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Generative AI In Computer Vision Market Report 2024 - Market Share Analysis And Trends
Generative AI In Computer Vision Global Market Report 2024
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According to The Business Research Company's, The generative AI in computer vision market size has grown exponentially in recent years. It will grow from $5.66 billion in 2023 to $7.80 billion in 2024 at a compound annual growth rate (CAGR) of 37.7%. The growth in the historic period can be attributed to advancements in deep learning, generative adversarial networks (GANs), increased computational power, large-scale datasets, and improvements in training techniques.
The generative AI in computer vision market size is expected to see exponential growth in the next few years. It will grow to $28.11 billion in 2028 at a compound annual growth rate (CAGR) of 37.8%. The growth in the forecast period can be attributed to growing adoption in various industries, rising demand for synthetic data, improvements in hardware capabilities, increased investment and funding, and enhanced computational efficiency. Major trends in the forecast period include enhanced image and video synthesis, improved augmented and virtual reality, content creation and personalization, data augmentation for training, and healthcare imaging.
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Market Drivers and Trends:
Increasing adoption of AI in various industries is expected to propel the growth of generative AI in computer vision market going forward. The adoption of AI is growing due to its ability to automate complex tasks, improve efficiency and accuracy, and derive actionable insights from vast amounts of data, driving innovation and competitive advantage. AI in generative computer vision creates realistic images and visual content by learning patterns from existing data, enabling applications such as image synthesis, enhancement, and transformation. For instance, in January 2024, according to a survey of 8,584 IT professionals conducted by International Business Machines Corporation (IBM), a US-based technology company, around 42% of organizations with over 1,000 employees had actively integrated AI into their operations. Additionally, 40% are currently exploring or experimenting with AI, reflecting significant interest in the technology. Among early adopters, 59% plan to boost their AI investments, underscoring a trend toward rapid adoption. Therefore, the increasing adoption of AI in various industries is driving the growth of generative AI in computer vision market.
Major companies operating in generative AI in the computer vision market are increasing their focus on developing innovative solutions, such as advanced data synthesis solutions, to gain a competitive edge in the market. Advanced Data Synthesis refers to the capability of generative models to create realistic and high-quality synthetic images or visual data. For instance, in October 2023, Tech Mahindra, an India-based information technology services and consulting company, launched Vision amplifAIer, a generative AI-powered solution designed to serve as a smart data scientist for business analysts. This tool is part of Tech Mahindra's TechM amplifAI 0->∞ suite, which aims to improve computer vision applications within enterprises. The Vision Amplifier streamlines the workflow of computer vision projects by reducing the time spent on essential tasks such as data pre-processing, use case understanding, and model training. It enables a techno-functional workforce to develop computer vision use cases without requiring extensive data science skills, thereby facilitating the scaling of AI initiatives across organizations. The solution incorporates generative AI capabilities, allowing users to create synthetic data and repurpose existing models through transfer learning.
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Major Key Players of the Market:
Apple Inc., Samsung Electronics, Microsoft Corporation, Alibaba Group Holding Limited, Amazon Web Services (AWS) Inc., Siemens AG, Intel Corporation, International Business Machines Corporation, Qualcomm Incorporated, NVIDIA Corporation, Adobe Inc., Baidu Inc., Hikvision, Xilinx Inc., OpenAI, NEC Corporation, Cognex Corporation, Xnor.ai, Clarifai, Vicarious AI, Visenze, Runway AI inc.
Generative AI In Computer Vision Market 2024 Key Insights:
• The generative AI in computer vision market size is expected to see exponential growth in the next few years. It will grow to $28.11 billion in 2028 at a compound annual growth rate (CAGR) of 37.8%.
• Growing AI Adoption Driving Expansion In generative AI For Computer Vision
• Generative AI-Powered Solution Revolutionize Computer Vision Workflows
• North America was the largest region in the generative AI in computer vision market in 2023
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