Published Date: 14-Jul-2021
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According to a new report Global AI in Computer Vision Market, published by KBV research, 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.
The hardware segment obtained the significant revenue share of the market in 2020. The hardware in the AI in computer vision is beneficial for the organizations as it enables to preserve all their business processes and existing internal systems like production processes and technology that are being used. Moreover, enterprises can also use their data security standards and control an overall process housed in the hardware of the enterprise.
The growing participation of several automotive and IT giants to build up autonomous cars is boosting the growth of AI in the computer vision market in the automotive industry. AI-enabled computer vision systems in the security & surveillance industry are increasingly being used to identify threats and people. It is boosting the adoption of AI-enabled computer vision solutions in the automotive industry. In addition, the advancements in machine vision technology like smart cameras and automation have also resulted in the increasing scope of AI in the computer vision market in the manufacturing industry. It is likely to grow at the second-highest CAGR during the forecast period.
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. Countries like China, Japan, and South Korea are likely to be the major contributors to the APAC market. The major driving factors of the growth of the regional AI in the computer vision market include higher manufacturing activities that lead to the economic development in China. On the other hand, the increasing demand to incorporate Industry 4.0 and the implementation of advanced manufacturing techniques for increasing automation in various applications in India are also expected to drive the tremendous growth of AI in computer vision in APAC.
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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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