Artificial Intelligence (AI) in Computer Vision Market Booming with USD 148.8 billion by 2031 Fueled by AI-Driven Innovations | SkyQuest Technology

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Jul 08, 2024, 10:10 ET

WESTFORD, Mass., July 8, 2024 /PRNewswire/ -- According to SkyQuest, the global Artificial Intelligence (AI) in Computer Vision Market size was valued at USD 20.7 billion in 2022 and is poised to grow from USD 25.8 billion in 2023 to USD 148.8 billion by 2031, growing at a CAGR of 24.5% during the forecast period (2024-2031).

Intelligence (AI) in computer vision is growing rapidly due to high demand in various industries. Computer-based intelligence (AI) has become central to predictive maintenance, using CCTV and deep machine learning algorithms to accurately detect faults in many systems that highlight the importance of such technology in industries. Following the introduction of image sensors, smart cameras and deep learning algorithms, computer vision systems are on the rise and their application in various technologies is driving market growth and innovation.

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Global Artificial Intelligence (AI) in Computer Vision Market Overview:

Report Coverage	Details
Market Revenue in 2023	USD 25.8 billion
Estimated Value by 2031	USD 148.8 billion
Growth Rate	Poised to grow at a CAGR of 24.5%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Application, Component, Function, Machine Learning Models and End Use Industry
Geographies Covered	North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Inception of Computer Vision Technologies Need to Inspire the AI
Key Market Drivers	Rise in Demand for Automation

Segments covered in Artificial Intelligence (AI) In Computer Vision Market are as follows:

Application
- Industrial (2D Machine Vision, 3D Machine Vision, Quality Assurance & Inspection), Non-industrial
Component
- Component
Function
- Training, Interference
Machine Learning Models
- Supervised Learning (Convolutional Neural Networks, Recurrent Neural Networks), Unsupervised Learning, Reinforcement Learning
End Use Industry
- Automotive (ADAS & Infotainment, Autonomous & Semi-autonomous Vehicles), Consumer Electronics (Gaming, Cameras, Wearables, Smartphones), Healthcare (Radiology, Medical Imaging), Retail, Security & Surveillance (Biometrics, Image & Video Analytics, Ai-guided Drone-based Surveillance), Manufacturing, Agriculture (Crop Monitoring, Automated Irrigation Systems), Transportation & Logistics, Others

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End User Innovation: Harnessing AI in Computer Vision in Healthcare Segment

The healthcare industry is a major player in the global market in computer vision as it is a multi-use area with a very significant impact on care and disease diagnosis. Today, computer vision technology powered by artificial intelligence (AI) is used in medical imaging, diagnosis, surgical planning and patient health outside Computer vision systems can view medical images such as X-rays, MRI and CT scans for abnormalities. Early detection and insights required for healthcare professionals with AI working. The reason for its use is the desire to provide medical imaging and diagnostic tests with accuracy, efficiency and it's expensive.

On the other hand, the fastest growing area of AI in the computer vision industry is in the automotive field. With the integration of AI into cars, the automotive industry is being transformed with the help of computer vision technology. Computer vision systems provide ADAS and automation features with their own technological capabilities. These systems can analyze real-time visual data from cameras and sensors to detect objects, identify pedestrians, understand traffic signs, and act as navigational guides. The automotive world is allocating significant funding to AI-powered computer vision systems when changing safety, driving, and even autonomous driving.

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Software Segment: Powering the AI Revolution

The software segment emerged as the largest market segment in the market. With increased deep learning algorithms and neural networks, the accuracy and efficiency of deep vision algorithms has dramatically increased the dominance of this segment the size of AI, deep learning algorithms, image recognition software, video analysis tools and AI based algorithms. The software component represents the basis for training AI models, for object recognition, image segmentation, and facial recognition, as well as most tasks associated with computer vision.

On the other hand, by 2023, the hardware segment will grow at a CAGR of 19.5% and has emerged as the fastest growing segment in artificial intelligence (AI) in the computer vision market. As artificial intelligence is increasingly being used in industry, these solutions are needed in a variety of applications to maximize efficiency.

Envisioning Tomorrow: The Future of Artificial Intelligence (AI) in Computer Vision Market

Artificial intelligence (AI) has revolutionized computer vision, unlocking unprecedented capabilities in image and video analysis. The market is poised for tremendous growth driven by advances in deep learning, neural networks and computing power. These technologies have enabled deployments from autonomous and front-end vehicles discovery to medical imaging and industrial devices.

Looking ahead, AI is set to spread further into the market as AI systems become more sophisticated and accessible. Emerging trends such as edge AI, interpretable AI, and integration of AI into Internet of Things (IoT) devices will shape the future.

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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SkyQuest Technology
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SOURCE SkyQuest Technology