AI in Computer Vision Market worth 25.32 Billion USD by 2023 | Tech News
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.
The increasing demand for computer vision systems in non-traditional and emerging applications and growing demand for edge computing in mobile devices are among the factors driving the growth of the market. With the increasing labor cost in the security market and use of robotics in the healthcare industry, AI-based computer vision systems are being used for many applications. The market for AI-enabled computer vision has an increasing demand in various emerging applications such as unmanned aerial vehicles, augmented reality, missile guidance, autonomous vehicles, and others.
Hardware expected to grow at a high rate during the forecast period
The key factor driving the growth of hardware in the AI based computer vision market is the growing penetration of AI-capable processors in mobile devices, such as smartphones, drones, automotive, and consumer electronics devices.
Consumer vertical expected to hold the largest share during the forecast period
Key factors contributing to the growth of the AI in computer vision market in the consumer vertical is the addition of AI capabilities to smartphones, which will help change mainly 2 aspects: user–machine interaction and context-personalized openness. User machine interaction will improve the efficiencies between the user and their phone across text, voice, image, video, and sensors, whereas the latter will actively provide services and aggregated information across apps, content, third-party features, and native features.
AI in computer vision market in North America expected to hold the largest share in 2017
North America is expected to hold the largest market share in 2017. Startups in the US are receiving funds from various organizations to imply the AI technology in autonomous drones and other flying vehicles. The major focus is to overcome challenges faced by industrial drones in terms of reliability, safety, and autonomy. Thus, companies have come up with solutions that combine computer vision and deep learning algorithms and identify potential hazards, and speed and distance. The market for AI in computer vision in APAC is expected to grow at the highest CAGR during the forecast period and surpass North America by 2023.
Major players operating in the AI in computer vision 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).