AI in Computer Vision Market by Component (Hardware, Software), Vertical (Automotive, Sports & Entertainment, Consumer, Robotics & Machine Vision, Healthcare, Security & Surveillance, Agriculture), and Region - Global Forecast to 2023
“The AI in computer vision market is projected to grow at a CAGR of 47.54% between 2018 and 2023”
The AI in computer vision market is expected to be valued at USD 3.62 billion in 2018 and is expected to reach USD 25.32 billion by 2023, at a CAGR of 47.54% between 2018 and 2023. A major factor driving the market include growing demand for edge computing in mobile devices. However, rising security concerns related to cloud-based image processing and analytics are restraining factors for the AI in computer vision market.
“The market for software is expected to hold the largest share during the forecast period”
The market for software is expected to hold the largest share during the forecast period as AI Solutions are created using nonprocedural languages such as LISP and PROLOG. These languages allow systems to learn and modify responses according to the environment. This is expected to reduce the volume and complexity of data in various verticals.
“Automotive in the AI in computer vision market is expected to grow at the highest rate during the forecast period”
The market for automotive is expected to grow at the highest rate during the forecast period. Key reasons contributing to the growth of the automotive in the AI in computer vision market are the initiatives taken by the Chinese government to support AI by providing funding for research and development, support for workforce development, and suggestions for international collaboration and expansion.
“AI in computer vision market in APAC is expected to grow at the highest rate during the forecast”
The market for AI in computer vision in APAC is expected to grow at the highest rate during the forecast period. The key reasons attributing to the growth of the AI in computer vision market in APAC is the government funding of approximately USD 477 million to promote machine learning, 3D printing, and other technologies in India. The market for AI in computer vision is expected to hold the largest share in North America. Key reasons attributing to the growth is the solution that combines computer vision and deep learning algorithms and identifies potential hazards, and speed and distance.
Following is the breakdown of primary participants’ profiles by different parameters:
By Company Type: Tier 1 - 45%, Tier 2 - 32%, and Tier 3 - 23%
By Designation: C-Level - 30%, Directors - 45%, and Others -25%
By Region: North America - 26%, Europe - 40%, APAC - 22%, and RoW - 12%
Key players operating in the market include NVIDIA (US), Intel (US), Qualcomm (US), Apple (US), Alphabet (US), Microsoft (US), Facebook (US), Wikitude (Austria), Xilinx (California), Basler (Germany), Teledyne Technologies (US), Cognex (US), General Electric (US), and Avigilon (Canada).
Segments such as component, vertical, and geography have been covered in this report. The report offers a detailed view of the market across 4 main regions—North America, Europe, APAC, and RoW (comprising the Middle East and Africa, and South America).
Reasons to Buy the Report:
This report includes statistics pertaining to the AI in computer vision market by component, vertical, and geography.
The major drivers, restraints, challenges, and opportunities for the AI in computer vision market have been provided in detail in this report.
The report includes illustrative segmentation, analysis, and forecast for the AI in computer vision market based on its segments and subsegments.
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