AI in computer vision market by component, vertical, and geography - Forecast to 2023

The AI in computer vision market will be valued at 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. The increasing demand for computer vision systems in non-traditional and emerging applications is a driving factor for this market.  In the near future, established players are expected to benefit from building in-house application-specific AI-enabled computer vision systems. The combination of these design and development efforts with domain expertise would be useful in delivering professional services such as solution design and consulting, deployment, and integration.

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The AI in computer vision market has been segmented by component, vertical, and geography. The AI in computer vision market, by component, has been segmented into hardware and software. The market for hardware is expected to grow at a higher CAGR during the forecast period. The growth can be attributed to the increasing penetration of AI-capable processors in mobile devices, such as smartphones, drones, automotive, and consumer electronics devices.

By vertical, the market has been classified into automotive, sports and entertainment, consumer, robotics and machine vision, healthcare, security and surveillance, and agriculture. The market for automotive is expected to grow at a higher CAGR during the forecast period. For instance, in January 2018, NVIDIA announced a new architecture of NVIDIA DRIVE, its AI autonomous vehicle platform that uses redundant and diverse functions to enable vehicles to operate safely.

AI in computer vision has been widely adopted across various verticals owing to the increased quality assurance in manufacturing, and the need to reduce cost and improve response time. The consumer vertical accounted for the largest share in 2017. The addition of AI capabilities to smartphones that 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. The automotive vertical is expected to witness the fastest growth during the forecast period. The increasing demand to improve road safety and reduce mishaps caused by human intervention is resulting in the growth of autonomous driving. In addition, the increasing participation of various automotive and IT giants to develop autonomous cars is flourishing the growth of autonomous driving in the AI in computer vision market during the forecast period.

The AI in computer vision market in APAC is expected to grow at the highest CAGR during the forecast period owing to the growth in India, which can be attributed to the growing investment across sectors in building data-based businesses and the recognition by the Government of India to create effective policies for AI.

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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