AI in Computer Vision Market Size and Competitive Analysis by 2031

The AI in computer vision market size is projected to reach US$ 178.21 billion by 2031 from US$ 18.00 billion in 2023. The market is expected to register a CAGR of 33.2% during 2023–2031. The demand for real-time video analytics is likely to remain a key trends in the market.

AI in Computer Vision Market Analysis

The growing adoption of video analytics powered by computer vision and the rising adoption of the Industry 4.0 Concept are driving the market. The market is anticipated to grow during the forecast period, due to the rising applications in healthcare, agriculture, and retail industries. Moreover, advancements in AI technology and increased manufacturing of autonomous vehicles are creating lucrative opportunities for the market.

AI in Computer Vision Market Overview

AI computer vision allows computers and systems to extract meaningful information from digital photos, videos, and other visual inputs and then conduct actions or make references based on that information. Computer vision relies largely on artificial intelligence and machine learning technologies. Al allows computer vision to interpret, recognize, and analyze various sorts of visual data. AI models, logic, and models can swiftly consume, absorb, and learn from vast amounts of labeled and unlabeled visual input. It allows computer vision-enabled computers to recognize a wide range of elements, patterns, and correlations in films, pictures, and even infographics. The goal of AI in computer vision is to create automated systems that can comprehend visual information similar to humans.

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AI in Computer Vision Market: Strategic Insights

AI in Computer Vision Market Drivers and Opportunities

Growing Adoption of Video Analytics Powered by Computer Vision to Favor the Market

Numerous businesses are leveraging the power of video analytics powered by computer vision to solve problems across various industries, from manufacturing and security to fashion and transportation. The rapid adoption of Al and machine learning and technological advancements in hardware and software contribute to this massive growth in India. Various companies in India are taking several initiatives to boost the development of computer vision technology. For instance, in October 2023, eyewear retailer Lenskart acquired JangoExe, an Al-based computer vision startup. With this acquisition, Lenskart planned to use visual artificial intelligence (Al) technology to improve the store and product experience. Similarly, in October 2023, Tech Mahindra announced the launch of the "Vision amplifier" solution under the TechM suit of Al offerings and solutions. The solution amplifies the computer vision-related use cases for enterprises. It provides end-to-end life cycle management of computer vision (CV) projects, with an emphasis on de-skilling the whole process. Therefore, the demand for Al in computer vision is increasing in India.

Advancement in AI Technology

Artificial intelligence (AI) has become a substantial force in innovation and technology, drastically altering several industries. South Korea is advancing its Al capabilities and has expressed its determination to position itself as a global contender in Al technologies markets. Al is a crucial element in the country's prowess in the ICT sector, and companies are committed to Korea becoming an Al powerhouse. Startups and companies in South Korea are using Al to address issues related to new technologies and improve the quality of daily life. For instance, in September 2023, Korean internet company Naver explored robotics, Al, and autonomous driving. Also, in November 2023, South Korean startup Sageon launched a powerful new X330 Al chip to boost its capabilities in advanced Al technologies and launch new Al services.

AI in Computer Vision Market Report Segmentation Analysis

Key segments that contributed to the derivation of the AI in computer vision market analysis are component and end use industry.

• Based on component, the AI in computer vision market is divided into software and hardware. The software segment held a larger market share in 2023.
• On the basis of end use industry, the market is divided into security and surveillance, manufacturing, automotive, retail, sports and entertainment, and others. The security and surveillance segment held a larger market share in 2023.

AI in Computer Vision Market Regional Insights

The regional trends and factors influencing the AI in Computer Vision Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses AI in Computer Vision Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

AI in Computer Vision Market Report Scope

AI in Computer Vision Market Players Density: Understanding Its Impact on Business Dynamics

The AI in Computer Vision Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

AI in Computer Vision Market Share Analysis by Geography

The geographic scope of the AI in computer vision market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

The market in Asia Pacific is projected to expand during the forecast period. Japan is considering adopting more lenient regulations regarding the utilization of artificial intelligence (AI) compared to the European Union. The country aims to leverage this technology to enhance economic growth and establish itself as a frontrunner in advanced chips. Further, due to features that allow automation, the demand for advanced technology and solutions across industries is on the rise. Tokyo is the hub of Japan's Al industry. The Japanese government has set up an "Al Policy Board" to facilitate the growth of Al in Tokyo in terms of top-level architecture and has developed different policies that enable companies to grow Al. Tokyo continues to evolve toward autonomous driving and robotics with regard to application efficiency.

AI in Computer Vision Market News and Recent Developments

The AI in computer vision market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the AI in computer vision market are listed below:

• Qualcomm collaborated with Zebra Technologies to demonstrate a Generative Artificial Intelligence (GenAI) large language model. Through the collaboration, the company is taking the GenAI to the mobile edge on-device and applying it to areas such as voice AI, computer vision, and machine vision software powered by deep learning as well as task and workflow software using orchestrated AI." (Source: Qualcomm Inc, Company Website, October 2023)

AI in Computer Vision Market Report Coverage and Deliverables

The “AI in Computer Vision Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• AI in computer vision market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• AI in computer vision market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• AI in computer vision market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the AI in computer vision market
• Detailed company profiles