PUBLISHER: Orion Market Research | PRODUCT CODE: 1749602
PUBLISHER: Orion Market Research | PRODUCT CODE: 1749602
Global Artificial Intelligence (AI) in Computer Vision Market Size, Share & Trends Analysis Report by Component (Hardware and Software), by Application (Industrial and Non-industrial), and by End User (Automotive & Transportation, Healthcare, Manufacturing, Consumer Electronics, and Others), Forecast Period (2025-2035)
AI in the computer vision market is expected to grow at a CAGR of 13.1% during the forecast period. Automated software known as artificial intelligence in computer vision allows computers and systems to produce valuable information from digital photos, movies, and other visual inputs. Actions and recommendations can be made depending on the information that has been extracted. Furthermore, the primary driver of the global market expansion is the increasing use of smartphones in conjunction with the introduction of innovative technologies such as artificial intelligence. Furthermore, cell phones have grown more popular owing to the availability of high-speed internet connectivity. As a result, industry participants are also concentrating on implementing AI in computer vision solutions that run on smartphones, supporting market expansion even more. For instance, in April 2024, A Paris-based firm focused on computer vision and AI compression, Datakalab, was acquired by Apple. The French startup claimed to be an authority on on-device, low-power, and runtime-efficient deep learning techniques.
The global AI in the computer vision market is segmented by components, applications, and end users. Based on the component, the market is sub-segmented into hardware and software. Based on the application, the market is sub-segmented into industrial and non-industrial. Furthermore, based on end-user, the market is sub-segmented into automotive & transportation, healthcare, manufacturing, consumer electronics, including security & surveillance, agriculture, and retail. Owing to the growing development of advanced technologies such as artificial intelligence (AI) and machine learning (ML) in the healthcare industry, which simplifies processes overall while lowering the risk of contamination, the healthcare sub-segment of the end-user market is expected to have a sizable market share.
It is anticipated that the software subsegment will account for a significant portion of the global market for artificial intelligence in computer vision. The increasing effect of AI is credited with the segmental expansion. Each software firm is growing more aware of the benefits and advancements of AI, which has led them to develop their AI-based software development. Owing to this, leading software developers are concentrating on funding efficient AI computer vision solutions for their businesses. For instance, in July 2023, Skaivision received new venture capital funding from JM Family Enterprises, a mainstay of the auto retail sector. The goal of Skaivision's computer vision AI for car dealerships is to increase retail productivity and enhance the general consumer experience.
The global AI in computer vision market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the Asia-Pacific region is expected to grow at a prominent CAGR over the forecast period, owing to the rapidly increasing inclination of the regional population towards the various types of technologies. Countries including India and China possess high potential attributed to the continuously growing economy that in turn has gained the attention of several software organizations to expand their presence in Asian countries.
The North American region accounts for the highest proportion of the AI market in computer vision. Owing to the existence of major international market participants in the North American region, the global market has grown dominant. To meet the increasing demand for intelligent automation technologies, more money is being spent on research and development to create advanced continue to keep its top spot during the projection period. Another important element driving the market in North America is the rapidly expanding advancements in the healthcare sector that use AI-based solutions.
The major companies serving the AI in computer vision market include Basler AG, Cisco Systems, Inc., Cognex Corp., GE Vernova Group, Google LLC (Alphabet Inc.), Graphcore Ltd., IBM Corp, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.
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