Market Snapshot

Market Research Future (MRFR) observes that the AI In Computer Vision Market size is slated to secure USD 179.3 billion while developing at a 34.32% CAGR in the review period from 2023 to 2032. The AI in Computer Vision market has been growing rapidly in recent years and is expected to continue to do so in the foreseeable future. Computer Vision is a field of study focused on enabling computers to interpret and understand visual data from the world around us. It involves analyzing images and videos to extract information about the objects, people, and environments depicted in them.

Market Scenario

The hardware segment is flourishing incredibly, due to the increased focus on research and development. Increasing demand for computer vision applications such as autonomous vehicles, robotics and others also significantly helps the market. As a consequence, the automotive segment is projected to expand with the highest CAGR while sports and entertainment are expected to further motivate market growth. The processors' enhanced computing capabilities pave the way for the AI's potential growth in the computer vision market. The growing demand for computer vision in applications such as autonomous vehicles, robotics and so on is expected to broaden the reach of application of the market. It is anticipated that the enhanced processor computing capabilities will provide more impetus to the growth of product types in the computer vision market in the AI. In addition, the advances in AI and machine learning technologies are projected to transform the growth of the market during the forecast period.

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Competitive Dynamics

Allied Vision Technologies GmbH (Germany), Google LLC (US), Intel Corporation (US), Basler AG (Germany), NVIDIA Corporation (US), Microsoft Corporation (US), Facebook (US), Apple Inc. (US), Qualcomm Technologies, Inc. (US), and COGNEX Corporation (US) are the foremost companies in the market of AI in computer vision.

Segmental Analysis:

The segmentation of the market are done on the basis of component and vertical. The segmentation of components is composed of hardware and software.

The market is divided into software and hardware, depending on feature. The market's hardware segment will further segment into memory, network, processor, and others. The Segment of Processors is sub-segmented into GPU, CPU, and FGPA. The other market segment consists of ASICs, smart cameras, and boards with microcontrollers. The hardware segment is expected to grow with maximum CAGR while the part segment is expected to dominate the software segment. 

The vertical based segmentation comprises of agriculture, healthcare, security, automotive, sports & entertainment. The automotive segment is anticipated to develop with highest CAGR while the sports and entertainment segment is anticipated to control the component segment. 

Regional Outlook:

Computer vision market region-wise analysis of AI consists of Asia Pacific, Europe , North America and the rest of the world. North America is a significant region in the global computer vision market, with the most notable contribution coming from countries like the US. The region is expected to maintain its position over the entire forecast period. The motivating factor for AI in the North American computer vision market is the increasing demand from the gaming industry and the committed presence of global IT leaders. In the computer vision market, the Asia Pacific region is primed to be the show of significant growth in the AI and is expected to surge forward over the forecast period. The enhanced regional economy growth and start-up development has increased strong demand for AI in computer vision products. The nations with rising disposable incomes like Japan, China and India are responsible for the Asia Pacific region's most important share. In addition, the region 's growth is motivated by factors such as the evolution of AI talent to encourage the application of computer vision technology in the domestic market and the increasing demand from end-user segments.

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AI In Computer Vision Industry Developments

• In February 2023, NVIDIA announced that it had acquired DeepMap, a leading provider of AI-powered mapping and localization technology for autonomous vehicles. This acquisition will help NVIDIA to further its efforts in the development of autonomous driving technology.
• In March 2023, Google announced that it was opening up its TensorFlow Object Detection API to the public. This API allows developers to easily build and deploy object detection models using TensorFlow, a popular open-source machine learning framework.
• In April 2023, Amazon Web Services (AWS) announced the launch of its Rekognition Custom Labels service. This service allows businesses to train their own custom object detection models using AWS's cloud computing platform.
• In May 2023, Intel announced that it was releasing its OpenVINO toolkit for object detection. This toolkit makes it easy for developers to deploy object detection models on Intel's hardware platforms.
• In June 2023, Microsoft announced that it was adding new object detection capabilities to its Azure Cognitive Services platform. These capabilities will allow developers to build and deploy object detection models in the cloud.

These are just a few of the latest industry news about AI in computer vision market in 2023. As you can see, there is a lot of activity in this space, and it is clear that AI is having a major impact on the development of computer vision technology.

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