AI and Computer Vision: A Powerful Combination for Growth in the Coming Years
Chicago, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The AI in Computer Vision Industry by Component, Machine Learning Models, Function, Application (Industrial, Non-Industrial), End-Use Industry (Security & Surveillance, Consumer Electronics) and Geography - Global Forecast to 2026", The major factors driving the growth of AI in computer vision market are growing need for quality inspection and automation, increasing demand for computer vision systems in non-traditional and emerging applications, and rising need for ASICs and government initiatives to support industrial automation and integration of AI into the edge devices. However, several factors, such as rising security concerns related to cloud-based image processing and analytics can act as a key challenge in the market during the forecast period.
Artificial intelligence (AI) is rapidly advancing and has a significant impact on a variety of industries. Computer vision is one of the areas where AI is having a significant impact. Computer vision is the interpretation and analysis of visual data from images and videos using algorithms and deep learning models. With the use of AI, computer vision is becoming more sophisticated and accurate, with applications in a wide range of industries, including healthcare, automotive, retail, and security. The growth of the market is driven by the increasing demand for AI-powered computer vision solutions in various applications, including autonomous vehicles, facial recognition, and medical image analysis.
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AI in Computer Vision Market Report Scope :
| Report Metric | Details |
| Estimated Market Size | USD 15.9 Billion |
| Projected Market Size | USD 51.3 Billion |
| Growth Rate | CAGR of 26.3% |
| Market size available for years | 2021–2026 |
| On Demand Data Available | 2030 |
| Report Coverage |
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| Segments covered |
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| Geographies covered |
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| Key Market Driver | Growing need for quality inspection and automation |
| Largest Growing Region | Asia Pacific (APAC) |
| Largest Market Share Segment | Consumer Electronics Segment |
| Highest CAGR Segment | Software Segment |
One of the major factors driving the growth of AI in computer vision is the increasing adoption of deep learning techniques. Deep learning models have shown significant improvements in accuracy and performance compared to traditional computer vision algorithms. With deep learning, computer vision systems can learn from vast amounts of data, enabling them to detect and recognize objects with higher accuracy and speed. This has opened up new possibilities for AI-powered computer vision solutions, such as self-driving cars and advanced facial recognition systems.
The increasing availability of data is another factor driving the growth of AI in computer vision. With the proliferation of smartphones and other visual data-capture devices, there is an increasing amount of data available for use in training AI-powered computer vision systems. This, together with advances in cloud computing and big data analytics, is making it easier for businesses to develop and deploy AI-powered computer vision solutions.
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The increasing demand for automation in various industries is also driving the growth of AI in computer vision. AI-powered computer vision solutions can aid in the automation of previously manual tasks such as quality control in manufacturing and security surveillance. This can lead to increased efficiency, accuracy, and cost savings for organizations.
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The Machine Vision Market size is projected to reach USD 17.2 billion by 2027 from USD 12.0 Billion in 2022 at a CAGR of 7.4% during the forecast period. It was observed that the growth rate was 10.7% from 2021 to 2022
The Artificial Intelligence (Chipsets) Market size is expected to be valued at USD 7.6 billion in 2020 and likely to reach USD 57.8 billion by 2026, at a CAGR of 40.1% during the forecast period.
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