Future Perspectives: Influence on the $45.7 Billion AI in Computer Vision Market by 2028
The AI in Computer Vision Market is expected to increase significantly over the next few years, from its estimated value of USD 17.2 billion in 2023 to USD 45.7 billion in 2028. From 2023 to 2028, this translates into a compound annual growth rate (CAGR) of 21.5%. This rise is being driven by the expanding use of artificial intelligence and computer vision technologies across a variety of industries as businesses realise their potential to improve workflow, increase efficiency, and enable cutting-edge applications.
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Artificial intelligence-based computer vision, which automatically extracts, analyses, and comprehends data from images, has emerged as a key technology in industrial automation and is being used in a variety of manufacturing industries. Several industries, including automotive, consumer products, healthcare, security & surveillance, and others, are served by AI in the computer vision market. Organisations from a variety of industries are becoming more aware of the potential advantages of incorporating AI-powered computer vision into their operations as computer vision technology develops and its applications grow.
Major companies such as NVIDIA Corporation (US), Intel Corporation (US), IBM Corporation (US), and Microsoft (US) are highly investing in R&D to develop an AI-enabled computer vision portfolio.
During the anticipated period, the market for computer vision hardware with AI is anticipated to develop at the greatest compound annual growth rate (CAGR). This is a result of the market's escalating rivalry, which has seen both well-established businesses and start-ups introduce novel products and technological developments, such as the creation of hardware and software platforms to support machine learning algorithms and AI programmes. NVIDIA, Intel, Qualcomm, and Basler are significant players in the AI hardware market. The rising use of AI-capable processors in various mobile devices, such as smartphones, drones, cars, and consumer electronics, is the main factor driving the growth of the computer vision AI hardware industry.
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By 2028, the non-industrial sector is anticipated to account for the greatest value share of the AI market for computer vision. The application of AI and computer vision to solve real-world problems spans a variety of industries, including social media, retail and e-commerce, media and entertainment, transportation, and security and surveillance. It is projected that as more industries adopt these technologies to improve operational efficiency, bolster security measures, and offer better customer experiences, their use in non-industrial sectors will increase. The growing use of AI-driven computer vision in non-industrial fields is a sign of the technology's broad application and potential benefit in addressing pressing issues.
The AI in the computer vision market was dominated by North America in 2022. It is projected that a wide range of industries in the United States and Canada will adopt AI-based computer vision solutions at a rapid rate. These nations prioritise research and development initiatives for the advancement of new technologies since they have developed economies. Through programmes like the National Artificial Intelligence Initiative Act and the NIST AI Programme, the governments of the US and Canada are actively promoting AI research. Through partnerships between the public sector, private sector, and academic institutions, these efforts seek to advance AI research, development, and standardisation. As a result, it is anticipated that the need for AI-based computer vision solutions will grow dramatically across the region.
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