NEW YORK, United States, Jan. 26, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “AI in the computer vision market Analysis by Component, Industry and Region – Global Forecast to 2030′ Valuations Are Ready to Be Reached USD 168.8 billion by 2030, recording a CAGR of 34.32% over the forecast period (2022-2030).
AI Brief for Computer Vision Market
Growing need for computer vision systems in automotive applications will boost the market growth during the forecast period. Automakers are increasingly relying on computer vision and industrial robotics technology to automate various stages of the manufacturing process. This growth is fueled by the increasing participation of various automotive and IT giants in the development of self-driving cars.
Scope of the AI in Computer Vision Market report:
|Market size||US$168.8 billion by 2030|
|Target segment||Components, verticals and regions|
|Target area||North America, Europe, Asia Pacific, Rest of World (Row)|
|Main market opportunity||Favorable Government Initiatives to Develop AI-Related Technologies Offering Strong Opportunities|
|key market drivers||Rising Demand for Automotive Applications to Boost AI in Computer Vision Market Growth|
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Favorable Government Initiatives to Develop AI-Related Technologies Offering Strong Opportunities
Government initiatives to accelerate the creation of AI-related technologies could open the door to AI in the computer vision industry. Leading government agencies around the world are increasing their investment in AI, figuring out how to apply it and how to promote its use. For example, the US has invested about $6 billion in various AI-related R&D projects in 2021. The Indian government has announced several initiatives to help the country develop emerging technologies. This provides a strong opportunity for the market over the forecast period.
Privacy Violations Acting as Market Restrictions
Unreliable data storage, data breaches, and privacy breaches are likely to constrain the market over the forecast period.
AI in Computer Vision Market Segment
The AI in computer vision market is bifurcated based on end users, applications, and components.
By component, hardware will lead the market over the forecast period.
By application, gesture recognition will dominate the market over the forecast period.
By end-user, automobiles will lead the market during the forecast period.
Read our in-depth market research report on AI in the computer vision market (page 100).
AI Regional Analysis For Computer Vision Market
North America Leads AI in Computer Vision Market
North America is a major player in the global computer vision market, with countries such as the United States contributing the most. The region is expected to maintain its position throughout the forecast period. Rising demand from the gaming industry and the dedication of global IT leaders are driving the growth of the market in the region. North America is expected to have substantial market growth stocks during the forecast period. This expansion can be attributed to government initiatives to encourage the use of computer vision in the region.
For example, NIST backed computer vision startup Voxel51 Inc. in November 2019 to acquire an AI-enabled video analytics platform through the Public Safety Innovation Accelerator Program. AI in computer vision in the region is expanding into various industries. Mainly in the manufacturing and automotive industries. Ford has incorporated artificial intelligence into vehicle manufacturing and operations. The 2020 Ford Edge’s all-wheel drive system will include artificial intelligence. One of the key market drivers in the region is the integration of surveillance systems and video analytics solutions.
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APAC sees healthy AI growth in computer vision market
Asia-Pacific is likely to experience significant market growth during the forecast period, with the region leading the way. Strong demand for AI in computer vision products is bolstered by growing regional economies and rising startups. Countries with the highest disposable income such as China, Japan and India account for the largest share in the region. Additionally, factors such as the evolution of AI talent stimulating the use of computer vision technology, especially in the domestic market, and increasing demand from the end-user segment are boosting the growth of the region.
APAC is projected to develop at the fastest pace. Japan, China and South Korea are the largest contributors to the APAC market. The main cause of China’s economic growth is the increase in manufacturing. Meanwhile, India’s growing demand for advanced manufacturing technologies that facilitate Industry 4.0 and automation of various applications is contributing to the phenomenal growth of AI in computer vision in APAC.
The COVID-19 epidemic has had a major impact on the global economy, causing labor force and travel restrictions, disruptions to production and supply chains, and reduced demand and spending across various industries. Market growth in several verticals is expected to be hampered by a sudden decline in infrastructure development and installation projects. The COVID-19 epidemic has had little impact on the market for AI in computer vision. The crisis has hit the region’s export-oriented economy hard with the temporary closure of manufacturing plants. Meanwhile, consumer goods such as smartphones and smart homes are evolving from luxuries to necessities. Wearables, desktops, laptops, and other appliances all fall into this category and have been hit hard by global supply chain disruptions, especially in China. The COVID-19 outbreak has positively and negatively impacted major businesses around the world, disrupting production cycles and supply chains in various industries. However, AI in computer vision market is expected to recover as vaccines become more widely available and the pandemic situation improves, especially in North America and Europe.
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Competitive Analysis of AI Market in Computer Vision
The dominant key players of AI in the targeted computer vision market are:
- Google LLC (United States)
- Allied Vision Technologies GmbH (Germany)
- Microsoft Corporation (USA)
- Basler AG (Germany)
- Apple Inc. (USA)
- NVIDIA Corporation (USA)
- Facebook (US)
- Qualcomm Technologies Inc. (USA)
- Intel Corporation (USA)
- Cognex (USA)
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