AI in Computer Vision Market By Application (Automated Inspection & Quality Control, Surveillance & Security, Medical Imaging & Healthcare), Component (Software, Hardware), Vertical (Manufacturing & Industrial, Healthcare & Life Sciences, Retail & Consumer Goods), & Region for 2024-2031

AI in Computer Vision Market Valuation – 2024-2031

The increasing demand for AI in the computer vision industry is mostly due to its capacity to improve automation and efficiency across a wide range of sectors. AI-powered computer vision systems can process and analyze visual data faster and more correctly than humans resulting in considerable gains in jobs like quality inspection, surveillance, and diagnostics by enabling the market to surpass a revenue of USD 30.54 Billion valued in 2024 and reach a valuation of around USD 309.75 billion by 2031.

Another important element driving up demand for AI in computer vision is its critical role in improving new technologies like self-driving cars, smart cities, and augmented reality (AR). Autonomous vehicles use computer vision to navigate and make real-time decisions about their environment by enabling the market to grow at a CAGR of 37.05% from 2024 to 2031. 

AI in Computer Vision MarketDefinition/ Overview

Artificial intelligence (AI) in computer vision is changing various sectors by allowing robots to analyze and comprehend visual input from the real world. One of the most common uses is in the realm of driverless vehicles. Self-driving cars rely heavily on AI-powered computer vision systems to identify and interpret traffic signals, recognize pedestrians and other vehicles, and safely negotiate complex road conditions.

AI in computer vision refers to the application of artificial intelligence techniques to enable computers and systems to interpret and understand visual input from the outside environment in the same way that humans use their eyes and brains to perceive their surroundings. Computer vision is fundamentally about processing and analyzing digital images and videos to extract relevant data, discover patterns, and make judgments.

The future usage of AI in computer vision is expected to alter several sectors by improving machine’s ability to interpret and analyze visual information from the world. One important application will be in the healthcare industry where AI-powered computer vision can increase diagnosis accuracy and efficiency.

Will the Advancements in Deep Learning Drive the AI in the Computer Vision Market?

The growing demand for computer vision systems in self-driving vehicles is a primary driver. According to a US Department of Transportation research, the global market for self-driving vehicles is predicted to increase from USD 54 Billion in 2019 to $556 billion by 2026. This rapid expansion is driving the demand for sophisticated computer vision skills. The paper also states that computer vision is a vital technology for Level 4 and 5 autonomous driving. Furthermore, the National Highway Traffic Safety Administration discovered that human error causes 94% of serious crashes underlining the potential for computer vision systems to significantly improve road safety.

Another important factor driving acceptance is the growing use of AI-powered computer vision in healthcare. According to the US Food and Drug Administration (FDA), the number of AI/ML-based medical devices filed for FDA approval jumped from 23 in 2015 to 662 in 2022 representing a roughly 30-fold increase. Many of these gadgets use computer vision for activities such as medical imaging analysis. A study published in Nature Medicine discovered that an AI system using computer vision beat human radiologists in detecting breast cancer with an 11.5% decrease in false positives. This highlights how AI-powered computer vision might improve diagnostic accuracy and patient outcomes in healthcare.

Will Data Availability and Quality Hamper the AI in the Computer Vision Market?

The growing demand for computer vision systems in self-driving vehicles is a primary driver. According to a US Department of Transportation research, the global market for self-driving vehicles is predicted to increase from $54 billion in 2019 to USD 556 Billion by 2026. This rapid expansion is driving the demand for sophisticated computer vision skills. The paper also states that computer vision is a vital technology for Level 4 0and 5 autonomous driving. Furthermore, the National Highway Traffic Safety Administration discovered that human error causes 94% of serious crashes underlining the potential for computer vision systems to significantly improve road safety.

Another important factor driving acceptance is the growing use of AI-powered computer vision in healthcare. According to the US Food and Drug Administration (FDA), the number of AI/ML-based medical devices filed for FDA approval jumped from 23 in 2015 to 662 in 2022, representing a roughly 30-fold increase. Many of these gadgets use computer vision for activities such as medical imaging analysis. A study published in Nature Medicine discovered that an AI system using computer vision beat human radiologists in detecting breast cancer with an 11.5% decrease in false positives. This highlights how AI-powered computer vision might improve diagnostic accuracy and patient outcomes in healthcare.

Category-Wise Acumens

Will the Widespread Availability of Open-Source Tools and Frameworks Influence the Component Segment?

Software components are currently in demand because of their vital role in the development and deployment of advanced computer vision applications. AI algorithms, deep learning models, and computer vision frameworks are at the heart of these applications allowing machines to interpret and analyze visual input with unparalleled precision and speed. Rapid advances in machine learning and artificial intelligence research have resulted in the development of sophisticated software systems capable of performing complicated tasks such as image identification, object detection, facial recognition, and autonomous navigation. These software tools are required for training AI models on huge datasets and implementing them in real-world applications.

The extensive availability of open-source tools and frameworks contributes to software’s dominance in the AI-based computer vision sector. Popular frameworks such as TensorFlow, PyTorch, and OpenCV have reduced the barrier to entry for developers and academics encouraging innovation and hastening the adoption of AI-driven computer vision solutions. These open-source platforms include extensive libraries and pre-trained models making it easier for enterprises to create and deploy new computer vision applications.

Will Diagnostic Accuracy, Efficiency, and Patient Outcomes Drive Growth in the Application Segment?

