The Future of AI in Computer Vision Market: Opportunities and Challenges
The AI in Computer Vision Market is expected to increase between 2023 and 2028, according to the research "AI in Computer Vision Market". By component (hardware and software), function (training and inference), application (industrial and non-industrial), end-use industry (automotive, consumer electronics, and others), and region, the market is analysed. The analysis estimates that the market for artificial intelligence in computer vision will be worth USD 17.2 billion in 2023 and USD 45.7 billion by 2028, expanding at a CAGR of 21.5% throughout this time. The demand for computer vision technology is rising across a number of industries, including the automotive, consumer electronics, and healthcare sectors, among others.
NVIDIA Corporation (US), Intel Corporation (US), Microsoft (US), IBM Corporation (US), Qualcomm Technologies Inc. (US), Advanced Micro Devices, Inc (US), Alphabet, Inc. (US), Amazon (US), Basler AG (Germany), Hailo (US), and Groq, Inc. (US). The other company profiles included in the scope are Sighthound, Inc. (US), Neurala, Inc. (US), Datagen (Israel), Graphcore (UK), Groopic (US), Ultraleap (US), Algolux (US), Athena Security (US), Snorkel AI (US), Vizseek (US), Robotic Vision Technologies (US), AMP Robotics (US), CureMetrix (US), and Creative Virtual (UK) are among the many players in the AI in computer vision market.
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A number of trends and disruptions in the field of artificial intelligence computer vision are having an effect on client enterprises. Deep learning, a kind of machine learning that has transformed computer vision, is one of the fundamental developments. Al computer vision is improving in precision and efficacy as a result of the advent of deep learning algorithms and the accessibility of vast datasets. With the advancement of deep learning research, this trend is anticipated to persist.
The rising usage of edge computing in computer vision for AI is another development. As opposed to transferring data to a central point for processing, edge computing processes data locally. Due to its ability to provide real-time processing and reduce latency, this technique is becoming more and more well-liked in Al computer vision. Since edge computing has several advantages for enterprises, its usage is anticipated to rise in the future years.
Increasing demand for automation and efficiency
The market for computer vision is seeing a considerable increase in the use of AI due to rising efficiency and automation demands. Efficiency and automation can save businesses time and money while also increasing the accuracy of their decision-making processes. As a result, a number of businesses are currently implementing AI computer vision technology to streamline their operations. Manufacturing is one such sector, where items are inspected for flaws using computer vision systems. This increases productivity and decreases waste by enabling manufacturers to identify and handle production difficulties more rapidly. Using AI computer vision technology, firms may also monitor and manage the supply chain, identifying possible bottlenecks and streamlining procedures for increased effectiveness.
Increasing use of AI computer vision in autonomous systems
With the help of AI computer vision, autonomous systems like self-driving cars, drones, and robots can now observe and comprehend their surroundings and take appropriate action. Without the assistance of a human, this technology enables self-driving cars to recognise items in real-time, such as pedestrians, other vehicles, road signs, and traffic lights. It has led to the creation of new and creative applications in the field of autonomous systems and is a crucial part of the development of self-driving cars.
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GPU is expected to hold the highest CAGR for the hardware segment during the forecast period.
For the hardware segment during the projected period, the graphic processing unit (GPU) is anticipated to have the highest compound annual growth rate (CAGR). As they handle complicated data more effectively than central processing units (CPUs), GPUs are commonly employed in computing systems in the consumer market, especially for 3D applications like computer games and 3D authorising software. These processors are made by well-known corporations like NVIDIA, Qualcomm, and Intel, with NVIDIA being the most well-known in industrial inspection systems for processing and real-time visual data from cameras and sensors. For AI vision applications like image classification, segmentation, and object recognition, businesses in the industrial inspection sector employ NVIDIA's Jetson platform, utilising its 256-core NVIDIA Pascal GPU architecture for excellent performance and scalability.
AI in the computer vision market in North America to hold the highest market share during the forecast period
Forecasts indicate that during the projection period, the application of artificial intelligence (AI) in the computer vision industry in North America is anticipated to hold the biggest market share. Startups in the US are getting money from a variety of organisations to study artificial intelligence (AI) technology, which is being used in self-driving drones and other aerial vehicles. The main objective of the nation is to solve the dependability, safety, and autonomy problems that industrial drones have. In order to anticipate potential dangers and lengthen the endurance of industrial drones, businesses are creating solutions that combine computer vision and deep learning algorithms. Additionally, US universities and research facilities have robust computer vision programmes and are actively advancing the discipline.
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