AI in Computer Vision Market Expected to Reach $207.09 Billion by 2030

According to a new report published by Allied Market Research, titled, “AI in Computer Vision Market by Component, Function, Application, and End Use: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global AI in computer vision market size was valued at $9.18 billion in 2020, and is projected to reach $207.09 billion by 2030, registering a CAGR of 39.60%. The North America region is expected to be the leading contributor to the global market during the forecast period, followed by Europe and Asia-Pacific.     

Computer vision technology is one of the most promising areas of research within artificial intelligence and computer science, and offers tremendous advantages for businesses in the modern era. Computer vision focuses on designing computer systems that possess the ability to capture, understand, and interpret important visual information contained with image and video data. Computer vision systems then translate this data, using contextual knowledge provided by human beings, into insights used to drive decision making.

Automobile manufacturers are increasingly reliant on computer vision and industrial robotics technologies to accomplish several levels of automation throughout the production process. Increasing participation of various automotive and IT giants to develop autonomous cars is driving the growth of the AI in computer vision market for the automotive industry. In the automotive industry, computer vision technology is used for inspection of every single detail during production and detects flaws in every single product produced. Moreover, it also includes confirming the presence or absence of automobile parts and analyzing their proper shapes and sizes. Furthermore, the automotive industry is witnessing a paradigm shift from human-driven or conventional vehicles into AI-powered or self-driving cars.  

The prominent factors that impact the AI in computer vision market growth are rising demand for computer vision systems in automotive applications, increasing demand for emotion AI, and high demand for quality inspection and automation. However, rising safety and security related concern restricts the market growth. On the contrary, government initiative to boost development of AI-related technologies is expected to create lucrative opportunities for the market. Therefore, these factors are expected to definitely affect the global AI in computer vision industry during the forecast period. 

Region-wise, the AI in computer vision market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and the rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is dominating the market due to an increase in adoption of AI in emotion analysis and integration of artificial intelligence with computer vision. The overall AI in computer vision market analysis is determined to understand the profitable trends to gain a stronger foothold 

COVID-19 Impact Analysis

• The COVID-19 pandemic has a low impact on the growth of the AI in computer vision market. From a regional point of view, the outbreak of COVID-19 has caused a major setback to the export-oriented economies, owing to temporary shutting down of manufacturing plants. However, consumer products, such as smartphones and smart homes, have become less of a luxury and more of a necessity. This segment comprises wearables, laptops, desktops, and other appliances, which was impacted as the production declined due to disruptions in the global supply chain, especially in China. 
• The COVID-19 outbreak has positively as well as negatively affected major businesses worldwide by disrupting production cycles and supply chains across industries. However, as vaccines roll out across the globe and the pandemic situation is better controlled, especially in North America and Europe, this is expected to boost the recovery of the AI in computer vision market.  

Key Findings of The Study

• In 2020, the software segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 40.00% during the forecast period.
• The consumer electronics segment accounted for more than 35% of the global AI in computer vision market share in 2020.   
• The agriculture segment witnessed highest growth rate during the forecast period.
• UK was the major shareholder in the Europe AI in computer vision market revenue, accounting for approximately 36% share in 2020.   

The key players profiled in the report include NVIDIA Corporation (U.S.), Intel Corporation (U.S.), Microsoft Corporation (U.S.), AWS (U.S.), IBM Corporation (U.S.), Facebook (U.S.), Google (U.S.), Qualcomm (U.S.), Xilinx (U.S.), and BASLER AG (Germany). These players have adopted various strategies, such as partnership, agreement, collaboration, and product launch, to expand their foothold in the AI in computer vision industry.