According to the recent research report "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.
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Consumer vertical expected to hold the largest market size during the forecast period
The AI in computer vision market, by vertical, is expected to be valued at USD 2.37 billion in 2017 and is likely to reach USD 25.32 billion by 2023, at a CAGR of 47.54% during the forecast period. The market for the automotive is expected to be valued at USD 0.17 billion in 2017 and is likely to reach USD 2.66 billion by 2023, at the highest CAGR of 56.30% during the forecast period. This market growth can be attributed to the initiatives taken by the Chinese government to support AI by providing funding for research and development, support for workforce development, and suggestions for international collaboration and expansion. Also, various Chinese players are collaborating with leading players to train deep neural networks for machine learning and Al. For instance, in September 2017, NVIDIA Corporation (US) introduced a new technology to help drive revenue in the China’s AI market for machine learning. Also, Google Inc. (US) and Apple Inc. (US) launched their AI-based smartphones—Google Pixel 2/Pixel 2X, iPhone 8 plus, and iPhone X—that have various features such as user authentication, emotion recognition, personal profiling, and others, which would improve usability and self-service capabilities.
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.
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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