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AI in Computer Vision Market size was valued at USD 9 billion in 2022 and is projected to observe over 12% CAGR from 2023 to 2032.
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The demand AI systems is anticipated to increase due to the growing integration of advanced technologies in the security and surveillance sector. Computer vision systems enhance the protection of high-value assets by integrating biometric scanning and facial recognition systems. Owing to the ability of computer vision systems to recognize unique patterns in human irises and retinas, smartphone security is a very popular use of facial recognition technology.
Report Coverage | Details |
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Base Year: | 2022 |
Market Size in 2022: | USD 9 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 12% |
2032 Value Projection: | USD 28 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 250 |
Tables, Charts & Figures: | 215 |
Segments covered: | Component, Application, End-use |
Growth Drivers: |
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Pitfalls & Challenges: |
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The need for integrating computer vision systems and the increasing security concerns about cloud-based image processing will hamper the AI in computer vision market growth. The high demand for extremely qualified and experienced professionals, as well as concerns about the privacy and security of user data. With the transformation towards digital means, AI and data security are the high priority of companies.
The COVID-19 pandemic has impacted the global economy owing to travel restrictions, pausing of manufacturing, supply chain disruptions, and more. However, its impact on the growth of AI in computer vision market has been pretty low. With the transition towards a work-from-home model and remote working, people started using laptops and smartphones more than ever. Consumer products were in high demand, however, with the limited raw material availability and trade cycle disruptions, the market expansion was hampered on a lower scale.
It is set that government attempts to promote the development of AI-related technologies will open the door for AI in the computer vision sector. Around the world, several governmental organizations are increasing their investments in artificial intelligence and planning how to employ and promote its use. Recently, in May 2023, the U.S. National Science Foundation (NSF) announced an investment of nearly USD 140 million along with several federal agencies and higher education institutions. This investment will be used to launch seven new AI institutes (National Artificial Intelligence Research Institutes).
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The AI in computer vision market from hardware segment dominated for USD 4.6 billion revenue in 2022. A vast variety of hardware elements, including processors, cameras, lenses, frame grabbers, and LED lights, are included in this sector. The accessibility of cutting-edge hardware platforms that provide simple component connections and advanced features like quick processing, multi-megapixel resolution, and fully digital data management are influencing its adoption.
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The AI in computer vision market from predictive maintenance segment is poised to cross USD 9 billion by 2032. In order to monitor the data from machinery and related components, predictive maintenance uses machine learning algorithms in conjunction with IoT (Internet of Things) sensors. To make informed decisions before an asset or component fails, it usually uses sensors for data point collecting and signal detection. It is projected that increased innovation and investment in cloud computing, IoT, and AI will accelerate the industry growth.
The manufacturing segment share in the AI in computer vision market was more than USD 1.8 billion in 2022. The manufacturing sector makes substantial use of automation and robotics solutions. There is an increasing demand for intelligent systems to monitor industrial processes and outcomes as manufacturing facilities advance toward completely automated production. Machine vision, a subset of computer vision, is contributing to the advancement of industrial processes as the Internet of Things revolutionizes the manufacturing sector and increases its autonomy.
North America AI in computer vision market size will surpass USD 8.2 billion by 2032, with increasing technological upgrades in the industrial sector and its ability to help users identify defective gear. In order to monitor operations and prevent issues that are not immediately apparent, manufacturers use AI-incorporated smart cameras in manufacturing facilities.
Some of the leading companies involved in the AI in computer vision market are Basler AG, Google (Alphabet), Intel Corporation, Amazon Web Service, Inc., IBM Corporation, Cognex, and Advanced Micro Device, Inc. Through innovations and collaboration with other stakeholders in the ecosystem, these players are concentrating on the development of AI-embedded computer vision systems.
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Market, By Component
Market, By Application
Market, By End-use
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