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$95+Bn, AI in Computer Vision Market Size to hit 46.9% CAGR, Globally, by 2027 – Exclusive Report by The Insight Partners

The Insight Partners
The Insight Partners

The AI in computer vision market growth to is driven by rising demand for merged reality, emotion AI and automating processes across industries. The automotive segment held the highest share in the AI in computer vision market by 2027

New York, Oct. 07, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “AI in Computer Vision Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component (Hardware and Software) and End-User (Automotive, Sports and Entertainment, Robotics and Machine Vision, Security and Surveillance, Government and Defense, and Others)”, the global AI in computer vision market size is expected to grow from US$ 9.04 billion in 2021 to US$ 95.08 billion by 2027, it is expected to grow at a CAGR of 46.9% during the forecast period of 2021 to 2027.


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AI in Computer Vision Market Study Scope, Segmentations, Regional & Country Scope:

Market Size Value in

US$ 9.04 Billion in 2021

Market Size Value by

US$ 95.08 Billion by 2027

Growth rate

CAGR of 46.9% from 2021-2027

Forecast Period

2021-2027

Base Year

2021

No. of Pages

146

No. of Tables

55

No. of Charts & Figures

73

Historical data available

Yes

Segments covered

Component and End-User

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends


AI in Computer Vision Market: Competitive Landscape

The top five companies in the AI in computer vison market include ALLIED VIS; BASLER AG; XILINX; COGNEX CORPORATION; TELEDYNE TECHNOLOGIES, INC. The above listing of key players is derived by considering multiple factors such as overall revenue, current AI in computer vision portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. There are various other notable players in the global data wrangling market ecosystem such as ION TECHNOLOGIES GMBH, GENERAL ELECTRIC COMPANY., INTEL CORPORATION, and MICROSOFT CORPORATION., among others.


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AI in computer vision is receiving high momentum across the world. Rise in demand for automating processes across industries is fuelling the growth of the market. While technologies such as the Internet of Things are revolutionizing the manufacturing industry and making processes more autonomous, AI will help to further enhance them in computer vision. In inspecting fabricated goods for defects and non-conformities, computer vision plays an important role. Thus, it may reduce the need for human inspection on the production line, which is substantially increasing the adoption of AI in computer vision technology across the industry. Edge computing similarly answers the latency and network accessibility problem. Currently, systems may be set up in areas where a network connection is poor or non-existent without access being taken into account.

In the fiscal year 2020, the U.S. federal government has made plans to spend US$ 4.9 trillion in research and development of technology such as artificial intelligence and machine learning. Furthermore, this growing region's investment in advanced technology is expected to contribute to the growth of AI in the computer vision market over the years.


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APAC AI in Computer Vision Market to Grow at Highest CAGR during Forecast Period:

The major contributors to the growth of the AI in computer vision market in APAC are Australia, China, Japan, and India. Rapid advancements in technology, digitalization of economies, and sufficient support from government are leading to the smooth evolution of these economies from a developing stage to a developed stage in terms of adoption of technologically advanced solutions across various industries present in the region.

Investing in technology is enabling industries to enhance their overall production capacity in developing countries. These ventures enable both public and private investors to benefit from the investment of capital. Moreover, the countries in APAC have experienced a rise in both public and private investments in complex technologies across the region. This is boosting the adoption of artificial intelligence (AI) and computer vision solution implementation across enterprises in the region. For instance, AI & Vision Solutions (Pvt) Ltd offers AI-powered computer vision solutions such as smart parking management systems, traffic law violation detection system, and city surveillance and crime prevention solutions. Thus, the advanced solutions are being highly adopted by both private and public sectors in the region, which is propelling the growth of the AI in computer vision market in APAC.


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Nowadays, any virtual reality or augmented reality device produces an interactive 3D world. Most AR devices can conduct basic environment scans—for example, Google ARCore can detect flat surfaces and changes in light conditions—and VR systems can detect the user's movements by head tracking, controllers, etc.; however, their abilities stop there. The program for computer vision moves VR and AR to the next level of progress that some call merged reality (MR).  With the aid of external environment mapping cameras and sensors, as well as eye-tracking solutions and gyroscopes to position the user, the VR and AR systems can perceive the atmosphere and direct the user away from barriers such as walls, products or other users; detect the movement of the user's eye and body and adopt the VR environment accordingly; and offer instructions and directions for indoor areas, public parks, underground and more. For instance, at Lowe's hardware store, each visitor can use an AR system to make their shopping list from which they can get directions for each item in the store. This is expected to raise the demand for artificial intelligence (AI) in computer vision over the years.


