AI in Computer Vision Market is projected to grow at a CAGR of 36.0% during the forecast period: 2032

Market Research Future (MRFR) has published on the “AI In Computer Vision Market”

The AI in Computer Vision Market is predicted to reach USD 268,364.8 Million by 2032, registering a 36.0% CAGR during the forecast period, 2023–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years. Computer vision, as recognized globally, is a field of Artificial Intelligence, which provides computers and systems to obtain information from digital videos, Images, and other visual inputs. The system then makes recommendations on the basis of the obtained information. Common tasks performed by computer vision is to classify objects, identify objects, and track objects. The advancement of computer vision is reliant on deep learning, which is a subset of machine learning, wherein the system uses algorithm to extract insights from the procured data. The major areas of application of computer vision in the field of computer science is in content organization, facial recognition, augmented reality, self-driving vehicles, health, and agriculture among others.

The demand for AI in computer vision market is anticipated to be driven by rising demand for automation and quality inspection worldwide across end-use markets. Further, government across the globe are promoting businesses by supporting integration and automation of AI in computer vision to create opportunities for market participants in the ecosystem. However, the market reflects security concerns aligned to analytics and cloud-based image processing, which is anticipated to act as a restraining factor to market development over the foreseeable future.

The demand for computer vision is spread across an array of application markets wherein few of the non-traditional emerging applications include utilizing of the technology in traffic flow monitoring, road condition monitoring, CT scan & MRI scan in healthcare sector, and more. Increasing demand for computer vision in overcrowded roads is increasing across Asia Pacific region. In bigger cities across the region, computer vision plays a crucial role in diverting traffic and monitoring traffic flow on roads. The system includes few of the key steps including accepting video feedback from camera files and marking of vehicles counting number of vehicles on road in a particular time frame.

Traffic monitoring system includes two different approaches to computer vision technology utilization that includes the following; number-plate recognition system and generic road-traffic monitoring system. In the first system, the computer monitoring system utilizes the available number-plate recognition to identify and monitor vehicles. In the second technology, the computer system runs on identifying vehicles through make & model and monitoring vehicles through complex road scenes. Ease of road traffic monitoring is one of the key emerging application areas that is projected to drive demand for computer vision over the foreseeable future.

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Segmental Analysis

The scope of the global AI in Computer Vision market has been segmented based on material, component, machine learning process, end user and region.

The use of AI in computer vision is fragmented into hardware and software. Hardware was further split into processors, network and memory, whereas software was divided into AI platforms and AI solutions. The undivided attention to details for each of the components are highly fragmented based on technological advancements and use of AI across these components, thereby driving market demand and growth over the forecast period. Among components, Software segment expected to witness rapid growth over the forecast period.

The global AI in Computer Vision market, in this report, has been segmented on the basis of machine learning process into Supervised Learning, Unsupervised Learning and Reinforcement Learning. Reinforcement Learning segment will be the fastest growing segment over the forecast period.

The global AI in Computer Vision market is segmented, based on component, into home security, home automation, home entertainment, home healthcare, and others healthcare segment will be the fastest growing segment over the forecast period.

Regional Analysis

Geographically, the global AI in Computer Vision  market has been segmented into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Europe contributes second largest share in the revenue of AI in computer vision market.

Unlike North America, with AI giants operating in the regional marketspace, Europe is a hub to major startup Ai companies that have promisingly divested their businesses in the region. Few of the key companies that are exceptionally innovating in the region include AiMotive, DeepL, Mapillary, Shift Technology, Prowler, Owkin, Graphcore, Konux, Darktrace, Prosphesse and more. These companies are at their nascent stage of AI innovations that are increasingly projecting wide technological reforms across end-use markets to sustain in the regional market.

Key Players

Some of the key players in the global market are Ultraleap, Irida Labs S.A., Clarifai, Inc., General Electric, Teledyne Technologies Inc, Xilinx, Inc., Omron Corporation, Nvidia Corporation, Qualcomm Technologies Inc., Intel Corporation, Google, LLC, Microsoft Corporation, Apple Inc., Meta Platforms Inc. and Prisma AI