AI in Computer Vision Market Size Segmentation and Growth Potential
Posted by Ehtesham Peerzade on January 23rd, 2020
The intensification of artificial intelligence is primarily attributed to its versatility that leads to its application in a wide range of applications. According to estimates released by MRFR, the AI in computer vision market size is anticipated to make earnings totaling USD 27 billion while evolving at a 45% CAGR in the forecast period. The popularity of computer vision has led to its successful integration with artificial intelligence.
The mounting demand for computer vision in applications such as autonomous cars, robotics among others is anticipated to broaden the scope of application of the market. The improved computing capabilities of processors is expected to give an additional thrust to the development of the product types in the AI in computer vision market. Besides, the advances in AI and machine learning technologies is projected to transform the market’s growth in the forecast period.
The AI in computer vision market is anticipated to face a few challenges in development related to the complex AI algorithms that are required to achieve computer vision effectively. As creation of specific algorithms involves a certain deal specific knowledge, the number of people skilled to do that are also limited currently.
Major Key players
The segmentation of the AI in computer vision market globally is segmented into on the basis of components and vertical. On the basis of component, the market is divided into hardware and software. The hardware segment of the market is further segmented into memory, network, processor, and others. The processor segment is sub-segmented into GPU, CPU, and FGPA. The others segment of the market comprises of ASICs, smart cameras, and microcontroller boards. The hardware segment is anticipated to develop with maximum CAGR while the software segment is anticipated to control the component segment. Based on verticals, the AI in computer vision market is segmented into healthcare, security, automotive, agriculture, sports & entertainment, and others. The automotive segment is projected to develop with uppermost CAGR while the sports and entertainment segment is anticipated to control the component segment. The regions in the AI in computer vision market are Asia Pacific, Europe, North America and the rest of the world.
The region-wise analysis of the AI in computer vision market consists of Asia Pacific, Europe, North America and the rest of the world. The North American region is a prominent player in the computer vision market globally, with the most noteworthy contribution coming from countries such as the U.S. The region is anticipated to uphold its position throughout the forecast period. The factor motivating the AI in computer vision market in the North American region is the growing demand from the gaming industry and the dedicated presence of global IT leaders. The Asia Pacific region is primed to be the show substantial growth in the AI in computer vision market and is projected to surge forward in the duration of the forecast period. The enhanced growth of the regional economy and the rise of start-ups has fortified a strong demand for AI in computer vision products. The nations with increasing disposable incomes such as Japan, China and India are responsible for the most important share of the Asia Pacific region. Furthermore, the growth of the region is being motivated by factors such as evolving AI talent to inspire the application of computer vision technology in the domestic market and the growing demand from the end-user segments.
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About the AuthorEhtesham Peerzade
Joined: May 22nd, 2019
Articles Posted: 355
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