New York, US, Jan. 26, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “AI in Computer Vision Market Analysis by Component, Vertical, and Region–Global Forecast to 2030” valuation is poised to reach USD 168.8 Billion by 2030, registering a 34.32% CAGR throughout the forecast period (2022–2030).
AI in Computer Vision Market Overview
The growing need for computer vision systems in auto applications will boost market growth over the forecast period. Automobile manufacturers are increasingly relying on computer vision & industrial robotics technologies for automating various stages of the manufacturing process. The growth is being fueled by the rising participation of different automotive and IT behemoths in the development of self-driving cars.
AI in Computer Vision Market Report Scope:
| Report Metric | Details |
| Market Size | USD 168.8 Billion by 2030 |
| CAGR (2022 to 2030) | 34.32% |
| Segments Covered | Component, Vertical and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Opportunities | Favorable Government Initiatives to Develop AI-related Technologies to offer Robust Opportunities |
| Key Market Drivers | Growing Demand in Auto Applications to Boost AI in Computer Vision Market Growth |
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Drivers
Favorable Government Initiatives to Develop AI-related Technologies to offer Robust Opportunities
A government initiative to accelerate the creation of AI-related technologies is likely to open doors for AI in the computer vision industry. Leading government agencies around the world are increasing their investments in AI and figuring out how to apply & encourage its use. In 2021, the United States, for example, invested around $6 billion in various AI-related R&D projects. The Indian government has announced several initiatives to help the country develop emerging technologies. This will offer robust opportunities for the market over the forecast period.
Privacy Violations to act as Market Restraint
Data storage unreliability, data breaches, and privacy violations may act as market restraints over the forecast period.
AI in Computer Vision Market Segments
The AI in computer vision market is bifurcated based on end users, application, and component.
By component, hardware will lead the market over the forecast period.
By application, gesture recognition will dominate the market over the forecast period.
By end user, automotive will spearhead the market over the forecast period.
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AI in Computer Vision Market Regional Analysis
North America to Command AI in Computer Vision Market
North America is a major player in the global computer vision market, with countries like the United States contributing the most. Throughout the forecast period, the region is expected to maintain its position. The growing demand from the gaming industry, as well as the dedicated presence of global IT leaders is driving the market growth in the region. Over the forecast period, North America is expected to have a substantial market growth stake. This expansion can be attributed to government initiatives that encourage the use of computer visions in the region.
For example, the NIST supported Voxel51 Inc., a computer vision start-up, to acquire an AI-enabled video analytics platform through the Public Safety Innovation Accelerator Program in November 2019. The AI in Computer Vision in the region is expanding across various industry verticals, primarily in the manufacturing & automotive industries. Ford has incorporated artificial intelligence into its vehicle manufacturing and operations. The all-wheel-drive system on the 2020 Ford Edge will include artificial intelligence. One of the major market drivers in this region is the incorporation of surveillance systems with that of video analytics solutions.
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APAC to Have Favorable Growth in AI in Computer Vision Market
The Asia Pacific region is likely to see significant growth in the market over the forecast period, with the region leading the way. The strong demand for AI in computer vision products has been bolstered by the increased growth of regional economies and the increase in start-ups. The countries with the highest disposable incomes, such as China, Japan and India, account for the maximum share in the region. Furthermore, factors such as evolving AI talent inspiring the use of the computer vision technology especially in the domestic market & growing demand from end-user segments are driving the region's growth.
APAC is predicted to develop at the fastest pace. Japan, China, and South Korea are the largest contributors to the APAC market. Rising manufacturing operations are primarily responsible for China's economic growth, whereas India's growing demand for Industry 4.0 & advanced manufacturing techniques to increase automation across various applications is contributing to AI's phenomenal growth in computer vision in APAC.
COVID-19 Analysis
The COVID-19 epidemic has possessed a significant impact on global economies, causing workforce and travel restrictions, production and supply chain disruptions, and decreased demand and spending in a variety of industries. The market growth of several industry verticals is expected to be hampered by a sudden drop in infrastructure development & installation projects. The COVID-19 epidemic has had little effect on the market for AI in computer vision. The crisis has caused a huge setback to export-oriented economies in the region, owing to the temporary shutdown of manufacturing plants. Consumer products, like smartphones & smart homes, have, on the other hand, evolved from a luxury to a necessity. Wearables, desktops, laptops, and other appliances all fall into this category, which has been harmed by global supply chain disruptions, particularly in China. The COVID-19 outbreak has had a positive and negative impact on major businesses around the world, disrupting production cycles & supply chains in a variety of industries. However, as vaccines become more widely available and the pandemic situation improves, particularly in North America & Europe, the AI in computer vision market is expected to recover.
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AI in Computer Vision Market Competitive Analysis
Dominant Key Players on AI in Computer Vision Market Covered are:
- Google LLC (US)
- Allied Vision Technologies GmbH (Germany)
- Microsoft Corporation (US)
- Basler AG (Germany)
- Apple Inc. (US)
- NVIDIA Corporation (US)
- Facebook (US)
- Qualcomm Technologies Inc. (US)
- Intel Corporation (US)
- COGNEX Corporation (US)
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