Report : AI in Computer Vision Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Component (Hardware and Software) and End-User (Automotive, Sports and Entertainment, Robotics and Machine Vision, Security and Surveillance, Government and Defense, and Others)
According to our latest market study on “AI in Computer Vision Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Component (Hardware and Software) and End-User (Automotive, Sports and Entertainment, Robotics and Machine Vision, Security and Surveillance, Government and Defense, and Others),” the market was valued at US$ 9,039.5 million in 2021 and is projected to reach US$ 95,080.5 million by 2027; it is expected to grow at a CAGR of 46.9% from 2021 to 2027.
North America led the global AI in computer vision market with decent revenue share in 2019. Technological developments have resulted in a highly competitive market for all industries across North America. The region also receives high foreign direct investments in technological developments from economically strong countries. To meet customer demands for high-quality products and services, businesses in the region are constantly improving their overall business processes. The penetration of AI in computer vision solutions, especially in the manufacturing sector, is high in North America (the US and Canada). Rising investments in technologies by both private and public enterprises to enhance the overall efficiency and increase production capacity by converting traditional processes into modern smart manufacturing units is fuelling the growth of the market in the region.
Rise in investments by countries in North America, such as the US and Canada, to improve and innovate manufacturing processes across industries is influencing the adoption of advanced solutions such as AI and computer vision across the region. For instance, the federal government of the US announced plans to invest US$ 4.9 billion in research and development of technologies such as AI and machine learning (ML) in the fiscal year 2020. Rising investments in advanced technologies is further expected to drive the growth of the AI in computer vision market in the coming years.
Impact of COVID-19 Pandemic on AI in Computer Vision Market
North America has the highest adoption and growth rate of new technologies owing to favourable government policies to boost innovation and strengthen the infrastructure capabilities. Hence, any hindrance on industries hampers the economic growth of the region. Presently, the US is the world’s worst affected country due to the COVID-19 outbreak. This scenario is influencing all industries, including manufacturing and automotive. It is becoming apparent with the outbreak spreading across the US that few can escape its scope, presenting significant challenges to all industries. However, the major adoption of technology is noticed in the manufacturing sector to convert traditional manufacturing processes into smart ones. Thus, the closure of most of the manufacturing units across countries such as the US, Canada, and Mexico hinders the growth of the AI in computer vision market. However, the outbreak has influenced the adoption of the technology across the healthcare sector to detect COVID-19 among patients. Thus, rising investment by the healthcare sector in technologies in the present situation is expected to propel the growth of the AI in computer vision market. Thus, the region is expected to have an overall moderate impact on the market owing to the pandemic over the years.
The global AI in computer vision market has been segmented as follows:
AI in Computer Vision Market – by Component
AI in Computer Vision Market – by End-User
AI in Computer Vision Market- by Region