LONDON--(BUSINESS WIRE)--The vision processing unit market is expected to grow by USD 892.45 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio. Request a free sample report
AI collects, analyzes, and stores large volumes of real-time data. The technology enables computers to perform numerous critical functions that require human intelligence such as learning, reasoning, and problem-solving. Governments and organizations around the world are focusing on the development of AI and are adopting AI for different purposes. Smartphone manufacturers use AI and deep learning to provide advanced features such as real-time DoF, and gesture and facial recognition in their smartphones. For instance, MediaTek launched a new SoC, which is designed for next-generation dual-lens camera smartphones. The SoC has ARM Cortex-A53 processing units and supports dual camera setups and AI enhancements through MediaTek's NeuroPilot. The growing adoption of AI in several sectors will increase the demand for VPUs, which are used for image processing for visual awareness. Hence, the growing adoption of deep learning and AI is expected to drive the growth of the market during the forecast period.
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As per Technavio, the rising investments in autonomous vehicles will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Vision Processing Unit Market: Rising Investments in Autonomous Vehicles
The rising investment in autonomous vehicles is expected to drive the growth of the vision processing unit market during the forecast period. Several automotive manufacturers are investing in AI technology to develop autonomous vehicles. For instance, in February 2020, Toyota announced an investment of around USD 400 million in Pony.ai, a self-driving start-up based in Silicon Valley, US, and Guangzhou, China, to test self-driving cars on public roads in two Chinese cities, namely, Beijing and Shanghai. Autonomous vehicles are equipped with several electronic systems such as forward collision warning systems, lane departure warning systems, front-view camera systems, smart cameras, and ADAS. VPUs are required for the functioning of such systems. VPUs accelerate the machine vision of autonomous vehicles. Several vendors provide specific VPUs for autonomous vehicles. For instance, GEO Semiconductor incorporated Cadence Tensilica Vision P5 DSP VPU, which was designed by Cadence Design Systems, for ADAS systems.
“Factors such as the increasing application of virtual reality (VR), and the increasing demand for commercial and consumer drones will have a significant impact on the growth of the vision processing unit market value during the forecast period,” says a senior analyst at Technavio.
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Vision Processing Unit Market: Segmentation Analysis
This market research report segments the vision processing unit market by end-user (consumer electronics, automotive, industrial, and others) and geography (North America, APAC, Europe, South America, and MEA).
The North American region led the vision processing unit market in 2019, followed by APAC, Europe, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as increasing demand for consumer electronic devices, and the product portfolio expansions in the end-user industry.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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