders for the year to over 29,000 units worth $1.48 billion. These figures show a 37% increase in items sold (up from 21,072) and a 35% rise in price (up from $1.09 billion) during the same period in 2020. Therefore, the growing need for computer vision technologies in various business sectors drives AI in the computer vision market.
Integration of edge computing is the key trend gaining popularity in AI in the computer vision market. Major companies operating in the AI in computer vision market are concentrating on creating revolutionary products integrated with edge computing technology to improve their market share. Edge computing has emerged as a critical feature of computer vision, allowing data analysis at the network’s edge instead of in the data center or Cloud. For instance, in July 2021, Atos SE, a France-based information technology company that offers other IT services, launched the Atos Computer Vision Platform. It is the world’s first fully scalable Artificial Intelligence film and image analysis solution. It is the most extensive video and photo analytics solution on the market and the sole one that combines a comprehensive offering with a set of pre-trained and adaptable AI models, enhanced by consultancy skills from six Atos AI Computer Vision labs worldwide and built on superior hardware and software. Atos Computer Vision Platform offers visual and image processing from the Cloud to the edge, which means it can be administered from the Cloud or on an edge server for live video analytics.
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Major Key Players of the Market:
Apple Inc., Google LLC, Microsoft Corporation, Meta Platforms Inc., Huawei Technologies Co. Ltd., Sony Corporation, Amazon Web Services Inc., General Electric Company, Intel Corporation, International Business Machines Corporation, Qualcomm Technologies Inc., Nvidia Corporation, Baidu Inc., Teledyne Technologies Inc., Xilinx Inc., Unity Software Inc. , iRobot Corporation, SenseTime Group Ltd, Basler AG, Matterport Inc., Orbbec 3D Technology International Inc., ArcSoft Inc., Ultraleap Limited, Clarifai Inc., PerceptIn Inc, Occipital Inc., Irida Labs, Megvii Inc., Deep Vision AI Inc., Xnor.ai Inc.
AI In Computer Vision Market 2024 Key Insights:
• The ai in computer vision market size is expected to see exponential growth in the next few years. It will grow to $93.73 billion in 2028 at a compound annual growth rate (CAGR) of 28.8%.
• Surge In Computer Vision Technologies Need Flourishes The AI In The Computer Vision Market Growth
• Edge Computing’s Key Role In Shaping The Future Of AI In Computer Vision
• North America was the largest region in the AI in computer vision market in 2023
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