AI in Computer Vision Market for AR/VR in APAC is expected to grow at the highest CAGR

 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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Market for AR/VR in APAC is expected to grow at the highest CAGR during the forecast period

The AI in computer vision market for VR/AR in APAC was valued at USD 1.1 million in 2017 and is likely to reach USD 55.8 million by 2023, at a CAGR of 91.14% during the forecast period. The AR/VR players in APAC are increasingly adopting AI based processors in AR/VR headsets. For instance, in June 2016, Movidius (US) signed a partnership with Lenovo (China) to provide advanced vision processing technology for a variety of VR-centric Lenovo products. According to this partnership, Lenovo will be able to source the advanced Myriad 2 vision processing unit (VPU) and custom computer vision algorithms for various virtual reality projects. Also, Apple Inc. (US), Facebook, Inc. (US), and Google Inc. (US) are focused on deploying VR and AR in smartphones that require graphics cards to operate.

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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