AI in Computer Vision Market Size - By Component (Hardware, Software, Service), Application (Predictive Maintenance, Quality Assurance & Inspection, Position & Guidance, Identification), End-Use, Growth Prospects, Regional Outlook & Forecast, 2024 – 2032

AI in Computer Vision Market Size

AI in Computer Vision Market size was valued at USD 9.9 billion in 2023 and is expected to observe over 10% CAGR from 2024 to 2032. The demand AI systems is anticipated to increase due to the growing integration of advanced technologies in the security and surveillance sector.
 

Computer vision systems enhance the protection of high-value assets by integrating biometric scanning and facial recognition systems. Owing to the ability of computer vision systems to recognize unique patterns in human irises and retinas, smartphone security is a very popular use of facial recognition technology.
 

The need for integrating computer vision systems and the increasing security concerns about cloud-based image processing will hamper the market growth. The high demand for extremely qualified and experienced professionals, as well as concerns about the privacy and security of user data, are limiting market growth. With the transformation towards digital means, AI and data security are the high priority of companies.
 

COVID-19 Impact

The COVID-19 pandemic has impacted the global economy owing to travel restrictions, pausing of manufacturing, supply chain disruptions, and more. However, its impact on the growth of AI in computer vision market has been pretty low. With the transition towards a work-from-home model and remote working, people started using laptops and smartphones more than ever. Consumer products were in high demand, however, with the limited raw material availability and trade cycle disruptions, the market expansion was hampered on a lower scale.
 

AI in Computer Vision Market Trends

It is anticipated that government attempts to promote the development of AI-related technologies will open the door for AI in the computer vision sector. Around the world, several governmental organizations are increasing their investments in artificial intelligence and planning how to employ and promote its use. Recently, in May 2023, the U.S. National Science Foundation (NSF) announced an investment of nearly USD 140 million along with several federal agencies and higher education institutions. This investment will be used to launch seven new AI institutes (National Artificial Intelligence Research Institutes).
 

AI in Computer Vision Market Analysis

Based on components, the hardware segment dominated around USD 4.6 billion revenue in 2023. A vast variety of hardware elements, including processors, cameras, lenses, frame grabbers, and LED lights, are included in this sector. The accessibility of cutting-edge hardware platforms that provide simple component connections and advanced features like quick processing, multi-megapixel resolution, and fully digital data management are influencing its adoption.
 

Based on application, the AI in computer vision market size from predictive maintenance segment is forecasted to cross USD 9 billion by 2032. In order to monitor the data from machinery and related components, predictive maintenance uses machine learning algorithms in conjunction with IoT (Internet of Things) sensors. To make informed decisions before an asset or component fails, it usually uses sensors for data point collecting and signal detection. It is projected that increased innovation and investment in cloud computing, IoT, and AI will accelerate market growth.
 

Based on end-use, the manufacturing segment share in the AI in computer vision market was more than USD 1.8 billion in 2023. The manufacturing sector makes substantial use of automation and robotics solutions. There is an increasing demand for intelligent systems to monitor industrial processes and outcomes as manufacturing facilities advance toward completely automated production. Machine vision, a subset of computer vision, is contributing to the advancement of industrial processes as the Internet of Things revolutionizes the manufacturing sector and increases its autonomy.
 

Regionally, North America AI in computer vision market size is projected to surpass USD 8.2 billion by 2032. With increasing technological upgrades in the industrial sector and its ability to help users identify defective gear, the North America market is expected to grow over the coming years. In order to monitor operations and prevent issues that are not immediately apparent, manufacturers use AI-incorporated smart cameras in manufacturing facilities.
 

AI in Computer Vision Market Share

Some of the leading companies involved in the AI in computer vision industry are:

• Basler AG
• Google (Alphabet)
• Intel Corporation
• Amazon Web Service, Inc.
• IBM Corporation
• Cognex
• Advanced Micro Device, Inc.

Through innovations and collaboration with other stakeholders in the ecosystem, these players are concentrating on the development of AI-embedded computer vision systems.
 

AI in Computer Vision Industry News

• In March 2022, Ermata, an AgTech business that specializes in data science and computer vision technologies, declared its debut in the North American market. After three years of extensive research and development, the company's AI platform, Croptimus Pest and Disease, is a market-ready solution that detects pathogens using image analysis.
   
• In January 2022, Amazon Web Services, Inc. introduced AWS Panorama, a software development kit that employs computer vision to enhance operations, in the Asia Pacific region. AWS Panorama, which will be offered in Sydney and Singapore, will let companies automate visual inspection jobs like identifying process bottlenecks, assessing the quality of their products, and determining worker safety in their facilities.
   

The AI in computer vision market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD from 2018 to 2032 for the following segments:

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Market, By Component

• Hardware
• Software
• Service

Market, By Application

• Predictive maintenance
• Quality assurance & inspection
• Positioning & Guidance
• Identification

Market, By End-use

• Automotive and transportation
• Manufacturing
• Government
• Retail
• BFSI
• Healthcare
• others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • ANZ
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • Saudi Arabia
  • UAE
  • South Africa