Global AI in Computer Vision Market: Key Statistics and Insights
The global AI in Computer Vision Market is poised for remarkable growth, with its valuation expected to surge from USD 17.2 billion in 2023 to an impressive USD 45.7 billion by 2028. This robust expansion, projected at a compound annual growth rate (CAGR) of 21.5% from 2023 to 2028, underscores the transformative impact of AI technologies in computer vision applications.
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The market's rapid growth is driven by advancements in machine learning algorithms, increasing adoption of AI-powered systems across various industries, and the growing demand for automation and improved accuracy in image and video analysis. From autonomous vehicles to medical diagnostics and industrial automation, AI in computer vision is revolutionizing the way visual data is processed and utilized, paving the way for innovative solutions and enhanced operational efficiencies.
Automatic extraction, analysis, and understanding of data from a single image or a sequence of images is known as artificial intelligence-based computer vision. This technology has rapidly evolved into a cornerstone of industrial automation and is now applied across nearly all manufacturing industries. AI in computer vision is revolutionizing sectors such as automotive, consumer electronics, healthcare, and security & surveillance, enhancing efficiency and precision. Major companies like NVIDIA Corporation, Intel Corporation, IBM Corporation, and Microsoft are heavily investing in research and development to advance their AI-enabled computer vision portfolios. These efforts are driving innovation, enabling sophisticated image and video analysis, and paving the way for smarter, more automated industrial processes.
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The AI in the computer vision hardware market is expected to account for the highest CAGR during the forecast period. This growth is driven by increasing competition among established companies and startups, leading to a surge in product launches and developments, including advanced hardware and software platforms designed to run machine learning algorithms and other AI programs. Key players in the AI hardware market, such as NVIDIA, Intel, Qualcomm, and Basler, are at the forefront of these innovations. The market is set to witness substantial growth due to the rising penetration of AI-capable processors in mobile devices like smartphones, drones, automobiles, and consumer electronics. Additionally, the expanding deployment of AI infrastructure is anticipated to significantly contribute to the market's growth, as industries seek to leverage AI capabilities to enhance performance and efficiency in computer vision applications.
In terms of value, the non-industrial segment is projected to account for the largest share of AI in the computer vision market by 2028. Applications of AI in computer vision within non-industrial sectors are diverse and rapidly expanding. In surveillance and security, AI enhances monitoring capabilities and threat detection. The media and entertainment industry leverages AI for content creation, editing, and personalized recommendations. In retail and e-commerce, computer vision optimizes inventory management, customer service, and personalized shopping experiences. Transportation benefits from AI through improved traffic management and autonomous vehicles, while social media platforms utilize computer vision for content moderation and user engagement. These applications demonstrate how AI and computer vision are addressing real-world challenges across various sectors. The continued adoption of this technology is expected to drive significant improvements in efficiency, security, and customer experience, further expanding its reach and impact in the non-industrial segment.
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In 2022, North America dominated the AI in computer vision market, with the US and Canada leading the way in adoption across various end-user industries. These developed economies prioritize R&D activities to innovate and develop new technologies, driving the rapid implementation of AI-based computer vision solutions. The governments of the US and Canada are actively supporting this growth through numerous initiatives aimed at fostering AI research and development. This strong focus on technological advancement and governmental support positions North America at the forefront of the AI in computer vision market, setting the stage for continued leadership and innovation in the field.
For instance, the National Artificial Intelligence Initiative Act, signed into law in March 2021, aims to enhance AI research and development in the US by fostering collaboration between government, industry, and academia, along with providing necessary funding. Additionally, in 2021, the National Institute of Standards and Technology (NIST) launched the NIST AI Program, which focuses on developing standards, guidelines, and tools to improve the reliability, security, and accuracy of AI systems. These governmental initiatives are expected to significantly boost the demand for AI in computer vision across the region, driving innovation and adoption in various sectors, and reinforcing North America's leadership in AI advancements.
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