Market Snapshot
Market Research Future (MRFR) observes that the AI In Computer Vision Market is slated to secure USD 168.8 billion while developing at a 34.32% CAGR in the review period from 2022 to 2030.
Market Scenario
The hardware segment is flourishing incredibly, due to the increased focus on research and development. Increasing demand for computer vision applications such as autonomous vehicles, robotics and others also significantly helps the market. As a consequence, the automotive segment is projected to expand with the highest CAGR while sports and entertainment are expected to further motivate market growth. The processors' enhanced computing capabilities pave the way for the AI's potential growth in the computer vision market. The growing demand for computer vision in applications such as autonomous vehicles, robotics and so on is expected to broaden the reach of application of the market. It is anticipated that the enhanced processor computing capabilities will provide more impetus to the growth of product types in the computer vision market in the AI. In addition, the advances in AI and machine learning technologies are projected to transform the growth of the market during the forecast period.
The AI in the computer vision market is expected to face some developmental challenges related to the complex AI algorithms that are needed to effectively achieve computer vision. Because the development of specific algorithms requires a specific knowledge of a certain business, the number of people eligible to do that is currently also limited. Developments are expected to bolster the demand in machine learning and AI technologies in the assessment period.
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Segmental Analysis
The segmentation of the market are done on the basis of component and vertical. The segmentation of components is composed of hardware and software.
The market is divided into software and hardware, depending on feature. The market's hardware segment will further segment into memory, network, processor, and others. The Segment of Processors is sub-segmented into GPU, CPU, and FGPA. The other market segment consists of ASICs, smart cameras, and boards with microcontrollers. The hardware segment is expected to grow with maximum CAGR while the part segment is expected to dominate the software segment.
The vertical based segmentation comprises of agriculture, healthcare, security, automotive, sports entertainment. The automotive segment is anticipated to develop with highest CAGR while the sports and entertainment segment is anticipated to control the component segment.
Regional Outlook
Computer vision market region-wise analysis of AI consists of Asia Pacific, Europe , North America and the rest of the world. North America is a significant region in the global computer vision market, with the most notable contribution coming from countries like the US. The region is expected to maintain its position over the entire forecast period. The motivating factor for AI in the North American computer vision market is the increasing demand from the gaming industry and the committed presence of global IT leaders. In the computer vision market, the Asia Pacific region is primed to be the show of significant growth in the AI and is expected to surge forward over the forecast period. The enhanced regional economy growth and start-up development has increased strong demand for AI in computer vision products. The nations with rising disposable incomes like Japan, China and India are responsible for the Asia Pacific region's most important share. In addition, the region 's growth is motivated by factors such as the evolution of AI talent to encourage the application of computer vision technology in the domestic market and the increasing demand from end-user segments.
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Competitive Dynamics
Allied Vision Technologies GmbH (Germany), Google LLC (US), Intel Corporation (US), Basler AG (Germany), NVIDIA Corporation (US), Microsoft Corporation (US), Facebook (US), Apple Inc. (US), Qualcomm Technologies, Inc. (US), and COGNEX Corporation (US) are the foremost companies in the market of AI in computer vision.
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