AI in Computer Vision Market | Driver and Restraint

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The AI in computer vision market was valued at USD 2.37 billion in 2017 and is expected to reach USD 25.32 billion by 2023, at a CAGR of 47.54% during the forecast period. In this report, 2017 has been considered as the base year, and the forecast period is from 2018 to 2023. The objective of the report is to define, describe, and forecast the AI in computer vision market, in terms of value, on the basis of vertical, component, and geography. The major factors that are expected to be driving the AI in Computer Vison Market include growing demand for edge computing in mobile devices, increasing demand for computer vision systems in non–traditional and emerging applications and growing impact of AI in machine vision.

Driver: Growing demand for edge computing in mobile devices

Most AI algorithms need a large amount of data and computing power to accomplish tasks. For this reason, they rely on cloud servers to perform their computations; they are not capable of accomplishing tasks on devices, mobile phones, computers, and other devices. This limitation makes AI algorithms inefficient in settings where connectivity is sparse and where operations need to be performed in time-critical situations. Premium smartphone vendors are exploring SoC design and frameworks that will bring AI closer to the edge. The connectivity in mobile devices suffers from latency, network congestion, signal collision, and huge geographic coverage. These are few challenges that we face when processing edge data in the cloud. The dedicated chipset in mobile devices can help compute resources in real time and execute algorithms without the need for a round-trip to the cloud.

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Apart from smartphones, drones, augmented reality, and driverless cars need to run real-time deep learning. Any delay because of the communication with the cloud can result in disastrous or fatal events. Also, in case of a network disruption, a total halt of operations is imaginable. At this stage of the market, Apple (US) and Google (US) are using AI processors in their flagship smartphones products. However, with the growth of AI in autonomous cars, drones, and other mobile devices, other players are also expected to enter in this market space.

Restraint: Lack of awareness and technical knowledge

The increasing competition in the manufacturing sector and the growing demand of customers for better products at a competitive price have made advanced automation essential for industrial and non-industrial applications. However, various industries such as sports and entertainment, robotics and machine vision, and healthcare are not convincingly adopting AI-enabled computer vision systems due to the lack of awareness and technical expertise. There is a need to make end-customers understand about the benefits of the 3D or 4D computer vision technology. For instance, stereo vision technology uses additional data of height/depth of every point in the image. This technology can precisely measure the distance to an object by comparing two images and detect defects that are difficult to identify with 2D computer vision systems. It can inspect the shape of bottles and bent pins with a connector. Thus, 3D computer vision is helpful in the environment wherein the size of the objects is not fixed.

As upgrading 3D and 4D computer vision technologies are becoming complex and sophisticated day by day, there is an increasing need for regular training courses and workshops for customers. The training takes time, and poor programming can produce inaccurate results. This would contribute to the higher operating cost of computer vision systems.

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.

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).

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