AI in Computer Vision Market
Global Industry Analysis and Forecast 2023-2030
Market Value (2022)
USD 17.42 Billion
Forecasted Value (2030)
USD 206.33 Billion
CAGR (2023 - 2030)
Fastest Growing Region (2023 - 2030)
By End-Use Industry
Consumer Electronic, Automotive, Healthcare, Retail, Security & Surveillance, Manufacturing, Others
By ML Model
Supervised Learning, Unsupervised Learning, Reinforcement Learning
The global AI in Computer Vision Market was valued at USD 17.42 billion in 2022 and is projected to reach USD 206.33 billion by 2030, growing at a CAGR of 37.05% from 2023 to 2030.
The global market for AI in computer vision is expanding exponentially, driven by the increasing demand for machine vision applications and advancements in algorithms and technologies for processing visual data. This market involves the development and deployment of AI-based solutions. The applications of AI in computer vision include object recognition, tracking, remote quality control, sports analysis, and precision medicine. Increasing dependency on AI and its solutions owing to the adoption of automation would drive the market substantially throughout the forecast period.
Despite certain challenges such as limited access to data, and ethical issues related to the use of AI, the market is projected to grow exponentially in the coming years, with increasing investments in research and development and advancements in integration capabilities.
Analyst’s Review on AI in Computer Vision Market
Substantial growth in the global AI in computer vision market is estimated, driven by the increasing adoption of machine vision applications and advancements in AI technologies. Penetration of digitalization on a global level is observed to be the foundation pillar that has supported the growth of advanced technological services, solutions, and other related activities. The market is observed to be impacted by certain challenges and restraints. However, driving factors would have a positive impact throughout the forecast period.
Computer vision is the process of analyzing and interpreting digital images and videos using algorithms and techniques based on artificial intelligence (AI) and machine learning (ML). By training the computer model to recognize patterns and extract meaningful information from these visual inputs, the resulting model can potentially perform tasks such as object recognition, tracking, and prediction without the need for direct human intervention.
The AI in computer vision market involves the application of artificial intelligence (AI) techniques and technologies to develop computer systems capable of analyzing, interpreting, and processing digital images, videos, and other desired data. The market mainly consists of hardware and software offerings that enable organizations to adopt and deploy computer vision applications for various use cases. The key players in this market are companies that provide solutions for developing and deploying AI computer vision systems.
AI in computer vision is integrated into manufacturing processes, automated industrial applications, ICT & IoT-based solutions, and services. Other applications of AI in computer vision include attendance monitoring, school logistics support, theft detection, sports analysis, healthcare, and retail industries, among others. Consumer electronics, automotive, healthcare, retail, security & surveillance, and manufacturing are the majority of the end-user industries that are attracting high demand from the AI in computer vision market.
The increasing demand for machine vision applications across various sectors is driving the growth of AI in the computer vision market. Machine vision systems have become vital in enhancing efficiency and productivity by providing real-time analysis of movements, remote quality control, and image recognition. The automotive sector is shifting towards automation, specifically self-driving cars, which heavily rely on AI computer vision systems for autonomous driving.
With the growth of technology and innovation, machine vision systems are being integrated into various industries, including education, healthcare, and retail, providing cutting-edge solutions that improve operations and enhance the customer experience. The demand for machine vision applications in numerous sectors is expected to increase in the coming years, driving the growth of the AI in computer vision market and spurring investments in research and development to meet these demands.
However, the market may observe certain restraining and challenging factors during 2023-2030. The use of AI in computer vision requires large volumes of complex data sets for training and improving machine learning models. Accessing high-quality data is a common challenge faced by the AI in computer vision market. Poor data quality may come from various sources and lead to inaccuracies in the analysis, which can lead to poor decision-making and results thus hampering the efficiency.
This could in turn impact the penetration rate of AI in computer vision in end-user industries, especially in developing countries that have not reached the highest and most advanced levels of digitalization. Other factors that could pose a challenge to market expansion are ethical concerns related to the use of AI in computer vision cannot be overstated, and many stakeholders are calling for guidelines and regulations to ensure proper use and to minimize the risk of unintended consequences.
The global AI in computer vision market is segmented based on offerings, applications, end-user industry, ML model, and geography.
Based on offering, the market is bifurcated into software and hardware offerings. In 2022, software services and solutions dominated the segment, accounting for over 62% of the revenue. One of the primary factors contributing to the dominant market share is the availability of advanced hardware platforms that facilitate seamless integration of software and offer enhanced capabilities such as high-speed processing, multi-megapixel resolution, and efficient digital data management. The software sub-segment is anticipated to dominate throughout the forecast period at an approximate growth rate of 38%.
Based on application, the AI in computer vision market is further categorized into non-industrial and industrial applications. Non-industrial applications are anticipated to reach the highest revenue of USD 158.02 billion by 2030 with a CAGR of 38.12%. Based on the end-user industry, the market is further fragmented into consumer electronics, automotive, healthcare, retail, security & surveillance, manufacturing, and other industries. Consumer electronics, automotive, and healthcare held significant shares in 2022. However, the automotive industry is estimated to experience a steady growth rate of 26% as compared to the retail industry which would observe the highest growth rate of 43.71%.
Based on regional analysis, the global AI in computer vision market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
North America held the largest share in terms of value and is estimated to reach a regional market value of USD 94.69 billion by 2030 at a growth rate of more than 38%. The rise in non-industrial applications such as the implementation of AI in machine learning, and other end-user industries is observed to be the prominent factor driving the growth of the market in North America. The region has experienced an increase in demand from agriculture, educational institutions, and law enforcement organizations, thus propelling the scope of applicability for the service and solution-providing companies in the region. The U.S. attributed the highest revenue in North America, accounting for more than 81% of the share in 2022.
Asia Pacific experienced a rapid increase in market revenue year-on-year basis in 2021 and 2022. The AI in computer vision market valued USD 2.25 billion and USD 3.26 billion in 2021 and 2022 respectively. The region is estimated to observe the highest growth rate of 42.33% among other regions. China and Japan accounted for the highest revenues by accruing more than 63% of the region’s share. India is anticipated to observe a significant growth rate owing to transitioning towards digitalization which is encouraged by the government.
The global AI in computer vision industry study report will provide valuable insight with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization. The major players in the AI in computer vision market are
- Intel Corporation
- Basler AG
- Qualcomm Technologies, Inc.
- TEC Competence GmbH & Co. KG
- Advanced Micro Devices, Inc.
- NVIDIA CORPORATION
- May 2022 (Acquisition)– Basler AG, a German company manufacturing components for computer vision, signed an agreement for acquiring Italian company Advanced Technologies S.p.a. Advanced Technologies has been a partner of Basler in terms of sales for a long time.
- May 2023 (Acquisition)– An announcement was made by Qualcomm Incorporated stating Qualcomm Technologies Inc., signed an agreement in acquiring Autotalks. The acquisition will see Autotalks' dual-mode, production-ready safety solutions added to Qualcomm’s Snapdragon Digital Chassis portfolio, which comprises the company’s comprehensive suite of cloud-connected automotive platforms.
The global AI in Computer Vision Market is segmented as:
By End-Use Industry
- Consumer Electronics
- Security & Surveillance
By ML Model
- Supervised Learning
- Unsupervised Learning
- Reinforcement Learning
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America