AI in Computer Vision Market Size to Worth USD 274.80 Bn by 2033

Prathamesh

2 months ago

The global AI in computer vision market size was valued at USD 17.40 billion in 2023 and is projected to reach around USD 274.80 billion by 2033 with a CAGR of 31.77% from 2024 to 2033.

Key Points

North America held the largest revenue share of 38% in 2023.
Asia Pacific is observed to be the fastest-growing region in the market during the forecast period.
Based on the component, the software segment has garnered 58% revenue share in 2023.
Based on function, the training segment held the largest share of the market in 2023.
By application, the non-industrial segment held the largest share of the market in 2023.
By end user, the consumer electronics segment dominated the AI in computer vision market in 2023 with revenue share of around 37%.
By end user, the automotive segment is projected to grow fastest in the forecast period.

AI in Computer Vision Market Size 2024 to 2033

The AI in computer vision market has witnessed substantial growth in recent years, driven by the increasing adoption of artificial intelligence (AI) technology across various industries. Computer vision, a branch of AI, enables machines to interpret and understand visual information from the real world, akin to human vision. This technology has found applications in diverse sectors such as healthcare, automotive, retail, security, and manufacturing, among others. The market is characterized by the development of advanced algorithms, improvements in image processing techniques, and the availability of powerful computing hardware, which have collectively propelled the adoption of AI in computer vision systems.

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Growth Factors

Several factors contribute to the robust growth of the AI in computer vision market. One significant driver is the escalating demand for automation and efficiency in industries such as manufacturing and logistics. AI-powered computer vision systems enhance productivity by automating repetitive tasks, inspecting quality control, and optimizing operational processes. Moreover, the proliferation of IoT devices and the advent of 5G technology have facilitated the deployment of connected and intelligent vision systems, further fueling market growth. Additionally, the increasing availability of labeled image datasets, coupled with advances in deep learning algorithms, has improved the accuracy and performance of computer vision models, driving adoption across various applications.

Region-wise Analysis:

The AI in computer vision market exhibits significant regional variations in terms of adoption, investment, and technological advancements. North America, led by the United States, dominates the market owing to the presence of leading technology companies, robust infrastructure, and substantial investments in AI research and development. Europe follows closely, driven by initiatives such as Industry 4.0 and a focus on smart manufacturing. Asia Pacific, particularly China, Japan, and South Korea, is witnessing rapid growth fueled by increasing industrial automation and the adoption of AI-driven technologies across diverse sectors.

AI in Computer Vision Market Scope

Report Coverage	Details
Growth Rate from 2024 to 2033	CAGR of 31.77%
Global Market Size in 2023	USD 17.40 Billion
Global Market Size by 2033	USD 274.80 Billion
U.S. Market Size in 2023	USD 5.88 Billion
U.S. Market Size by 2033	USD 92.94 Billion
Base Year	2023
Forecast Period	2024 to 2033
Segments Covered	By Component, By Application, By Function, and By End-use
Regions Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

AI in Computer Vision Market Dynamics

Key Drivers:

Several key drivers are propelling the growth of the AI in computer vision market. One such driver is the rising demand for surveillance and security solutions across various industries, including public safety, transportation, and retail. AI-powered computer vision systems offer advanced capabilities such as facial recognition, object detection, and behavior analysis, enhancing security measures and enabling proactive threat detection. Furthermore, the integration of computer vision with augmented reality (AR) and virtual reality (VR) technologies is creating new opportunities in applications such as gaming, entertainment, and immersive experiences.

Restraints:

Despite its rapid growth, the AI in computer vision market faces certain challenges and restraints. One major restraint is the concern over data privacy and security associated with the use of facial recognition and biometric technologies. Regulatory uncertainties and ethical considerations surrounding the collection and use of personal data pose significant challenges for companies operating in this space. Moreover, the complexity and cost of implementing AI-powered computer vision solutions, particularly for small and medium-sized enterprises (SMEs), act as barriers to adoption, hindering market growth to some extent.

Opportunities:

The AI in computer vision market is ripe with opportunities for innovation and growth. One promising opportunity lies in the healthcare sector, where computer vision technology is revolutionizing medical imaging, disease diagnosis, and patient care. AI-powered diagnostic tools can analyze medical images with unprecedented accuracy, enabling early detection of diseases and personalized treatment planning. Additionally, the integration of computer vision with robotics and automation technologies is opening new avenues in areas such as autonomous vehicles, industrial robotics, and smart cities, presenting lucrative opportunities for market players to capitalize on.

Recent Developments

In March 2023, Red Cat Holdings, a military technology company that integrates robotic software and hardware, partnered with Athena Artificial Intelligence Pvt Ltd, a technology company specializing in AI and computer vision. The partnership aims to enhance the capabilities of Red Cat’s latest military drone, by integrating advanced AI and computer vision technologies developed by Athena AI.
In August 2022, TachyHealth, Inc, a Dubai-based artificial intelligence solution provider for medical centers and hospitals, collaborated with Medical Refill, which provides remote medical consultation for their patients. The collaboration aims to provide technology solutions such as computer vision, artificial intelligence, and big data analytics to the clinical team.
In July 2022, IDEMIA, a multinational technology company that offers facial recognition and other computer vision software & products to government and private companies, partnered with the U.S. Department of Homeland Security which takes care of public security in the U.S. The partnership is expected to improve U.S. Department of Homeland Security activities, such as identifying suspects during criminal investigations & travelers at the airports and streamlining security at the checkpoints after deploying facial recognition tools.
In June 2022, Visionary.ai, a software provider of image signal processors (ISP), partnered with Innovize Technologies Ltd, a manufacturer of LIDAR sensors. The partnership aims to provide a combined service of ISP software and LiDAR sensors to improve the performance of 3D computer vision for various applications, including drones, robotics, and smart cities.
In January 2022, Drishti Technologies, Inc., an AI-driven video traceability and video analytics provider, incorporated computer vision and deep learning to automate the analysis of manufacturing units with the videos.