AI in Computer Vision Market to Reach $148.5 Billion by 2031: Insights & Forecast

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the " AI in Computer Vision Market - (By Type of Component (Hardware and Software), by Type of Function (Training, Interference), by Type of Machine Learning Models (Supervised Learning, Unsupervised Learning), by Type of Deployment (Cloud-based and On-premise), by Areas of Application (Facial Recognition, Image Classification, Object Detection, Object Tracking, and Others), by Type of Product (PC-Based Computer Vision System, Smart Camera-Based Computer Vision System), by Type of End Users (Automotive, Consumer Electronics, Healthcare, Manufacturing, Retail, Security and Surveillance, Sports and Entertainment, and Others), by Company Size (Large Enterprises, Small and Medium Enterprises (SMEs)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the AI in Computer Vision Market is valued at US$ 21.9 Bn in 2023, and it is expected to reach US$ 148.5 Bn by 2031, with a CAGR of 27.5% during the forecast period of 2024-2031.

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Artificial intelligence (AI) in computer vision allows devices and networks to extract beneficial data from digital pictures, movies, and other types of sensory data and react or connect to that material. AI and neural network technologies are essential to computer vision technologies. The massive volume of annotated and unprocessed visual data may be swiftly consumed, absorbed, and learned from by artificial intelligence (AI) algorithms, logic, and processes. It allows computers with computer vision capabilities to identify the many different characteristics, patterns, and connections found in pictures, movies, and even statistics. Furthermore, immediate detailed data evaluation and improved choices are made possible by the widespread use of excellent quality imaging devices and the incorporation of AI with Internet of Things (IoT) technology. The industry is expanding as a result of rising expenditures in artificial intelligence (AI) research and development, as well as an increasing focus on insights backed by data. As a result, AI in computer vision is becoming a crucial part of contemporary technological platforms.

List of Significant Players in the AI in Computer Vision Market:
• Alphabet Inc.
• Advanced Micro Devices, Inc. (commonly known as AMD)
• Amazon Web Services, Inc.
• Apple Inc.
• Baumer Optronic GmbH
• Basler AG
• Baidu, Inc.
• Cognex Corporation
• CEVA, Inc.
• Meta Platforms, Inc. (formerly Facebook, Inc.)
• General Electric Company
• Honeywell International Inc.
• Huawei Technologies Co., Ltd.
• International Business Machines Corporation (commonly known as IBM)
• Intel Corporation
• JAI A/S
• KEYENCE Corporation
• Matterport, Inc.
• MediaTek Inc.
• Microsoft Corporation
• NI (National Instruments Corporation)
• NVIDIA Corporation
• Omron Corporation
• Qualcomm Incorporated
• Samsung Electronics Co., Ltd.
• SenseTime Group Limited
• Sony Group Corporation
• Teledyne Technologies Incorporated
• Texas Instruments Incorporated
• Tencent Holdings Limited
• Other Market Players

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Market Dynamics:
Drivers-
The growing demand for AI in computer vision is fueled by the growing need for automation. Automation is the process or method of carrying out operations or procedures with little assistance from humans by means of technology, equipment, or software. AI in computer vision increases productivity and decreases manual intervention by enabling robots to comprehend and react to visual input. Thus, the demand for AI in computer vision is driven by the growing need for automated processes.

Challenges:
One of the major obstacles to a market's expansion is the high expense of purchasing and deploying AI computer vision technologies. AI computer vision systems can be costly to create and execute, and they frequently call for particular hardware, software, and scientific expertise. For businesses unfamiliar with AI computer vision, the cost of purchasing and deploying these devices can be high and include expenses for software authorizations, equipment, and maintenance. Training and development initiatives could also be necessary for firms to increase their technical proficiency with these technologies. As a result, the high costs of integrating AI into computer vision systems can be an important hurdle, particularly for SMEs. The high costs of devices, software, and trained labour could prevent widespread acceptance.

Regional Trends:
The Asia Pacific AI in the computer vision market is anticipated to record a very large revenue share. It is projected to grow with a high CAGR in the near future because of the growing need for advanced automation devices, greater resources are being spent on development and research to create innovative approaches. Another important element driving demand in Asia Pacific is the rapidly expanding advancements in medical industries that use solutions based on artificial intelligence. Besides, Europe had a very remarkable market share due to technological developments. Additionally, the area's energy business is seeing the potential for the expansion of artificial intelligence (AL) because of supportive government laws.

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Recent Developments:
• In June 2024, NVIDIA Research Demonstrated Progress in Visual Generative AI at CVPR. NVIDIA Research will present over 50 papers, including AI software with potential applications in creative sectors, autonomous vehicle development, healthcare, and robotics.

Segmentation of AI in Computer Vision Market-
By Component-
• Hardware
• Software
By Function-
• Training
• Interference
By Machine Learning Models-
• Supervised Learning
• Unsupervised Learning
By Deployment-
• Cloud-Based
• On-Premises
By Areas of Application-
• Facial Recognition
• Image Classification
• Object Detection
• Object Tracking
• Others
By Product-
• PC-Based Computer Vision System
• Smart Camera-Based Computer Vision System
By End Users-
• Automotive
• Consumer Electronics
• Healthcare
• Manufacturing
• Retail
• Security & Surveillance
• Sports & Entertainment
• Others
By Company Size-
• Large Enterprises
• Small and Medium Enterprises
By Business Model-
• B2B
• B2C
• B2B2C
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.