Global AI in Computer Vision Market Size, Share, Growth Analysis, By Type(PC-based and Smart Camera-based), By Component(Hardware and software) - Industry Forecast 2023-2030

Global AI in computer vision Market size was valued at USD 12.03 Billion in 2022 and is poised to grow from USD 12.88 Billion in 2023 to USD 22.30 Billion by 2031, at a CAGR of 7.1% during the forecast period (2024-2031).

The global market for Artificial Intelligence (AI) in computer vision technology is experiencing substantial growth across diverse industries due to its broad applications and advancements in image sensors, advanced cameras, and deep learning methods. This technology finds significant acceptance in sectors such as education, healthcare, robotics, consumer electronics, retail, manufacturing, and security & surveillance. A notable example is the partnership between TachyHealth, Inc., based in Dubai, and Medical Refill in August 2022, aiming to enhance medical services using computer vision, artificial intelligence, and big data analytics. Their collaboration focuses on converting complex laboratory results into a more interactive and patient-engaging text format. Computer vision systems contribute effectively to security measures by integrating biometric scanning and facial recognition systems. Facial recognition, widely employed in smartphone security, utilizes computer vision to analyze distinctive patterns in human retinas and irises. It's increasingly applied in business and residential security systems for identity verification. Another example is fingerprint analysis, controlling access to highly secure areas like bank vaults and research labs. IDEMIA, a multinational technology company specializing in facial recognition and computer vision software, partnered with the U.S. Department of Homeland Security to enhance public security activities, including criminal suspect identification, airport traveller verification, and streamlining security at checkpoints through facial recognition tools.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global AI in computer vision Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.

Global AI in computer vision Market Segmental Analysis

Global AI in computer vision Market is segmented by type, component, and region. Based on type, the market can be segmented into PC-based computer vision systems, and smart camera-based. Based on component, the market is segmented into hardware, and software. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers of the Global AI in computer vision Market

A major factor driving the expansion of the AI in computer vision market is the rising requirement for automation and improved efficiency across diverse industries. Organizations are turning to computer vision solutions to automate tasks, streamline operations, and boost productivity. The capability of AI-driven computer vision systems to analyse extensive visual data in real-time, identify patterns, and render precise decisions is reshaping industries like manufacturing, healthcare, retail, and security. This increasing demand for automation and operational streamlining serves as a primary catalyst for the adoption of AI in computer vision technology.

Restraints in the Global AI in computer vision Market

A significant challenge in the AI in computer vision market is the apprehension regarding data privacy and security. Given that computer vision systems utilize extensive data, encompassing visual content and personal details, there's heightened vulnerability to data breaches and unauthorized entry. Safeguarding the privacy and security of sensitive data becomes particularly daunting, notably in industries like healthcare and finance. The demand for stringent regulations and robust security measures acts as a barrier to the extensive adoption of AI in computer vision, as organizations must effectively address these privacy and security apprehensions.

Market Trends of the Global AI in computer vision Market

A significant trend in the AI in computer vision market involves the growing utilization of edge computing to enable real-time processing and interpretation of visual data. Edge computing facilitates data processing and analysis closer to the data source, thereby minimizing latency and enhancing response times. This trend stems from the necessity for swift and effective computer vision applications in regions with restricted connectivity or scenarios where instantaneous decision-making is imperative. Through the adoption of edge computing, organizations can attain accelerated insights, heightened privacy, and diminished reliance on cloud infrastructure, resulting in enhanced overall system performance.