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AI in Computer Vision Market Size

Report ID: GMI5667
Published Date: Jul 2024
Report Format: PDF

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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.

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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.

AI in Computer Vision Market Report Attributes
Report Attribute	Details
Base Year:	2023
AI in Computer Vision Market Size in 2023:	USD 9.9 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	10.5%
2032 Value Projection:	USD 28 Billion
Historical Data for:	2018 to 2023
No. of Pages:	250
Tables, Charts & Figures:	214
Segments covered:	Component, Application, End-use
Growth Drivers:	The growing penetration of AI in automotive industry The rapid integration of AI for security & surveillance purpose Rise in demand for predictive maintenance and quality assurance in manufacturing industry The increasing digitalization in retail industry The growing applications of AI in computer vision
Pitfalls & Challenges:	Data safety and security-related issues

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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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of AI in computer vision reached USD 9.9 billion in 2023 and will witness 10% CAGR from 2024 to 2032, due to the growing integration of advanced technologies in the security and surveillance sector.

The hardware segment was valued more than USD 4.6 billion in 2023, favored by 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.

North America market size is set to cross USD 8.2 billion by 2032, owing to the increasing technological upgrades in the industrial sector and the technology’s ability to help users identify defective gear.

Basler AG, Google (Alphabet), Intel Corporation, Amazon Web Service, Inc., IBM Corporation, Cognex, and Advanced Micro Device, Inc. are significant players in the market.