The report "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", is estimated to be valued at USD 15.9 billion in 2021 and reach USD 51.3 billion by 2026; it is anticipated to grow at a CAGR of 26.3% during the forecast period (2021–2026). The major factors driving the growth of AI in computer vision market are growing need for quality inspection and automation, increasing demand for computer vision systems in non-traditional and emerging applications, and rising need for ASICs and government initiatives to support industrial automation and integration of AI into the edge devices. However, several factors, such as rising security concerns related to cloud-based image processing and analytics can act as a key challenge in the market during the forecast period.
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Key Market Players
The AI in computer vision market was dominated by, NVIDIA (US), Microsoft Corp. (US), Intel Corporation (US), IBM Corporation (US) and Qualcomm Technologies, Inc. (US).
NVIDIA Corporation (US)
NVIDIA is among the world leaders in the visual computing business. It has a well-established geographic footprint and deals with major OEMs or ODMs. The company continues to lead in the development of new products for the AI in computer vision market. Recently, it has witnessed a significant rise in the revenue from the data center business. It is giving tough competition to Intel in the data center market. NVIDIA DRIVE for automakers to build and deploy self-driving cars and trucks that are functionally safe and certified to international safety standards is one of the company’s important products. NVIDIA is well ahead in the R&D of autonomous cars when compared to its competitors. NVIDIA is primarily focusing on extending its technology and platform leadership in visual computing. It has been investing more than 20% of its revenue in R&D to expand the visual computing segment and enhance the user experience for consumer entertainment and professional visualization applications. Its roadmap delivers the latest technologies across multiple products and devices. This roadmap is the result of extensive collaboration with game developers, governments, and industry-standard organizations, as well as years of research in emerging network standards and the development of integrated circuits. NVIDIA has a strong base of reliable suppliers of raw materials, enabling it to overcome any supply chain bottlenecks. Over the years, the company has built a reliable distribution network that can reach most of its potential markets. It has invested in building a strong brand portfolio for the visual computing market through new product launches.
Software is projected to witness the highest CAGR for the forecast period
Software are expected to hold a major share and is expected to grow at a higher CAGR during the forecast period. Software tools, combined with a suite of computer vision software allow an individual to interface with a camera and a production line and automatically perform image improvement, location analysis, flaw detection, character verification, character recognition, symbol recognition, and several other functions.
Non-industrial to account for the largest share of AI in computer vision market during the forecast period
In the non-industrial market, the growing demand for camera-enabled smartphones at both front and rear ends is driving the market for AI in computer vision, especially in the consumer segment. However, the industrial segment is expected to grow at a higher rate as modern technologies can help in several traffic situation systems, including toll collection, monitoring traffic flows, and identifying violations. 3D machine vision also has a huge potential for growth in non-industrial applications such as security and surveillance, postal and logistics, and intelligent transportation systems (ITS), where image quality, dimension, and orientation play a crucial role. Modern technologies can enhance several transportation systems, including toll collection systems and traffic monitoring systems.
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.
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