Global AI in Computer Vision Market: Snapshot
The global artificial intelligence (AI) in computer vision market is anticipated to rely on certain factors to catapult to the next level of growth. One of the crucial factors that could enhance the market’s growth is the rising demand in emerging and contemporary applications. With swelling demand for computer vision systems, the market is expected to largely benefit in the near term. Another factor that could propel growth is the demand for computer vision systems enabled with AI and built specifically for in-house applications. All of these development and design ideas combined with domain know-how could prove to be extremely productive in delivering integration, deployment, solution consulting and design, and other professional services.
On the basis of component, it could be said that the hardware market for AI in computer vision will showcase its prominence in the coming years. Some market analysts have also predicted it to exhibit a greater CAGR. AI-capable processors improving their penetration in consumer electronics devices, automotive machines, drones, smartphones, and mobile devices could help the hardware market to increase growth in the foreseeable future. In terms of vertical, the automotive market, on the other hand, is foretold to show higher CAGR for the next few years. This could be evidenced by the introduction of NVIDIA DRIVE’s new architecture in Q1 2018.
Need to improve response time and reduce cost in various verticals is projected to bode well for the global AI in computer vision market. Furthermore, increased quality assurance in manufacturing could raise the level of demand in the market. It is expected of the consumer vertical to make its presence known in the market in terms of growth. Rise of autonomous driving for reducing the incidence of mishaps and improving road safety could work in the favor of the market.
AI in Computer Vision Market: Overview
Precisely, computer vision is the artificial designing of the human capacity to interpret, understand, and communicate with its visual images and surroundings. Even though the technology is yet to become popular, it is being used widely in several applications which a lot of people will be coming across every day, including progressive and advanced technology.
The computer vision market is foreseen to propel with a significant speed in forthcoming years. Cameras and in cameras mobile devices contributed to commercial, consumer, and industrial products are being used as a leverage. Artificial intelligence (AI) based software algorithms for computer vision are growing exponentially. Convolutional neural networks (CNNs) and deep learning are expected to keep on evolving to benefit large amounts of visual data. Moreover, along with static images, the computer vision’s application to video is also developing its real-world usage.
The computer vision market will comprise of a mix of consumer-facing applications such as virtual reality and augmented reality, drones, robots, and self-driving cars, coupled with business apps for example, video surveillance, ad insertions, medical image analysis, real estate development optimization, and translating paperwork into digital information.
Even though the consumer-facing applications are gain more attention, it is worth noting that organizations are moving beyond data analytics to adopt AI-based business applications which use computer vision properties.
AI in Computer Vision Market: Trends and Opportunities
The key factor driving the development of hardware in the AI based computer vision market is the increasing penetration of AI-driven processors in cell phones, for example, advanced mobile phones, car, drones, and consumer electronics gadgets.
Key drivers contributing to the development of the AI in a computer vision market in the consumer vertical is the expansion of AI capacities to cell phones, which will help change mainly 2 perspectives: interaction between user and machine and context-personalized reception. Client machine interaction will better the efficiencies between the client and their telephone crosswise over content, voice, picture, video, and sensors, though the last will effectively give benefits and aggregated data over applications, third-party features, content, and native features.
The rise in demand for computer vision frameworks in non-conventional and emerging applications and increase in demand for smart computing in cell phones are among the drivers fueling the development of the market. With the increasing labor expenses in the security market and utilization of industrial technology in the healthcare sector, AI-based computer vision systems are being utilized for various applications. The market for AI-supported computer vision has an growing scope in different emerging applications, for example, augmented reality, unmanned aerial vehicles, autonomous vehicles, missile guidance, and so on.
AI in Computer Vision Market: Regional Analysis
Regionally, North America was anticipated to hold the biggest market share, in 2017. New businesses in the US are receiving stores from different associations to implement the AI innovation in various flying vehicles including autonomous drones. The key focus is to conquer hardships tackled by industrial drones as far as safety, unwavering quality, and self-sufficiency. Therefore, organizations working on the solutions that combine computer vision and deep learning calculations and figure out the potential risks, and distance and speed. The market for AI in computer vision in Asia Pacific is likely to develop at the most noteworthy CAGR during the tenure of forecast period and outperform North America by the end of 2023.
AI in Computer Vision Market: Competitive Landscape
Some of the key players leading the AI in computer vision market are Intel (US), NVIDIA (US), Qualcomm (US), Alphabet (US), Apple (US), Microsoft (US), Facebook (US), Xilinx (California), Wikitude (Austria), Basler (Germany), Cognex (US), Avigilon (Canada), Teledyne Technologies (US), and General Electric (US).
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