AI in Computer Vision Market Size and Competitive Analysis by 2031

[Research Report] The AI in computer vision market size was valued at US$ 13.75 billion in 2022 and is expected to reach US$ 135.44 billion by 2030. The AI in computer vision market is estimated to record a CAGR of 33.1% from 2022 to 2030.

Analyst Perspective:

The growth in the adoption of Industry 4.0 is propelling the growth of AI in the computer vision market as AI computer vision is transforming Industry 4.0 by enabling automated vehicles to interpret and understand visual information. Combining artificial intelligence and computer vision is like having a team of superpowered robots working in the warehouse and logistics operations. These robots can analyze, see, and make decisions based on what they observe. Computer vision is a fundamental technology for developing autonomous or self-driving vehicles. It provides the necessary perception capabilities, enabling vehicles to navigate and operate safely without human intervention. Thus, the growing number of autonomous vehicles propels the growth of AI in the computer vision market.

AI in Computer Vision Market Overview:

AI in computer vision enables computers and systems to draw meaningful information from digital images, videos, and other visual inputs and take actions or make references based on that information. Computer vision technology is heavily reliant on AI and machine learning technologies. AI enables computer vision to understand, recognize, and analyze all types of visual data. AI models, logic, and models can quickly consume, absorb, and learn from the huge amount of labeled and unlabeled visual data. It enables computer vision-enabled computers to recognize the various diverse features, patterns, and relationships in videos, graphics, and even infographics.

The goal of AI in computer vision is to create automated systems that can comprehend visual information (such as images or videos) in the same way that humans do. Computer vision aims to teach machines to understand and interpret images pixel by pixel. There are several use cases of AI-powered computer vision. Computer vision is being used in various industries such as security & surveillance, manufacturing, automotive, retail, sports & entertainment, and healthcare.

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AI in Computer Vision Market Driver:

Growing Adoption of Industry 4.0 Drives AI in Computer Vision Market Growth

Industry 4.0 is a new phase of the industrial revolution—the digital transformation of manufacturing and related industries—that highly emphasizes automation, interconnectivity, real-time data, and machine learning. By combining Industry 4.0 with automation systems, traditional industrial facilities are gradually evolving into smart, connected, and highly efficient automated facilities. It forms a single automated unit that combines computers and industrial automation solutions with the help of robotics. A network of connected devices creates a smart architecture capable of making decentralized decisions. The increasing adoption of AI-based computer vision solutions among Industry 4.0 companies is expected to improve warehouse safety, allow companies to achieve higher levels of lean manufacturing, and increase productivity and profitability while lowering long-term costs.

Furthermore, AI computer vision is transforming Industry 4.0 by enabling automated vehicles to interpret and understand visual information. Combining artificial intelligence and computer vision is like having a team of superpowered robots working in the warehouse and logistics operations. These robots can analyze, see, and make decisions based on what they observe. This results in a more accurate, efficient, and streamlined workflow, leading to increased profitability and productivity. In a warehouse and logistics setting, these robots can perform tasks such as quality control, object recognition and identification, picking and packing, and inventory management. They help work at a faster pace and eliminate the possibility of human error, making sure that the right products reach the right customers on time and ensuring the smooth flow of operations.

AI computer vision revolutionizes industry processes by reducing human error, automating tasks, increasing productivity, enabling intelligent decision-making based on real-time data, and ensuring product quality. There are several applications of AI computer vision systems in automation for Industry 4.0. With computer vision, it measures products' quantities precisely and quickly, reduces costs and timelines, avoids human contact in particular processing to eliminate contamination risks, and guarantees better safety standards to employees. AI computer vision is fast growing in the industrial world because it offers integrable solutions in the production lines. A computer vision system can perform several operations, including monitoring products, analyzing possible defects, performing predictive maintenance to avoid malfunctions and interruptions, and improving safety on production sites. Thus, with the growing adoption of Industry 4.0, the AI in computer vision market is growing.

