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)
Publication Month: Jan 2021 | Report Code: TIPRE00011691 | No. of Pages: 146 | Category: Technology, Media and Telecommunications | Status: Published
The AI in computer vision market is expected to grow from US$ 9,039.5 million in 2021 to US$ 95,080.5 million by 2027. The AI in computer vision market is expected to grow at a CAGR of 46.9% during the forecast period of 2021 to 2027.
The key factor driving the AI in computer vision market is the rising demand for merged reality. The computer vision software takes VR and AR to the next stage of development that some call Merged Reality (MR). The VR and AR systems can: perceive the atmosphere and guide the user away from obstacles such as walls, products or other users; detect the movement of the eye and body of the user and adopt the VR environment accordingly; and provide guidance and directions with the aid of external environment by mapping cameras and sensors, as well as eye tracking solutions and gyroscopes to position the user.
The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020 and likely in 2021 also. However, the outbreak of the virus 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 impact the market positively.
Based on End User the AI in computer vision market is segmented into automotive, sports and entertainment, robotics and machine vision, security and surveillance, government and defense, and others. The automotive sector accounted for the highest share in the market in 2020. Vision products in automotive applications help enhance the experience of driving. Driver control systems make use of computer vision to ensure that the driver remains alert and awake while the vehicle is driving. These systems can monitor head movement and body language for signs that the driver is drowsy, thus posing a danger to those on the road. They can also monitor driver actions and behaviors such as texting, eating, etc., and thus react or warn the driver with a friendly reminder that instead encourages the person to concentrate on the road.
Lucrative Regions in AI in Computer Vision Market
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AI in Computer Vision Market Insights
Increase in Demand for Emotion AI
Emotion AI uses Computer vision technology to analyze facial appearances and eye trends in photos and videos to read the emotional responses of an individual. London-based start-up Emotion AI tracks the facial expression of a sample crowd watching a particular promotion from their PC or cellphone camera. In 2019, Realeyes raised US$ 12.4 million in funding to assist major companies, such as AT&T, Mars, Hershey's, and Coca-Cola, to separate emotions from photographs of facial expressions before rating any promotion for focus, emotion, and feeling. Furthermore, Apple bought Emotient in January 2016, and Facebook is developing its own products. Thus, rising demand for artificial intelligence for emotion analyses is fuelling the integration of artificial intelligence with computer vision, thereby contributing to the market growth.
Component -Based Market Insights
Based on component, the global AI in computer vision market is segmented into hardware and software. The AI in computer vision solutions is witnessing high demand as compared to Ai in computer vision hardware. The software segment generates the majority of the demand since it is comparatively less expensive and due to strong network infrastructure in developed countries. In addition, the AI based computer vision software vendors are highly focused on developing a high-level security patch in order to eliminate the risk of cyber-attack. This factor is also creating significant demand from the end-users, thereby driving the AI in computer vision market.
AI in Computer Vision Market, by Component - 2021 and 2027
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End-User -Based Market Insights
Based on end user, the global AI in computer vision market is segmented into automotive, sports and entertainment, robotics and machine vision, security and surveillance, government and defence and others. The increasing investment in the above mentioned industries in order to automate processes and create error free products are influencing the adoption of AI based computer vision hardware and software over the years.
Strategic Insights
Players operating in the AI in computer vision market focus on strategies, such as market initiatives, acquisitions, and product launches, to maintain their positions in the AI in computer vision market. A few developments by key players of the AI in computer vision market are:
In October 2020, Intel's Myriad 2 Vision Processing Unit has launched onboard artificial intelligence to satellites on a system that is provided by Ubotica Technologies and integrated with a hyperspectral-thermal camera from cosine measurement and systems.
In April 2020, Cognex launched the In-Sight D900 embedded vision system which is the first-of-its kind solution, the In-Sight D900 features Cognex’s ViDi deep learning software inside an In-Sight industrial-grade smart camera.
AI in Computer Vision Market – by Component
- Hardware
- Software
AI in Computer Vision Market – by Deployment
- Automotive
- Sports and Entertainment
- Robotics and Machine Vision
- Security and Surveillance
- Government and Defense
- Others
AI in Computer Vision Market – by Geography
North America
- US
- Canada
- Mexico
Europe
- France
- Germany
- Russia
- UK
- Italy
- Rest of Europe
Asia Pacific (APAC)
- China
- India
- Japan
- Australia
- South Korea
- Rest of APAC
MEA
- Saudi Arabia
- UAE
- South Africa
- Rest of MEA
SAM
- Brazil
- Argentina
- Rest of SAM
AI in computer vision Market – Company Profiles
- ALLIED VIS
- ION TECHNOLOGIES GMBH
- BASLER AG
- COGNEX CORPORATION
- GENERAL ELECTRIC COMPANY
- INTEL CORPORATION
- MICROSOFT CORPORATION
- NVIDIA CORPORATION
- QUALCOMM TECHNOLOGIES, INC.
- TELEDYNE TECHNOLOGIES, INC.
The List of Companies - AI in Computer Vision Market
- ALLIED VIS
- ION TECHNOLOGIES GMBH
- BASLER AG
- COGNEX CORPORATION
- GENERAL ELECTRIC COMPANY
- INTEL CORPORATION
- MICROSOFT CORPORATION
- NVIDIA CORPORATION
- QUALCOMM TECHNOLOGIES, INC.
- TELEDYNE TECHNOLOGIES, INC.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the AI in computer vision market, thereby allowing players to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to component, application and vertical.
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