Allied Market Research, titled, “AI in Computer Vision Market Size by Component, Function, Application, and End Use: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global AI in computer vision market size was valued at $9.18 billion in 2020 and is projected to reach $207.09 billion by 2030, registering a CAGR of 39.60%. The North America region is expected to be the leading contributor to the global market during the forecast period, followed by Europe and Asia-Pacific.
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Computer vision technology is one of the most promising areas of research within artificial intelligence and computer science and offers tremendous advantages for businesses in the modern era. Computer vision focuses on designing computer systems that possess the ability to capture, understand, and interpret important visual information contained in image and video data. Computer vision systems then translate this data, using contextual knowledge provided by human beings, into insights used to drive decision-making.
Automobile manufacturers are increasingly reliant on computer vision and industrial robotics technologies to accomplish several levels of automation throughout the production process. The increasing participation of various automotive and IT giants in developing autonomous cars is driving the growth of the AI in the computer vision market for the automotive industry. In the automotive industry, computer vision technology is used for the inspection of every single detail during production and detects flaws in every single product produced. Moreover, it also includes confirming the presence or absence of automobile parts and analyzing their proper shapes and sizes. Furthermore, the automotive industry is witnessing a paradigm shift from human-driven or conventional vehicles to AI-powered or self-driving cars.
The prominent factors that impact the AI in computer vision market growth are rising demand for computer vision systems in automotive applications, increasing demand for emotion AI, and high demand for quality inspection and automation. However, rising safety and security-related concern restricts the market growth. On the contrary, a government initiative to boost the development of AI-related technologies is expected to create lucrative opportunities for the market. Therefore, these factors are expected to affect global AI in the computer vision industry during the forecast period.
Region-wise, the AI in computer vision market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is dominating the market due to an increase in the adoption of AI in emotion analysis and the integration of artificial intelligence with computer vision. The overall AI in computer vision market analysis is determined to understand the profitable trends to gain a stronger foothold
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AI in Computer Vision Market Key Segments
By Component:
Hardware
Processor
CPU
GPU
ASIC
FPGA
Memory
Storage
Software
By Function:
Training
Interference
By Application:
Industrial
Non-industrial
By End Use:
Automotive
Consumer Electronics
Healthcare
Agriculture
Transportation & Logistics
Retail
Security & Surveillance
Manufacturing
Others
𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲
In 2020, the software segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 40.00% during the forecast period.
The consumer electronics segment accounted for more than 35% of the global AI in computer vision market share in 2020.
The agriculture segment witnessed the highest growth rate during the forecast period.
The UK was the major shareholder in the Europe AI in computer vision market revenue, accounting for approximately 36% share in 2020.
The key players profiled in the report include NVIDIA Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), AWS (U.S.), IBM Corporation (U.S.), Facebook (U.S.), Google (U.S.), Qualcomm (U.S.), Xilinx (U.S.), and BASLER AG (Germany). These players have adopted various strategies, such as partnership, agreement, collaboration, and product launch, to expand their foothold in the AI in computer vision industry.
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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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