Medical imaging & healthcare is the most dominating segment in the AI computer vision market. This industry is expanding rapidly because of the crucial role AI plays in improving diagnostic accuracy, efficiency, and patient outcomes. AI-powered computer vision systems are transforming medical imaging by allowing for accurate analysis of X-rays, MRIs, CT scans, and other medical images. These devices let radiologists spot anomalies and diseases at an early stage that the human eye may miss allowing for faster and more accurate diagnosis. AI is also increasingly being used in surgical procedures to provide real-time guidance and improve precision lowering the risk of complications and enhancing surgical results.

Several reasons contribute to the advancement of AI in medical imaging and healthcare. For starters, the rising prevalence of chronic diseases combined with an aging population is pushing demand for better diagnostic instruments that can provide speedy and precise results. Second, there is a strong drive for customized medicine which necessitates careful analysis of medical pictures and patient data to tailor therapies to specific needs. AI in computer vision addresses these needs by delivering more detailed information about patient states and therapy responses. Furthermore, healthcare organizations and experts are increasingly understanding the benefits of artificial intelligence in terms of increasing efficiency, lowering burden, and reducing human error.

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Country/Region-wise Acumens

Will Growing Demand for Intelligent Automation Technologies Drive the Growth in the North American Region?

The North American AI in Computer Vision market is expanding rapidly owing to several factors. One of the main factors is the growing need for intelligent automation technology in a variety of industries. This demand is driven by the need to improve efficiency, accuracy, and productivity in operations that formerly required human interaction. According to research by the United States Bureau of Labor Statistics, employment in computer and information technology occupations is expected to expand 15% between 2021 and 2031, substantially faster than the overall average. This rise is predicted to result in around 682,800 new jobs over the next decade illustrating the growing importance of AI and associated technologies in the workplace.

The manufacturing industry has made a substantial contribution to the growth of AI in computer vision in North America. The use of computer vision technology in manufacturing processes has resulted in enhanced quality control, fewer errors, and faster production times. According to the McKinsey Global Institute, AI technologies such as computer vision, have the potential to generate USD 3.5 Trillion to USD5.8 Trillion in yearly value across 19 industries. AI alone can add USD 0.5 Trillion to USD 0.7 Trillion per year to the manufacturing industry. According to the US Department of Transportation, the market for self-driving vehicles is estimated to reach USD 556.67 Billion by 2026, with a compound annual growth rate (CAGR) of 39.47% for the projection period. This tremendous rise in the automotive sector is a major driver of AI in the Computer Vision market in North America.

Will the Increasing Demand in Research and Development Areas Boost the Market in the Asia Pacific Region?

The Asia Pacific AI in Computer Vision market is expanding rapidly, thanks to several main drivers. One of the key motivators is the growing need for research and development in this industry. According to Asian Development Bank research, R&D investment in the Asia Pacific region has increased at an average yearly rate of 8.6% since 2000, exceeding the global average of 6.8%. This significant investment in research is most noticeable in nations such as China, Japan, and South Korea which are at the forefront of AI and computer vision technologies.

Another important factor is the widespread usage of AI-powered computer vision solutions in a variety of industries. The manufacturing industry, in particular, is adopting these technologies to improve quality control and automated operations. The International Federation of Robotics found that Asia accounted for 66% of global industrial robot installations with China accounting for 38% of the total. This high pace of automation adoption presents a favorable environment for AI in computer vision applications. Furthermore, the region’s healthcare sector is increasingly relying on AI-based picture analysis for diagnosis. According to World Health Organization research, the Asia Pacific region’s adoption of AI-powered medical imaging tools has increased by 15% per year over the last five years.

Competitive Landscape

The AI in computer vision market is a dynamic and competitive space, characterized by a diverse range of players vying for market share. These players are on the run for solidifying their presence through the adoption of strategic plans such as collaborations, mergers, acquisitions, and political support. The organizations are focusing on innovating their product line to serve the vast population in diverse regions.

Some of the prominent players operating in the AI in computer vision market include

• Baummer
• Cognex Corporation
• Intel Corporation
• KEYENCE CORPORATION
• Matterport, Inc.
• NATIONAL INSTRUMENTS CORP
• Omron Corporation
• Sony Semiconductor Solutions Corporation
• Teledyne Technologies Incorporated
• Texas Instruments Incorporated
• Amazon Web Services, Inc.
• Alphabet, Inc.
• Microsoft Corporation
• Nvidia Corporation
• IBM Corporation

 Latest Developments

• In August 2022, TachyHealth, Inc., a Dubai-based developer of artificial intelligence solutions for medical facilities and hospitals, partnered with Medical Refill to give remote medical consultations to their patients. The alliance intends to equip the clinical team with technological solutions such as computer vision, artificial intelligence, and big data analytics.
• In March 2023, Red Cat Holdings, a military technology business that merges robotic software and hardware, teamed with Athena Artificial Intelligence Pvt Ltd, a company that specializes in artificial intelligence and computer vision. The alliance intends to improve the capabilities of Red Cat’s most recent military drone by incorporating superior AI and computer vision technology created by Athena AI.

Report Scope

AI in Computer Vision Market, By Category

Application

• Automated Inspection & Quality Control
• Surveillance & Security
• Medical Imaging & Healthcare
• Autonomous Vehicles
• Retail & E-commerce

Component

• Software
• Hardware

Vertical

• Manufacturing & Industrial
• Healthcare & Life Sciences
• Retail & Consumer Goods
• Automotive & Transportation
• Media & Entertainment

Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East & Africa

Research Methodology of Market Research

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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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