AI in Computer Vision Market With COVID-19 Impact by Component, Machine Learning Models, Function, Application, End-use Industry and Geography - Global Forecast to 2026 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "AI in Computer Vision Market With Covid-19 Impact by Component, Machine Learning Models, Function, Application (Industrial, Non-Industrial), End-Use Industry (Security & Surveillance, Consumer Electronics) and Geography - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The AI in computer vision market is estimated to be valued at USD 15.9 billion in 2021 and reach USD 51.3 billion by 2026, at a CAGR of 26.3% between 2021 and 2026.

The growing need for quality inspection and automation, increasing demand for computer vision systems in non-traditional and emerging applications, and rising need for ASICs are the key factors driving the growth of the market. Likewise, government initiatives to support industrial automation and integration of AI into the edge devices are expected to create lucrative opportunities for the players in the AI in computer vision market. However, rising security concerns related to cloud-based image processing and analytics are expected to restraint market growth.

Supervised Learning will have the highest growth in the coming years

Supervised learning is expected to account ~84% share of the overall AI in computer vision market by 2026. The growing adoption of supervised learning in various healthcare applications, especially medical imaging, and the use of different sensors and devices in modern facial recognition algorithms supplement the growth of this segment. Learning models are currently being implemented to develop various AI products and services. Some recent applications of these models are in autonomous vehicles/connected cars, virtual assistants (Apple's Siri, Microsoft's Cortana, and Google's Google Now), expert systems, drones, computer-aided diagnostics, video games, and image recognition systems.

Consumer Electronics is expected to hold the largest share in 2026

There is an increasing demand for AI-enabled computer vision systems in consumer electronics such as smartphones, desktops, and laptops is driving the growth of the AI in computer vision market. Healthcare, however, is projected to grow at the highest CAGR during the forecast period as AI-enabled computer vision technology plays a vital role in applications like radiology, medical imaging. Apart from this, increasing participation of various automotive and IT giants to develop autonomous cars is driving the growth of the AI in computer vision market for the automotive industry. In the security & surveillance industry, AI-enabled computer vision systems are increasingly being used to identify threats and people, thus boosting the adoption of AI-enabled computer vision solutions in this industry. Further, advancements in machine vision technology, such as smart cameras and automation, have increased the scope of AI in computer vision market in the manufacturing industry, which is expected to grow at the second-highest CAGR by 2026.

APAC is attributed to growing at the highest CAGR in AI in computer vision market during the forecast period (2021-2026)

APAC is expected to grow at the highest CAGR in the AI in computer vision market. Countries such China, Japan, and South Korea are expected to be the major contributors to the market in APAC. Increased manufacturing operations contribute mainly to the economic development in China, while the rising demand to incorporate Industry 4.0 and advanced manufacturing techniques for increasing automation across various applications in India is contributing to the tremendous growth of AI in computer vision in APAC.

Market Dynamics

Drivers

• Growing Need for Quality Inspection and Automation
• Increasing Demand for Computer Vision Systems in Non-Traditional and Emerging Applications
• Growing Impact of AI on Machine Vision
• Rising Need for Application-Specific Integrated Circuits (Asics)

Restraints

• Increasing Security Concerns Related to Cloud-Based Image Processing and Analytics
• Low Awareness and Technical Knowledge
• Lack of Skilled Professionals in Manufacturing Factories

Opportunities

• Increasing Manufacturing of Hybrid and Electric Cars
• Government Initiatives to Boost Development of AI-Related Technologies
• Increasing Demand for Artificial Intelligence (AI) in Machine Vision
• Development of Machine Learning Pertaining to Vision Technology
• Increased Computing Capacity of AI-Based GPUS
• Integrating AI into Edge Devices

Challenges

• Premium Pricing of AI Hardware
• Lack of User Awareness Pertaining to Rapidly Changing Machine Vision Technology

Companies Mentioned

• Algolux
• AMD
• AMP Robotics
• Athena Security
• AWS
• Basler
• Ceva, Inc.
• Creative Virtual
• Curemetrix
• Facebook
• Google
• Graphcore
• Groopic
• Groq
• Hailo
• IBM
• Inspekto
• Intel
• Leap Motion
• Lionbridge AI
• Microsoft
• Nvidia
• OculUS
• Qualcomm
• Robotic Vision Technologies
• Trivision
• Vizseek
• Xilinx
• Zivid

For more information about this report visit https://www.researchandmarkets.com/r/f8w1t