The AI in Computer Vision market is on a trajectory of rapid growth, driven by advancements in machine vision applications and technologies. The global market size was valued at USD 17.42 billion in 2022 and is projected to reach USD 206.33 billion by 2030, expanding at an impressive CAGR of 37.05% from 2023 to 2030.
Market Drivers and Trends
The increasing integration of AI in various sectors is significantly driving the market. AI in computer vision is being extensively utilized for object recognition, tracking, remote quality control, sports analysis, and precision medicine. This technology is essential for automation processes across industries, enhancing efficiency and productivity. The automotive sector, particularly in the development of self-driving cars, relies heavily on AI-powered computer vision systems for autonomous driving capabilities.
Key Segments and Applications
By Offering
The market is bifurcated into software and hardware segments. Software services dominated the segment in 2022, accounting for over 62% of the revenue. This dominance is attributed to the availability of advanced hardware platforms that support seamless software integration, offering high-speed processing and efficient data management. The software segment is expected to continue its dominance throughout the forecast period, with an estimated growth rate of 38%.
By Application
Applications of AI in computer vision are categorized into non-industrial and industrial segments. Non-industrial applications are anticipated to achieve the highest revenue, projected to reach USD 158.02 billion by 2030, growing at a CAGR of 38.12%. The automotive industry is also expected to experience significant growth, driven by advancements in autonomous vehicle technologies.
End-Use Industry
The end-user industries driving demand include consumer electronics, automotive, healthcare, retail, security and surveillance, and manufacturing. Consumer electronics, automotive, and healthcare industries held substantial shares in 2022, with the automotive industry expected to grow steadily at a 26% CAGR. The retail industry is projected to observe the highest growth rate at 43.71%.
Regional Analysis
North America
North America held a significant share of the market in 2022, with a valuation of USD 7.40 billion. The region's growth is driven by the adoption of AI in machine learning and other end-user industries. The U.S. contributed the highest revenue in North America, accounting for more than 81% of the share in 2022.
Asia Pacific
Asia Pacific is expected to experience the highest growth rate among all regions, with a CAGR of 42.33%. The market was valued at USD 2.25 billion in 2021 and increased to USD 3.26 billion in 2022. China and Japan were the major contributors, holding over 63% of the region's market share. India is anticipated to witness significant growth due to government-led digitalization initiatives.
Competitive Landscape
The market is characterized by its fragmented nature, with key players focusing on strategic initiatives such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their market share. Major companies in the market include:
- Intel Corporation
- Microsoft
- Basler AG
- Qualcomm Technologies, Inc.
- TEC Competence GmbH & Co. KG
- Advanced Micro Devices, Inc.
- IBM
- NVIDIA CORPORATION
- AWS
Key Industry Developments
- May 2022: Basler AG acquired Advanced Technologies S.p.a, enhancing its sales and distribution capabilities.
- May 2023: Qualcomm Technologies Inc. acquired Autotalks, integrating its safety solutions into Qualcomm’s Snapdragon Digital Chassis portfolio.
Challenges and Restraints
Despite the promising growth, the market faces challenges such as the need for large volumes of high-quality data for training machine learning models. Accessing such data is a common hurdle, potentially impacting the accuracy of AI systems and decision-making processes. Additionally, ethical concerns and the need for regulatory guidelines pose challenges to the market's expansion.
Conclusion
The AI in Computer Vision market is set for substantial growth, driven by technological advancements and increasing adoption across various industries. With continuous investments in research and development and strategic initiatives by key players, the market is poised to overcome its challenges and achieve significant milestones in the coming years.
For more detailed insights, you can visit the King's Research Report on AI in Computer Vision.
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