Westford USA, June 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Artificial Intelligence (AI) in Computer Vision Market will attain a value of USD 81.68 Billion by 2031, with a CAGR of 21.5% over the forecast period (2024-2031). AI computer vision revolutionizes industry 4.0 by enabling self-driven cars to understand visual data. When combined, artificial intelligence and computer vision empowers having a squadron of superpowered robots working in warehouse and logistics functions. Based on its observations, such contraptions can perceive, comprehend, and decide. As a result, the workflow becomes more streamlined, accurate, and productive, increasing profitability.
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- Figures – 77
Artificial Intelligence (AI) in Computer Vision Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $17.20 Billion |
| Estimated Value by 2031 | $81.68 Billion |
| Growth Rate | Poised to grow at a CAGR of 21.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Application, Component, Function, Machine Learning Models, End-use Industry |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Edge Computing Assumes the Principal Role in Determining the Trends of Future AI in Computer Vision |
| Key Market Opportunities | Emerging Applications of AI Computer Vision in Agriculture, Logistics, and Manufacturing |
| Key Market Drivers | Increasing Demand for Automation and Enhanced Efficiency Across Various Industries |
The Dominant Stance of PC-Based Computer Vision Systems Is Made Possible by High Processing Power and Flexibility
Systems for computer vision in computers based on PC are leading AI systems for computer vision on a global scale. They demonstrate a high level of adaptability and have high processing capabilities. One of the reasons computer-based systems own a significant share in the market for complex vision assignments is related to better GPU performance, an increase in the number of high-resolution images requiring processing as well as scalability demands.
Urgent Need for Precise Diagnosis and Improved Patient Care Propels Healthcare Industry to Emerge as Fastest-Growing Sector
As the healthcare industry is the leading global AI in computer vision market due to the urgent need for accurate diagnosis and enhanced patient care, it is at the forefront. Some of the reasons behind this dominance are the increased application of AI in medical imaging, the requirement for automated diagnostic tools as well as machine learning algorithms that boost diagnostic precision and operational effectiveness in healthcare.
North America Dominant with its Favorable Government Measures Designed to Promote Use of Computer Vision
The computer vision AI market in North America is anticipated to grow at the fastest rate during the projected period. The number could have been potentially increased by the province’s supportive government programmes aimed at promoting the usage of computer vision. For realistic tests and applications, the revolution brought computer vision and artificial intelligence into public health departments. The United States General Services Administration Artificial Intelligence Center of Excellence also assists entities through NLP, deep learning, machine vision, robotic process automation, smart process development and organisations across create AI applications.
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Artificial Intelligence (AI) in Computer Vision Market Insight
Drivers:
- Increasing Demand for Automation and Enhanced Efficiency Across Various Industries
- Developments in Neural Networks and Deep Learning
- Support from Regulations and Industry Standards
Restraints:
- Concern Surrounding Data Privacy and Security
- High Cost of Acquiring and Implementing AI Computer Vision Solutions
- Limitations in Performance and Accuracy
Prominent Players in Global Artificial Intelligence (AI) in Computer Vision Market
- Huawei Technologies Co., Ltd. (China)
- Texas Instruments Incorporated (US)
- Tencent Holdings Limited (China)
- Cognex Corporation (US)
- Samsung Electronics Co., Ltd. (South Korea)
- NEC Corporation (Japan)
- Sony Corporation (Japan)
- Alibaba Group Holding Limited (China)
- Honeywell International Inc. (US)
- SenseTime Group Ltd. (China)
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Key Questions Answered in Global Artificial Intelligence (AI) in Computer Vision Market Report
- How much is the global AI computer vision market likely to be worth by 2031, and what is the predicted compound annual growth rate (CAGR) for this market?
- What factors contribute to the healthcare sector's dominance in the worldwide AI computer vision market?
- What role does North America's leadership in the AI computer vision business have in the favorable policies implemented by the government?
This report provides the following insights:
- Analysis of key drivers (Increasing demand for automation & enhanced efficiency across various industries, organizations are seeking computer vision solutions to automate processes, ability of AI-powered computer vision systems to analyze vast amounts of visual data and availability of substantial amounts of labeled training data), restraints (Personal information collected by visual recognition systems, difficult to recruit competent employees and expense to deploying AI-driven computer vision solutions), opportunities (AI algorithms can analyze images of various subjects, provide real time information on operational growth and expanded capabilities of computer vision systems), and challenges (Lack of transparent decision-making processes and bias in the training data can lead to biased decisions) influencing the growth of artificial intelligence (AI) in computer vision market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the artificial intelligence (AI) in computer vision market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the artificial intelligence (AI) in computer vision market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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