The CAGR Value of the AI in Computer Vision Market is 31.9% in the forecasted period. The development of self-driving cars and robots primarily rely on computer vision for perception and decision-making, which is driving the AI in the computer vision industry.
The market for AI in computer vision is undergoing a revolutionary upswing propelled by developments in image processing and AI technology. This exciting field is altering a number of sectors, including healthcare, automotive, retail, and more, by fusing the power of machine learning with visual data interpretation. The market for artificial intelligence in computer vision is expected to develop significantly and see significant innovation as more companies realize the benefits of deriving actionable insights from visual data.
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AI in Computer Vision Market Segmentation
By Industry
- Healthcare
- Automotive
- Retail
- Agriculture
- Manufacturing
- Media
- Entertainment
Key Company
- NVIDIA Corporation
- Intel Corporation
- Google LLC
- Microsoft Corporation
- IBM Corporation
- Amazon Web Services, Inc.
- Qualcomm Technologies, Inc.
- Baidu, Inc.
- Apple Inc.
- Facebook, Inc.
- Cognex Corporation
- FLIR Systems, Inc.
- Honeywell International Inc.
- Teledyne Technologies Inc.
- Basler AG
Market Dynamics
The main factor propelling the AI market for computer vision is the requirement for routine inspection and automation. In the post-COVID-19 era, industrial enterprises globally seek to increase their investments in automation since it reduces the need for human intervention in various operations. In addition, there has been an increase in demand for automated quality control as industry players have realized its importance in manufacturing processes. Because of this, computer vision systems based on intelligence are now commonly acknowledged as a crucial component of long-term automated operations. Computer vision is used in automated industrial processes to help with cost reduction, quicker problem-solving, and enhanced response times.
One of the biggest barriers to AI in the computer vision market is the escalating safety concerns around image processing analytics. Artificial Intelligence (AI) in computer vision goods is expected to have enormous development potential in sectors like consumer gadgets and surveillance systems. On the other hand, issues with cloud storage, such as data breaches, data theft, and unreliable cloud data, are growing more frequent by the day. Cloud service companies must thus provide customers with trustworthy data services. Cloud users are reluctant to save sensitive information on cloud computing systems, including messages, sensitive files, and personal health information, even with the possible advantages. Once acquired data is kept in a cloud data center, customers lose all control over it.
Consumer electronics, which include gadgets like smart homes and telephones, have gone from being a luxury to a need. This category, which comprises workstations, monitors, PCs, and other devices, suffered as output declined as a result of disruptions in the worldwide economy during the coronavirus pandemic, especially in China, the major hub for the sector. Customers are increasingly using AI-powered smartphones and other gadgets, which is fueling the expansion of AI in the computer vision industry.
Geography Analysis
The market for artificial intelligence in computer vision is frequently one that is expanding quickly, with significant global investment in this technology. The market for AI in computer vision is now dominated by North America, which is followed by Europe and the Asia-Pacific area. North America is now leading the AI in the computer vision industry for several reasons.
First off, the invention and use of AI in computer vision are indicative of North America’s longstanding leadership in technological innovation. The area has developed cutting-edge AI technology because of its highly qualified workforce and robust environment for research and development. Second, North America has a substantial financing pool for AI research and development, which has encouraged businesses and scholars to make investments in the field and has sped up the development of AI in computer vision.
Thirdly, the fact that so many businesses in North America have already incorporated AI into computer vision across a range of sectors, including healthcare, retail, and the automotive industry, has contributed to the technology’s expansion and use in the area. Last but not least, the US government has encouraged investment and business growth in artificial intelligence research and development through programs like the National Artificial Intelligence Research and Development Strategic Plan. But other areas, like Asia-Pacific and Europe, are also making significant investments in AI for computer vision and are predicted to expand quickly in the upcoming years.
Market Challenge
One of the biggest problems the industry is experiencing is keeping AI computer vision systems transparent and trustworthy. The results of AI computer vision systems can have a big influence on people and society in important applications like healthcare and security. Consequently, it is essential to guarantee that these systems exhibit dependability, precision, and transparency in their decision-making procedures.
Ensuring that the data used to train AI computer vision systems accurately represents the population to whom it is being applied is a significant problem in upholding trust and transparency. A biased training set of data may cause the system to make biased conclusions that have the unintended effect of discrimination or other issues. Furthermore, to check the system’s outputs and fix any potential flaws, it is imperative to comprehend how the system came to a certain choice.
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