AI adoption in Computer Vision opens new doors of Opportunities for Computer Vision Market

Artificial intelligence (AI) allows machines to learn from experience, intercept new inputs, and perform human-like tasks. Technologies such as machine learning and natural language processing (NLP) are used to train computers to perform specific tasks by processing large amounts of data.

AI is gaining momentum as it can add intelligence to existing products. Computer vision is concerned with the automatic extraction, analysis, and understanding of useful information from a single image or a sequence of images. It involves the development of a theoretical and algorithmic basis to achieve automatic visual understanding.

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Major factors that drive the AI in computer vision market are the growing demand for edge computing in mobile devices and the growing impact of AI in machine vision. The AI in computer vision market was 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 increased computing capacity of AI-based GPUs offers opportunities for the AI in computer vision market. GPUs are designed to repeatedly perform complex mathematical functions more efficiently, can be conveniently connected in parallel to increase computing power, and are applied to learning applications. With slight modifications, latest GPU devices process 3–10x faster than the older ones, while consuming the same power.

The AI in computer vision market has been segmented based on component into hardware and software. Of these, the market for hardware is expected to grow at a higher CAGR during the forecast period. The growth can be attributed to the growing penetration of AI-capable processors in mobile devices, such as smartphones, drones, automotive, and consumer electronics devices. Also, the commercialization of 5G infrastructure is expected to play a key role in the growth of the market for server-side hardware.

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In this report, the AI in computer vision market has been segmented on the basis of component, vertical, and geography. The market has been segmented on the basis of vertical into automotive, sports and entertainment, consumer, robotics and machine vision, healthcare, security and surveillance, and agriculture. The market for automotive is expected to grow at the highest CAGR during the forecast period owing to the increasing demand to improve road safety and reduce mishaps caused by human intervention is resulting in the growth of autonomous driving. In addition, the increasing participation of various automotive and IT giants to develop autonomous cars is flourishing the growth of autonomous driving in the AI in computer vision market.

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The AI in computer vision market in APAC is expected to grow at the highest CAGR during the forecast period. The growth in India can be attributed to the growing investment across sectors in building data-based businesses and the recognition by the Government of India to create effective policies for AI.