The Global AI in Computer Vision Market size is expected to reach $56.3 billion by 2027, rising at a market growth of 22.8% CAGR during the forecast period. Artificial intelligence (AI) refers to an advanced & emerging technology of the modern world. The AI in a computer or a computer-enabled robotic system makes it capable to manage information and generate results in decision making, learning, and solving problems. The results are produced in such a manner that they are quite similar to the thought process of humans.
Computer vision is one of the domains of computer science. It is focused on reproducing the intricacy of the human vision system. This enables the computers to recognize and process objects from the presented images and videos in a similar manner like humans. As a huge amount of data is generated on daily basis, it is important to have the application of computer vision.
Therefore, it is the key catalyst for the growth of computer vision. The precision rates of object detection have been improving with superior and advanced hardware and algorithms in computer vision. The percentage of accuracy reached from 50% to 99%, so computers are responding more quickly to visual inputs as compared to humans.
The increasing need for automation and quality inspection, growing demand for computer vision systems in non-conventional applications are the major factors driving the growth of the AI in computer vision market. Moreover, the increasing need for ASICs is also expected to boost the growth of the market. Similarly, favorable policies and government initiatives to support industrial integration and adoption of AI into the edge devices are likely to create new growth avenues for the market players. However, increasing security concerns associated with cloud-based image processing and analytics are likely to restraint market growth.
The sudden outbreak of the COVID-19 has impacted various industries. Though, it had a negligible impact on AI in the computer vision market. The outbreak of the COVID-19 has caused a major impediment to the export-oriented economies from a regional point of view. It is due to the temporary closure of manufacturing units. For example, the automotive industry of Germany has been rigorously affected because most of the automobile trade in this region takes place with China and Italy. Apart from the issues related to imports and exports, the manufacturing industry growth in Germany has also been hampered by the shutdown of manufacturing plants and reduces speed in operations in order to curb the spread of COVID-19.
Based on Offering, the market is segmented into Software and Hardware. Hardware segment is further bifurcated across Processor, Memory and Storage. The software segment would exhibit highest growth rate during the forecast period. Software tools in combination with a suite of computer vision software help an individual to interface with a camera and a production line. It automatically carries out location analysis, image improvement, flaw detection, character recognition, symbol recognition, character verification, and several other functions.
Based on Machine Learning Model, the market is segmented into Supervised Learning and Unsupervised Learning & Reinforcement Learning. Supervised learning segment would garner a higher share of the AI in the computer vision market in 2020. The increasing adoption of supervised learning in different healthcare applications mainly medical imaging and their usage in different sensors and devices that includes modern facial recognition algorithms are likely to promote the growth of this segment.
Based on Function, the market is segmented into Inference and Training. Inspection, measurement, identification, and locating the product are the major applications of computer vision systems in diverse industries. Apart from it, AI-enabled vision systems have methods of developing novel applications like 3D model building, optical character recognition, retail, medical imaging, automobile safety, surveillance & traffic monitoring, morphing, and augmented reality.
Based on Application, the market is segmented into Non-industrial and Industrial. The non-industrial segment procured the largest share of AI in the computer vision market in 2020. In the non-industrial market, the increasing demand for camera-enabled smartphones in both front and rear ends is boosting the AI in computer vision market, mainly in the consumer segment. Furthermore, the industrial segment is likely to grow at a higher rate due to the adoption of modern technologies.
Based on End User, the market is segmented into Consumer Electronics, Automotive, Retail, Healthcare, Security & Surveillance, Manufacturing and Others. The Consumer Electronics segment would procure the largest share over the forecast period. There is a growing demand for AI-enabled computer vision systems mainly in consumer electronics like smartphones, laptops, and desktops. This factor is expected to drive the growth of the AI in computer vision market over the forecast period. Healthcare would exhibit the highest CAGR over the forecast period. It is attributed to fact that AI-enabled computer vision technology is finding its applications in radiology and medical imaging.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 12.7 Billion |
| Market size forecast in 2027 | USD 56.3 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 22.8% from 2021 to 2027 |
| Number of Pages | 359 |
| Number of Tables | 623 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Offering, Machine Learning Model, Function, Application, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. Based on region, North America would garner the largest share of the global AI in the computer vision market. The presence of key market players of AI technology including IBM (US), Google (US), Intel (US), Microsoft (US), NVIDIA (US), and Facebook (US) in this region is complementing the growth of the market. In recent years, government interventions have been increased due to rising concerns about the security of crucial infrastructure and sensitive data. This has resulted in the higher adoption of AI in computer vision, especially in security applications.
Free Valuable Insights: Global AI in Computer Vision Market size to reach USD 56.3 Billion by 2027
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Microsoft Corporation, Intel Corporation, Amazon.com, Inc., Facebook, Inc., and Google, Inc. are the forerunners in the AI in Computer Vision Market. Companies such as NVIDIA Corporation, Basler AG, and Xilinx, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include NVIDIA Corporation, Intel Corporation, Microsoft Corporation, IBM Corporation, Qualcomm, Inc., Amazon.com, Inc., Xilinx, Inc., Google, Inc., Facebook, Inc., and Basler AG.
By Offering
By Machine Learning Model
By Function
By Application
By End User
By Geography
The global AI in Computer Vision market size is expected to reach $56.3 billion by 2027.
Increasing need for quality inspection and automation are driving the market in coming years, however, lack of technical knowledge and expertise in this field have limited the growth of the market.
NVIDIA Corporation, Intel Corporation, Microsoft Corporation, IBM Corporation, Qualcomm, Inc., Amazon.com, Inc., Xilinx, Inc., Google, Inc., Facebook, Inc., and Basler AG.
Yes, Apart from the issues related to imports and exports, the manufacturing industry growth in Germany has also been hampered by the shutdown of manufacturing plants and reduces speed in operations in order to curb the spread of COVID-19.
The North America market dominated the Global AI in Computer Vision Market by Region 2020. APAC would showcase promising CAGR in the market of AI in computer vision throughout the forecast years.
The expected CAGR of the AI in Computer Vision market is 22.8% from 2021 to 2027.
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