AI in Computer Vision Market Report Segmentation and Scope:

AI in computer vision market is segmented into component, end-use industry, and geography. Based on component, the AI in computer vision market is segmented into hardware and software. In terms of end-use industry, AI in computer vision market is segmented into security & surveillance, manufacturing, automotive, retail, sports & entertainment, and others. By geography, the AI in computer vision market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

AI in Computer Vision Market Segmental Analysis:

Based on component, the AI in computer vision market is segmented into hardware and software. The software segment held a larger share of the AI in computer vision market in 2022. Software plays an important role in AI in computer vision by providing tools necessary to analyze and visualize data. Software provides several applications such as AI Frameworks, AI routines, video processing, image acquisition, image processing control, and artificial intelligence functions to design, develop, and deploy high-performance computer vision applications. Several players provide software for AI in computer vision. For instance, Advanced Micro Devices Inc. provides AMD ROCm Software. The software offers a suite of optimizations for AI workloads—from Large Language Models (LLMs) to image/video detection & recognition, life sciences & drug discovery, autonomous driving, robotics, and more—and supports the broader AI software ecosystem, including open frameworks, models, and tools.

Hardware plays a major role in capturing data during computer vision applications. The primary hardware elements needed for computer vision applications are a processor unit, input/output device (I/Os), cameras and image sensors for picture capture, and a communication link. Camera imaging sensors are distinguished by three key parameters: resolution (count of pixels), speed (frames per second), and color count. Depending on the type of computer vision application, the processing units vary from CPUs to embedded boards. Several players across the globe provide hardware for computer vision. For instance, Qualcomm Technologies, Inc. provides a Vision AI development kit for running artificial intelligence models on devices at the intelligent edge. The Vision AI development kit includes a main board, camera, and others.

AI in Computer Vision Market Regional Analysis:

The North America AI in computer vision market size was valued at US$ 5.01 billion in 2022 and is projected to reach US$ 51.12 billion by 2030; it is expected to register a CAGR of 33.7% from 2022 to 2030. The North America AI in computer vision market is segmented into the US, Canada, and Mexico. The US held the largest share of the North America AI in computer vision market in 2022. Several commercial organizations and federal and state governments in the US have contributed to the growth of the market through the rapid adoption of AI technology for industrial and economic development. New York performs particularly well in AI integration and application quality as a financial and technical hub in the US. Additionally, the government initiative of smart cities across the country is also expected to influence the adoption of AI in computer vision technologies across the country. Various companies in the US are launching computer vision technologies. For instance, in May 2023, Landing AI, the leading computer vision cloud platform, announced the world's first computer vision software for FDA-regulated manufacturers. This platform version is targeted at highly regulated industries, such as drug, medical device makers, and life sciences, so that they can speed up innovative solutions. Thus, the AI in computer vision market is growing in the US.

AI in Computer Vision Market Key Player Analysis:

Advanced Micro Devices Inc., Cognex Corp., General Electric Co., Intel Corp., Microsoft Corp., Qualcomm Inc., Teledyne Technologies Inc., NVIDIA Corp., BASLER AG, and International Business Machines Corp. are among the key companies operating in the AI in computer vision market.

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 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.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the AI in Computer Vision Market are:

1. Advanced Micro Devices Inc
2. Cognex Corp
3. General Electric Co
4. Intel Corp
5. Microsoft Corp
6. Qualcomm Inc

Disclaimer: The companies listed above are not ranked in any particular order.

AI in Computer Vision Market Recent Developments: 

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the AI in computer vision market. A few recent key AI in computer vision market developments are listed below:

• In February 2022, AMD announced the acquisition of Xilinx, a semiconductor provider based in the US. Following the acquisition, Xilinx will now operate as a part of AMD's adaptive and embedded computing group. Both companies offer complementary products with differentiated IP and workforce. Working together, AMD and Xilinx would be able to deliver far broader products and solutions catering to every need for computing solutions.
• In March 2023, Intel Labs enhanced computer vision development with two new AI models. VI-Depth 1.0 and MiDaS 3.1 open-source AI models improve depth estimation for computer vision.