Artificial Intelligence (AI) In Computer Vision Market Size, Share, Opportunities, And Trends By Type (Hardware, Software), By Product (Smart Camera-based, PC-based), By Function (Image Classification, Object Detection, Visual Inspection, Others), By Applications (Automotive, Consumer Electronics, Healthcare, Manufacturing, Retail, Others), And By Geography - Forecasts From 2024 To 2029

The AI in computer vision market is anticipated to expand at a CAGR of 25.53% to reach a market size of US$55.081 billion in 2029 from an initial value of US$17.669 billion in 2024. 

Computer vision AI is a subcategory of artificial intelligence (AI) that utilizes AI technology, deep machine learning, and complex interconnected neural networks to process digital visual input to obtain crucial insights or to achieve a targeted result. In an AI-assisted computer vision system, visual input is scanned through a sensing device to produce an output after passing it through an inferring device.

AI in computer vision can perform numerous attributes such as face recognition, image detection, moving object detection, grouping of images, object segmentation, future prediction based on past trends, and observation of moving targets. The convenience and versatility of computer vision in AI result in its application in different sectors, such as healthcare, agriculture, transportation, finance, cybersecurity, and retail. Hence, after considering the potential of AI in computer vision to evolve and increase its applications in different sectors, it can be anticipated that this market will experience a rapid expansion in the forecast period.

AI IN COMPUTER VISION MARKET DRIVERS:

• Growing demand for AI in computer vision from the agricultural sector is anticipated to accelerate the market expansion.

The developments in the computer vision AI field help improve the agricultural technology software innovated to assist and enhance the overall productivity of the agricultural sector. Agricultural enterprises employ computer vision AI technology to predict weather patterns and harvest levels and detect agricultural concerns. Digital inputs from drones and satellites can be accessed to analyze weather patterns and predict the occurrence of natural calamities like hurricanes.

In addition, computer vision AI can assist in improving crop yield and productivity by detecting harmful weeds or issues with crop health. Its applications can further analyze new hybrid crops' color, texture, and quality to check their compatibility with the soil. For instance, companies like Descartes Labs and Blue River Technology are actively providing computer vision AI services to agricultural companies and investing in expanding their product portfolio in this field.

• The requirement for automation in the automotive sector is predicted to boost the AI in computer vision market growth.

Another market driver increasing the demand for AI in computer vision is the development of automated cars in the automotive sector. These automated cars can be driven either manually or through auto-drive mode. The development and improvement of the auto-drive mode feature in self-driving cars requires the adoption of computer vision AI in their vehicles. Auto-drive mode in automated cars requires the gathering and interpreting of visual data from neighbouring sensors and cameras to respond to the car's surroundings.

The adoption of computer vision AI technology helps the automated car engine to detect and identify traffic light signals and pedestrians, analyze and respond to traffic patterns, sense vacancies in parking lots, and investigate road health. Therefore, the multifunctional utility of computer vision AI in the automotive sector is a key factor driving its market expansion.

AI in the Computer Vision Market Restraint

• The heavy investment and resources a company requires to adopt computer vision AI can potentially hinder this market’s growth.

The heavy hardware components and a team of specially trained experts to maintain the computer vision AI system in the consumer’s enterprise result in additional expenses to the enterprise. It might not be economical for small-sized companies to invest such heavy money into computer vision AI systems. Some of the most common difficulties experienced by companies while employing these AI systems in their operations are insufficient hardware components, poor management of the AI technology by untrained staff, and inadequate budgets.

AI In Computer Vision Market Geographical Outlook:

• North America to hold significant shares of AI in the computer vision market.

The rise in the launch of AI startup companies in North America targeting to provide AI computer vision services to its clients demonstrates its market potential. For instance, Ocrolus Company in New York adopts AI computer vision technology and machine learning to offer financial data analysis and consultancy services to its customers. Another AI startup, Orbital Insight, also uses this technology for input into energy and farming by leveraging satellite images and other sources to make recommendations.

In addition, giant technology companies like Google, Microsoft, and IBM are actively investing in developing new AI software, including computer vision AI. There is a rise in the adoption of computer vision AI across various sectors such as agriculture, manufacturing, automotive, and information technology in North American countries like the USA and Canada. This will result in an increase in the market size of North American computer vision AI over the forecast period.

