Global Artificial Intelligence (AI) in Computer Vision Market 2023-2030

Global Artificial Intelligence (AI) in Computer Vision Market 2023-2030

Global Artificial Intelligence (AI) in Computer Vision Market Size, Share & Trends Analysis Report by component (Hardware and Software), by Application (Industrial and Non-industrial), and by End User (Automotive & Transportation, Healthcare, Manufacturing, Consumer Electronics, and Others), Forecast Period (2023-2030)

The global AI in Computer Vision market is anticipated to grow at a CAGR of 36.1% during the forecast period (2023-2030). AI in computer vision is an automated software that enables computers and systems to generate meaningful information from digital images, videos, and other visual inputs. Such extracted information allows to take actions and make recommendations based on that information. Furthermore, the growing adoption of smartphones coupled with the introduction of advanced technologies such as AI is the key factor supporting the market growth globally. According to the Pew Research Center, as of May 2023, there are around 6.8 billion smartphone users across the globe. Additionally, owing to the availability of high-speed internet connectivity has further propelled the usage of smartphones. Hence, the market players are also focusing on introducing smartphone-based AI in computer vision solutions which will further bolster the market growth. For instance, in June 2023, Meta Platforms’ released a ‘human-like’ AI image creation model, I-JEPA, ushers in a new era of computer vision capabilities. With its unique approach to filling in missing image elements and delivering outstanding performance, I-JEPA promises to unlock countless possibilities across various industries. By sharing their research and promoting collaboration, Meta aims to propel the industry forward while addressing safety concerns and prioritizing user experiences.

Segmental Outlook

The global AI in computer vision market is segmented on the component, application, and end user. Based on the component, the market is sub-segmented into hardware and software. Based on the application, the market is sub-segmented into industrial and non-industrial. Furthermore, based on end user, the market is sub-segmented into automotive & transportation, healthcare, manufacturing, consumer electronics and others which includes security & surveillance, agriculture, and retail. Among the end user segment, the healthcare sub-segment is anticipated to hold a considerable share of the market owing to the rise development of advanced technologies such as AI and machine learning (ML) in healthcare industry to ease the overall process while reducing the risk of contamination.

The Software Sub-Segment is Anticipated to Hold a Considerable Share of the Global AI in Computer Vision Market

Among the component, the software sub-segment is expected to hold a considerable share of the global AI in computer vision market. The segmental growth is attributed to the growing influence AI. The advancement and advantage of AI is catching the attention of every software company, which has pushed them to create their own AI-based software. Owing to which major software developers are focusing on investing in effective AI in computer vision solutions for their organizations. For instance, in July 2023, Auto retail industry stalwart JM Family Enterprises invested in a new venture capital financing for Skaivision. Skaivision is a developer of computer vision AI for automotive dealerships, which aims to boost retail efficiency and improve the overall customer experience.

Regional Outlook

The global AI in Computer Vision market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, the Asia-Pacific region is expected to grow at a prominent CAGR over the forecast period, owing to the rapidly increasing inclination of the regional population towards the various types of technologies. Countries including India and China possess high potential attributed to the continuously growing economy which in turn has gain traction of several software organization to expand their presence in Asian countries.

Global Artificial Intelligence (AI) in Computer Vision Market Growth by region 2023-2030

Source: OMR Analysis

North America is Expected to Hold a Prominent Share of the Global AI in Computer Vision Market

Among all the regions, North America is anticipated to hold a prominent share of the global AI in computer vision market. The regional growth is attributed to the high concentration of the market solution vendors such as IBM Corp. Google Inc., Microsoft Corp., and others. Owing to which countries including the US and Canada are the most advanced and updated technology. Hence, there is considerable shift of the country towards the adoption of the AI in computer vision market solutions. For instance, in June 2023, XTEND, the developer of XOS, a human-guided autonomous operating system, partnered with edge AI and computer vision experts, SightX, which will see the latter’s data processing capabilities further enriching XTEND’s XOS operating system. SightX is the latest addition to XTEND’s XOS app store, and its software will provide drones, robots, and smart devices on XOS with an advanced multi-object data acquisition engine.

Market Players Outlook

The major companies serving the AI in Computer Vision market include IBM Corp., Google LLC, Microsoft Corporation, Allied Vision Technologies GmbH, Qualcomm Incorporated, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2020, Ambarella launched a computer vision chips for edge AI, a new computer vision chip for processing AI at the edge of computer networks used in smart cars and security cameras.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global AI in computer vision market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.