The global AI in computer vision market share is expected to reach USD 2,68,364.8 million by 2032, growing at a CAGR of 36.0% from 2023 to 2032. The growth of the market is attributed to the increasing demand for computer vision systems in the automotive, healthcare, retail, security & surveillance, and manufacturing industries. Additionally, the rising adoption of emotion AI and the growing need for quality inspection and automation are also driving the growth of the market.
Some of the key players in the AI in computer vision market are:
- NVIDIA Corporation
- Intel Corporation
- IBM Corporation
- Qualcomm Technologies Inc.
- Advanced Micro Devices, Inc.
- Alphabet, Inc.
- Basler AG
- Groq, Inc.
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The AI in computer vision market is segmented on the basis of component, function, application, end-use industry, and region.
- Component: The component segment is further segmented into hardware and software. The hardware segment is expected to dominate the market during the forecast period, due to the high demand for high-performance processors and cameras for computer vision systems.
- Function: The function segment is further segmented into image classification, object detection, object tracking, and scene understanding. The image classification segment is expected to dominate the market during the forecast period, due to the increasing demand for image classification in applications such as facial recognition, object detection, and medical imaging.
- Application: The application segment is further segmented into automotive, healthcare, retail, security & surveillance, manufacturing, and others. The automotive segment is expected to dominate the market during the forecast period, due to the increasing demand for self-driving cars and advanced driver assistance systems (ADAS).
- End-use industry: The end-use industry segment is further segmented into consumer electronics, industrial, and government. The consumer electronics segment is expected to dominate the market during the forecast period, due to the increasing demand for AI-powered computer vision solutions in smartphones, tablets, and wearable devices.
- Region: The regional segment is further segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. North America is expected to dominate the market during the forecast period, due to the early adoption of AI technologies and the presence of a large number of leading players in the region.
Top Impacting Factors
The following are the top impacting factors of the AI in computer vision market:
- Increasing demand for computer vision systems in automotive applications
- Rising demand for emotion AI
- High demand for quality inspection and automation
- Technological advancements in deep learning algorithms
- Increased availability of data
- Growing government initiatives to support industrial automation
- Integration of AI into edge devices
The key players in the AI in computer vision market are adopting the following strategies to gain a competitive edge:
- Expanding their product portfolio
- Investing in research and development
- Collaborating with other players in the ecosystem
- Acquisitions and mergers
- Entering new markets
The AI in computer vision market is segmented into the following regions:
- North America
- Latin America
- Middle East & Africa
North America is expected to dominate the market during the forecast period, due to the early adoption of AI technologies and the presence of a large number of leading players in the region. Europe is expected to be the second-largest market, followed by Asia-Pacific. Asia-Pacific is expected to grow at the fastest CAGR during the forecast period, due to the increasing demand for AI-powered computer vision solutions in the automotive, healthcare, and manufacturing industries.
Industry Latest News
- In February 2023, NVIDIA announced the launch of its new Jetson Orin platform, which is designed for autonomous machines and intelligent edge devices.
- In March 2023, Intel announced the acquisition of Moogsoft, a provider of artificial intelligence-powered observability solutions.
- In April 2023, Microsoft announced the launch of its new Azure Computer Vision service, which provides developers with a cloud-based platform for building and deploying computer vision applications.
- In May 2023, IBM announced the launch of its new Watson Visual Recognition service, which provides businesses with a powerful AI-powered tool for image analysis.
- In June 2023, Qualcomm Technologies announced the launch of its new Snapdragon XR2 platform, which is designed for next-generation augmented and virtual reality headsets.
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