Increasing demand for computer vision systems in automotive applications, growing inclination toward emotion AI, and high demand for quality inspection and automation drive the AI in computer vision market. Based on function, the interference segment contributed to the major share in 2020. By region, on the other hand, Asia-Pacific would manifest the fastest CAGR by 2030.
Portland,OR, Sept. 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global AI in computer vision market was estimated at $9.18 billion in 2020 and is expected to hit $207.09 billion by 2030, registering a CAGR of 39.60% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Surge in demand for computer vision systems in automotive applications, growing inclination toward emotion AI, and high demand for quality inspection and automation drive the AI in computer vision market. On the other hand, rise in safety & security related concerns impede the growth to some extent. However, government initiatives to boost AI-related technologies are expected to create lucrative opportunities in the industry.
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Supply chain & production disruptions gave way to reduced demand & expenditure across many sectors. Distortions in infrastructure development and installation projects have hampered the market growth in several ways.
However, as vaccines roll out across the globe and the overall situation is getting better, especially in North America and Europe, the AI in computer vision market is expected to recover slowly.
The global AI in computer vision market is analyzed across component, function, application, end use, and region.
Based on component, the software segment accounted for around three-fifths of the total market share in 2020, and is expected to rule the roost by 2030. The hardware segment, however, would garner the fastest CAGR of 41.80% throughout the forecast period.
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Based on function, the inference segment contributed to 86% of the total market revenue in 2020, and is projected to lead the trail by 2030. The training segment, on the other hand, would exhibit the fastest CAGR of 45.60% during the forecast period.
Based on region, the market across North America held the major share in 2020, garnering more than two-fifths of the global market. Simultaneously, the Asia-Pacific region would manifest the fastest CAGR of 42.10% throughout the forecast period. The other provinces discussed in the report include Europe and LAMEA.
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The key market players analyzed in the global AI in computer vision market report include NVIDIA Corporation (U.S.), Intel Corporation (U.S.), AWS (U.S.), BASLER AG (Germany), IBM Corporation (U.S.), Facebook (U.S.), Google (U.S.), Qualcomm (U.S.), Xilinx (U.S.), Microsoft Corporation (U.S.). These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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