Westford, Massachusetts, July 8, 2024 /PRNewswire/ — According to SkyQuest, the global artificial intelligence (AI) market size for computer vision is $20.7 billion In 2022 $25.8 billion In 2023 $148.8 billion By 2031, it will grow at a CAGR of 24.5% during the forecast period (2024-2031).
Computer vision intelligence (AI) is growing rapidly due to high demand across industries. Computer-based intelligence (AI) has become central to predictive maintenance, using CCTV and deep machine learning algorithms to accurately detect faults in many systems, highlighting the importance of such technology in the industry. Following the introduction of image sensors, smart cameras, and deep learning algorithms, computer vision systems are on the rise and their application across various technologies is driving market growth and innovation.
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Overview of the Global Artificial Intelligence (AI) in Computer Vision Market:
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Report Scope |
detail |
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Market Revenue in 2023 |
$25.8 billion |
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Estimated value through 2031 |
$148.8 billion |
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Growth rate |
Expected to grow at an average annual rate of 24.5% |
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Forecast Period |
2024-2031 |
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Forecast Unit |
Value (billion USD) |
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Report Scope |
Revenue Forecast, Competitive Landscape, Growth Factors and Trends |
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Target Segments |
Applications, Components, Features, Machine Learning Models, End-Use Industries |
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Target area |
North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
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Report highlights |
Update player financial information/product portfolio |
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Key Market Opportunities |
The birth of computer vision technology is a necessary stimulus for AI |
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Key Market Drivers |
Increasing demand for automation |
Target Segments Artificial Intelligence (AI) in Computer Vision Market is as follows:
- application
- Industrial (2D Machine Vision, 3D Machine Vision, Quality Assurance and Inspection), Non-Industrial
- component
- function
- Machine learning models
- Supervised learning (convolutional neural networks, recurrent neural networks), unsupervised learning, reinforcement learning
- End Use Industries
- Automotive (ADAS & Infotainment, Autonomous & Semi-Autonomous Vehicles), Consumer Electronics (Gaming, Cameras, Wearables, Smartphones), Healthcare (Radiology, Medical Imaging), Retail, Security & Surveillance (Biometrics, Image & Video Analytics, AI-Guided Drone-Based Surveillance), Manufacturing, Agriculture (Crop Monitoring, Automated Irrigation Systems), Transportation & Logistics, Others
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End-User Innovation: AI in Computer Vision for Healthcare
The healthcare industry is a major player in the global computer vision market as it is a versatile sector where computer vision has a huge impact on medical care and disease diagnosis. Today, computer vision technology powered by artificial intelligence (AI) is used in the fields of medical imaging, diagnosis, surgery planning, and patient health management. Computer vision systems can detect anomalies in medical images such as X-rays, MRIs, and CT scans. With the help of AI, medical professionals can gain early detection and insights. AI is used due to the desire to provide medical images and diagnostic tests accurately and efficiently, as well as to reduce costs.
Meanwhile, the fastest growing area of AI in the computer vision industry is the automotive sector. With the integration of AI in automobiles, the automotive industry is undergoing transformation with the help of computer vision technology. Computer vision systems provide ADAS and automation capabilities with their unique technological capabilities. These systems analyze real-time visual data from cameras and sensors to detect objects, identify pedestrians, understand traffic signs, and act as navigation guides. The automotive industry is allocating significant funding to AI-powered computer vision systems as they transform safety, driving, and even autonomous driving.
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Software Division: Powering the AI revolution
The software segment has emerged as the largest segment of the market. With the rise in deep learning algorithms and neural networks, the accuracy and efficiency of deep vision algorithms has improved dramatically increasing the dominance of this segment in the scale of AI, deep learning algorithms, image recognition software, video analytics tools, and AI-based algorithms. The software component is the basis for training AI models for object recognition, image segmentation, face recognition, and most tasks related to computer vision.
Meanwhile, the hardware segment is expected to grow at a CAGR of 19.5% through 2023, emerging as the fastest-growing segment of artificial intelligence (AI) in computer vision market. As artificial intelligence is increasingly being used in industrial sectors, various applications require these solutions to maximize efficiency.
Envisioning Tomorrow: The Future of Artificial Intelligence (AI) in the Computer Vision Market
Artificial Intelligence (AI) has revolutionized computer vision, enabling unprecedented capabilities in image and video analysis. The market is poised for tremendous growth due to advances in deep learning, neural networks, and computing power. These technologies have enabled a wide range of deployments, from autonomous vehicles and front-end vehicle detection to medical imaging and industrial devices.
Going forward, as AI systems become more sophisticated and accessible, AI will further penetrate the market. Emerging trends such as edge AI, interpretable AI, and the integration of AI into Internet of Things (IoT) devices will shape the future.
Related reports:
AI Market
Artificial Intelligence of Things (AIoT) Market
Edge Artificial Intelligence (AI) Market
Mobile Artificial Intelligence (AI) Market
Artificial Intelligence (AI) Hardware Market
About us:
SkyQuest is an intellectual property focused research and investment bank and technology and asset accelerator, providing access to technologies, markets and capital across a range of sectors including life sciences, cleantech, agritech, nanotechnology and information and communications technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, corporations and investors to leverage external R&D resources and help them optimize the economic potential of their intellectual assets. Our experience in innovation management and commercialization makes our reach extensive. North America, EuropeASEAN and Asia Pacific.
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Source: SkyQuest Technology
