Market research report published by MarektsandMarkets "AI in Computer Vision Market analyzes the AI in Computer Vision Market by Component (Hardware, Software), Vertical (Automotive, Sports & Entertainment, Consumer, Robotics & Machine Vision, Healthcare, Security & Surveillance, Agriculture), and Region - Global Forecast to 2023", the AI in computer vision market is expected to be valued at USD 3.62 Billion in 2018 and is expected to reach USD 25.32 Billion by 2023, at a CAGR of 47.54% between 2018 and 2023.
The increasing demand for computer vision systems in non-traditional and emerging applications and growing demand for edge computing in mobile devices are among the factors driving the growth of the market.
With the increasing labor cost in the security market and use of robotics in the healthcare industry, AI-based computer vision systems are being used for many applications. The market for AI-enabled computer vision has an increasing demand in various emerging applications such as unmanned aerial vehicles, augmented reality, missile guidance, autonomous vehicles, and others.
Hardware expected to grow at a high rate during the forecast period
The key factor driving the growth of hardware in the AI based computer vision market is the growing penetration of AI-capable processors in mobile devices, such as smartphones, drones, automotive, and consumer electronics devices.
Consumer vertical expected to hold the largest share during the forecast period
Key factors contributing to the growth of the AI in computer vision market in the consumer vertical is the addition of AI capabilities to smartphones, which will help change mainly 2 aspects: user–machine interaction and context-personalized openness. User machine interaction will improve the efficiencies between the user and their phone across text, voice, image, video, and sensors, whereas the latter will actively provide services and aggregated information across apps, content, third-party features, and native features.
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AI in computer vision market in North America expected to hold the largest share in 2017
North America is expected to hold the largest market share in 2017. Startups in the US are receiving funds from various organizations to imply the AI technology in autonomous drones and other flying vehicles. The major focus is to overcome challenges faced by industrial drones in terms of reliability, safety, and autonomy. Thus, companies have come up with solutions that combine computer vision and deep learning algorithms and identify potential hazards, and speed and distance. The market for AI in computer vision in APAC is expected to grow at the highest CAGR during the forecast period and surpass North America by 2023. Finisar (US), Lumentum (US), Broadcom (US), Sumitomo Electric (Japan), and Accelink Technologies (China) are the leading players in the AI in Computer Vision Market.
Major players operating in the AI in computer vision market include
NVIDIA (US), Intel (US), Qualcomm (US), Apple (US), Alphabet (US), Microsoft (US), Facebook (US), Wikitude (Austria), Xilinx (California), Basler (Germany), Teledyne Technologies (US), Cognex (US), General Electric (US), and Avigilon (Canada).
Top 2 players in the AI in computer vision market:
NVIDIA
NVIDIA is among the world leaders in the visual computing business. It has a well-established geographic footprint and deals with major OEMs or ODMs. The company continues to lead in the development of new products for the AI in computer vision market. Recently, NVIDIA has witnessed significant jump in its data center revenue. It is giving tough competition to Intel in the data center market. NVIDIA DRIVE for automakers to build and deploy self-driving cars and trucks that are functionally safe and certified to international safety standards is one of the important products of the company. For instance, in January 2018, NVIDIA announced a new architecture of NVIDIA DRIVE, its AI autonomous vehicle platform that uses redundant and diverse functions to enable vehicles to operate safely.
Intel
Intel designs, manufactures, and sells computer, networking, and communication platforms globally. It develops computer vision and machine learning-based sensing products, mapping and driving policy technology solutions for advanced driver assistance systems, and autonomous driving technologies. In the AI-based computer vision market, the company focused on inorganic strategies such as acquisitions and partnerships between 2016 and 2017. For instance, in August 2017, Intel acquired Mobileye (Israel) to develop automated cloud-to-car solutions.
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