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Latest Industry Developments:

Year

News

Region

2020

Basler introduced fully integrated development kit with cloud connectivity. It permits to test AI-based IoT applications on an optimized vision system and to access cloud services. The cloud connectivity makes it easy to load or train neural networks.

Europe

2020

Cognex has introduced In-Sight D900 embedded vision system which is the first-of-its kind solution offering several features such as Cognex’s ViDi deep learning software inside an In-Sight industrial-grade smart camera.

North America

2020

Intel Acquired Cnvrg.io to aimed at strengthening its machine learning and AI operations.

North America

2019

Cognex Corporation acquired SUALAB, a leading Korean-based developer of vision software using deep learning for industrial applications.

North America


Browse Adjoining Reports:

Computer Vision Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Hardware, Software); Product (PC-based computer vision systems, Smart cameras-based computer vision systems); Application (Quality Assurance and Inspection, Positioning and Guidance, Measurement, Identification, Predictive Maintenance); Vertical (Industrial Vertical, Non-Industrial Vertical) and Geography

Computer Vision in Healthcare Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product and Services (Software, Hardware, Services); Application (Surgeries, Medical Imaging and Diagnostics, Other Applications); End User (Diagnostic Centers, Healthcare Providers, Other End Users) and Geography

3D Machine Vision Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering (Hardware, Software); Product (PC Based, Smart Camera Based); Application (Quality Assurance and Inspection, Positioning and Guidance, Measurement, Identification); End-Use (Automotive, Pharmaceuticals and Chemicals, Electronics and Semiconductor, Pulp and Paper, Printing and Labeling, Others) and Geography

Machine Vision Systems Market to 2027 - Global Analysis and Forecasts by Type (Smart Machine Vision Systems, PC-Based Machine Vision Systems, and 3D Machine Vision Systems); Component (Cameras, Frame Grabbers, Processors, Illuminations & Optics, Vision Software, Vision Sensors, and Others); Interface (USB 2.0/USB 3.0, Camera Links, GigE, CoaXPress, Others); and End-User (Automotive, Electronics & Semiconductors, Food & Beverages, Pharmaceuticals, Logistics, and Others)

Artificial Intelligence Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Hardware, Software, Services); Technology (Computer Vision, Machine Learning, Natural Language Processing, Others); Industry Vertical (Automotive, Healthcare, Manufacturing, Retail, BFSI, Others) and Geography

Artificial Intelligence Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Natural Language Processing (NLP), Computer Vision, Machine Learning); End Users (Automotive, BFSI, IT and Telecom, Media and Entertainment, Healthcare, Retail, Manufacturing, Government, Others) and Geography

Artificial Intelligence in IoT Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Machine Learning, Natural Language Processing, Image Processing, Speech Recognition); Component (Software, Platform, Services); End User Industry (BFSI, Energy and Utilities, Manufacturing, Retail, Transportation and Mobility, Others) and Geography

Artificial Intelligence (AI) Edge Computing Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering (Hardware, Solutions, Services); End-User (Manufacturing , Healthcare, Transportation, Government, Media and Entertainment, Energy and Utilities, Telecom and IT, Retail, Others) and Geography

Augmented Reality and Virtual Reality Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Technology (Augmented Reality and Virtual Reality), Component (Semiconductor Components, Sensors, and Others), and End-User Industry (Entertainment, Educational, Industrial, Medical, Real Estate & Architecture, Retail, Aerospace & Defense, and Others)

Virtual Reality Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering (Hardware, Software); Application (Real Estate and Architecture, Medical, Entertainment, Education, Retail, Industrial, Others) and Geography

Internet of Things Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component, Connectivity Technology and Application

Industrial Internet of Things Edge Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Component (Software Platform, Gateways and Routers, Endpoint Devices, Network Edge Infrastructure, Industrial Routers, Ethernet Switches); End-User (Manufacturing, Automotive, Energy and Utilities, Oil and Gas, Metals and Mining, Healthcare, Retail, Transportation, Agriculture)


About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:
If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/ai-in-computer-vision-market