The Latin America, Middle East and Africa AI in Computer Vision Market would witness market growth of 27.1% CAGR during the forecast period (2021-2027).
Artificial intelligence has been increasingly adopted in various sectors due to the large number of technological developments and their installation in business verticals, automotive applications, and modeling the environment like medical image analysis. These are the major factors that are contributing to the growth of the market. Moreover, the increasing demand for edge computing in mobile devices and the use of artificial intelligence in machine vision are also acting as major catalysts for the growth of the AI in computer visions market. Additionally, the installation of the computer vision system in traditional and increasing applications is another factor driving the market. Though, the lack of technical knowledge, insufficient expertise, and security concerns related to cloud-based image processing are some of the barriers to the growth of the market.
The industrial sector in this region is also encouraged to adopt technologies like IoT and AI. For example, the government organizations in Saudi Arabia aim to progress in applications like 3D printing, AI, IoT, virtual reality, and blockchain technology.
African countries have displayed a strong commitment to improving industrialization as an agenda to diversify their economies. They are boosting their manufacturing sector and develop productive capacity for high and sustained economic growth. This, in turn, will create employment opportunities and significantly reduce poverty. The developing manufacturing industry across the globe will offer new growth opportunities to the market. Manufacturers are actively using AI and ML to design electronic components.
The weak technological competency of African firms can be accredited to the absence of technologies and infrastructure that could support domestic enterprises. Moreover, most African enterprises do not make substantial investments in industrial and technological efforts. Therefore, it is difficult for them to enter into the competition among medium- and high-technology markets. So, it is likely that the AI in the computer vision market in this region will see significant growth during the forecast period.
The Brazil market dominated the LAMEA Industrial AI in Computer Vision Market by Country 2020, and would continue to be a dominant market till 2027. The Argentina market would witness a CAGR of 29.7% during (2021 - 2027). Additionally, The UAE market is exhibiting a CAGR of 28.6% during (2021 - 2027).
The Consumer Electronics market dominated the South Africa AI in Computer Vision Market by End User 2020, thereby, achieving a market value of $156 million by 2027. The Automotive market is estimated to grow at a CAGR of 26.4% during (2021 - 2027). The Retail market is showcasing a CAGR of 30.2% during (2021 - 2027). Additionally, The Healthcare market is expected to witness a CAGR of 29.8% during (2021 - 2027).
Based on Offering, the market is segmented into Software and Hardware. Hardware segment is further bifurcated across Processor, Memory and Storage. Based on Machine Learning Model, the market is segmented into Supervised Learning and Unsupervised Learning & Reinforcement Learning. Based on Function, the market is segmented into Inference and Training. Based on Application, the market is segmented into Non-industrial and Industrial. Based on End User, the market is segmented into Consumer Electronics, Automotive, Retail, Healthcare, Security & Surveillance, Manufacturing and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global AI in Computer Vision Market is Predict to reach $56.3 Billion by 2027, at a CAGR of 22.8%
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.
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