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Artificial Intelligence (AI) in Computer Vision Market to Surpass USD 148.8 billion by 2031

WESTFORD, MASSACHUSETTS, UNITED STATES, June 24, 2024 / -- Artificial Intelligence (AI) in Computer Vision Market size was valued at USD 20.7 billion in 2022 and is poised to grow from USD 25.8 billion in 2023 to USD 148.8 billion by 2031, growing at a CAGR of 24.5% during the forecast period (2024-2031).

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The expansion of AI in the computer vision market is continuing with its significant use across several fields such as manufacturing, utilities, energy and automobile industry. Artificial intelligence computer vision is a hot research issue. The significance of computer vision technology to real world applications, from e-commerce to the game industry, transportation, healthcare and daily activities cannot be underscored enough.

Driven by breakthroughs in deep learning, rising need for automation, and applications in industries like healthcare, automotive, and security, the global market for artificial intelligence in computer vision is expanding rapidly. The image recognition features are better, as well as connections to the internet of things (IoT) and there is more global funding and research work.

Visionary Innovation's AI Breakthroughs in Autonomous Vehicles, Healthcare, and Smart Cities in Near Future

The following are the key Artificial Intelligence (AI) in Computer Vision Trends that will shape the growth of the market in the next 5 years

• Google disclosed the new computer vision algorithm breakthrough during May 2024 that greatly enhances object detection accuracy, even in difficult conditions. The transition from traditional methods to more automated ones might happen quickly following the invention as far as adoption rates across different countries are concerned while also establishing fresh standards for driverless cars, security operations and medical care.

• Chinese tech company Huawei debuted its most recent AI-powered computer vision platform in April 2024, specifically designed for use in smart city applications. By employing advanced surveillance, traffic monitoring, and infrastructure maintenance, this invention is intended to outperform urban management. It is expected that the platform's implementation will do a lot to step up the smart city industry until 2029. Thus, market dynamics will never be the same while technology undergoes improvement.

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Long-Term Impact of NVIDIA’s Industrial Vision and AWS’s Agricultural Solutions Over the Decade

• In June 2024, NIVIDIA introduced an AI-powered vision platform for industrial automation and robotics. By enhancing precision and productivity, such an innovation is expected to revolutionize production processes entirely. In the coming decade higher output volumes and improved global competitiveness will probably feature as some of the long-term outcomes.

• In March 2024, AWS released an adaptable, Artificial Intelligence computer vision service targeting agriculture domain while improving crop surveillance system and yield predictions for sustainable agriculture support. It is expected to take up to 2034 for this system to have significant positive long-term impacts of increased agricultural output and enhancing worldwide food guarantee strategies.

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Pioneering AI Frontiers in Computer Vision Innovations

IBM unveiled a state-of-the-art AI computer vision system for medical imaging in February 2024 with the goal of detecting and diagnosing diseases early on. In January 2024, Microsoft released a broad AI platform designed for retail analytics with an aim of enriching customer experiences and simplifying operations. On its side, Samsung made public an AI-based monitoring system for increased security through immediate threat identification in April 2024. It is expected that as a group, these advancements will strongly advance healthcare, retail trade and security industries, bringing about more efficiency, accuracy and client contentment. In the near-potential time, the combined results are forecasted to hasten the adoption and integration of AI, hence, establishing new industry benchmarks and nurturing global technical progress during the coming years.

AI-Powered Evolution Driving Global Market Expansion

Companies such as Google, Huawei, NVIDIA, AWS, IBM, Microsoft and Samsung are developing their AI powered computer vision technologies at a rapid pace. These technologies will change industries like healthcare, retail, agriculture, manufacturing and smart cities. They enhance productivity levels, accuracy and efficiency besides paving way for radical impacts on environment consciousness and global competition. Over the next ten years, the market is expected to grow significantly with more investment and research, technological advancement and establishing new industry standards. This combined force will quicken the adoption of AI, resulting in substantial advantages for a variety of applications and enhancing people's quality of life everywhere.

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