AI In Computer Vision Market Key Developments:

• April 2024- Cognex introduced the In-Sight® L38 3D Vision System — The First 3D Vision Solution with AI. It bundles the features of AI, 2D, and 3D vision technologies for numerous inspection and measurement applications. This allows for unique projections, aggregating the 3D information into a simple 2D image useful in training and showing features difficult or impossible to see with standard imaging with variable or undefined features detected by an AI tool.
• February 2023- TechSee, an IT company in Israel, launched a new application named Open Integration. This application integrates AI in computer vision technology and augmented reality features to enhance customer experience.
• February 2023- Niricson, a Canadian start-up company specializing in computer vision AI and robotics, partnered with Arcadis to innovate new solutions for international asset management trials.
• January 2023- Google Cloud introduced four new AI tools for retailers, including a shelf-checking solution based on Vertex AI Vision. The tool leverages Google's People, Places, and Things database to give retailers insights on billions of products through item image recognition. This enables accurate shelf dimensions against the likely range present ahead of NRF 2023, the largest retail event.

Market Segmentation:

The AI In Computer Vision Market is segmented and analyzed as below:

• By Type
  • Hardware
  • Software
• By Product
  • Smart Camera-based
  • PC-based
• By Function
  • Image Classification
  • Object Detection
  • Visual Inspection
  • Others
• By Applications
  • Automotive
  • Consumer Electronics
  • Healthcare
  • Manufacturing
  • Retail
  • Others
• By Geography
  • North America
    • USA
    • Canada              
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others

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1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

4. MARKET DYNAMICS

4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

4.5. Analyst View

5. AI IN COMPUTER VISION MARKET BY TYPE

5.1. Introduction

5.2. Hardware

5.3. Software

6. AI IN COMPUTER VISION MARKET BY PRODUCT 

6.1. Introduction

6.2. Smart Camera-based

6.3. PC-based

7. AI IN COMPUTER VISION MARKET BY FUNCTION 

7.1. Introduction

7.2. Image Classification

7.3. Object Detection

7.4. Visual Inspection

7.5. Others

8. AI IN COMPUTER VISION MARKET BY APPLICATIONS 

8.1. Introduction

8.2. Automotive

8.3. Consumer Electronics

8.4. Healthcare

8.5. Manufacturing

8.6. Retail

8.7. Others

9. AI IN COMPUTER VISION MARKET BY GEOGRAPHY

9.1. Introduction

9.2. North America

9.2.1. By Type

9.2.2. By Product

9.2.3. By Function

9.2.4. By Applications 

9.2.5. By Country

9.2.5.1. USA

9.2.5.2. Canada

9.2.5.3. Mexico

9.3. South America

9.3.1. By Type

9.3.2. By Product

9.3.3. By Function

9.3.4. By Applications 

9.3.5. By Country

9.3.5.1. Brazil

9.3.5.2. Argentina

9.3.5.3. Others

9.4. Europe

9.4.1. By Type

9.4.2. By Product

9.4.3. By Function

9.4.4. By Applications 

9.4.5. By Country

9.4.5.1. United Kingdom

9.4.5.2. Germany

9.4.5.3. France

9.4.5.4. Italy

9.4.5.5. Spain

9.4.5.6. Others

9.5. Middle East and Africa

9.5.1. By Type

9.5.2. By Product

9.5.3. By Function

9.5.4. By Applications 

9.5.5. By Country

9.5.5.1. Saudi Arabia

9.5.5.2. UAE

9.5.5.3. Others

9.6. Asia Pacific

9.6.1. By Type

9.6.2. By Product

9.6.3. By Function

9.6.4. By Applications 

9.6.5. By Country

9.6.5.1. China

9.6.5.2. Japan

9.6.5.3. India

9.6.5.4. South Korea

9.6.5.5. Australia

9.6.5.6. Indonesia

9.6.5.7. Others

10. COMPETITIVE ENVIRONMENT AND ANALYSIS

10.1. Major Players and Strategy Analysis

10.2. Market Share Analysis

10.3. Mergers, Acquisitions, Agreements, and Collaborations

10.4. Competitive Dashboard

11. COMPANY PROFILES

11.1. NVIDIA

11.2. IBM Corporation

11.3. Intel Corporation

11.4. Microsoft Corporation

11.5. AWS Inc.

11.6. Qualcomm Technologies Inc.

11.7. Xilinx (AMD Inc.)

11.8. Google LLC

11.9. Basler AG

11.10. Keyence Corporation

NVIDIA

IBM Corporation

Intel Corporation

Microsoft Corporation

AWS Inc.

Qualcomm Technologies Inc.

Xilinx (AMD Inc.)

Google LLC

Basler AG

 

Keyence Corporation