Projected Growth of the Computer Vision Industry with AI Reaching $45.7 Billion by 2028

(IT-NEWSWIRE.COM, March 02, 2023 ) The global AI in computer vision market is expected to be valued at USD 17.2 billion in 2023 and is projected to reach USD 45.7 billion by 2028; it is expected to grow at a CAGR of 21.5% from 2023 to 2028. Automatic extraction, analysis, and understanding of data from a single image or a sequence of images is known as artificial intelligence-based computer vision. In recent years, computer vision has evolved into one of the key technologies in industrial automation and is finding applications in almost all manufacturing industries. The AI in the computer vision market caters to automotive, consumer, healthcare, security & surveillance, and other industries. Major companies such as NVIDIA Corporation (US), Intel Corporation (US), IBM Corporation (US), and Microsoft (US) are highly investing in R&D to develop an AI-enabled computer vision portfolio.

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AI in the computer vision hardware market to account for the highest CAGR during the forecast period. There is increasing market competition among established companies and startups, leading to product launches and developments, including hardware development and software platforms to run machine learning algorithms and other AI programs. A few of the key companies that develop AI hardware are NVIDIA (US), Intel (US), Qualcomm (US), and Basler (Germany). The computer vision AI hardware market is expected to witness high growth during the forecast period. This is attributed to the growing penetration of AI-capable processors in mobile devices, such as smartphones, drones, automobiles, and consumer electronics devices. The increasing deployment of AI infrastructure is expected to play a key role in the growth of AI in the computer vision hardware market.

In terms of value, the non-industrial segment is projected to account for the largest share of AI in the computer vision market in 2028. Examples of AI in computer vision in non-industrial sectors include surveillance and security, media and entertainment, retail and e-commerce, transportation, and social media. These are just a few examples of how AI and computer vision are being used in non-industrial sectors to solve real-world problems. The use of this technology is expected to continue expanding as more and more sectors adopt it to improve efficiency, security, and customer experience.

AI in the computer vision market in North America accounted for the largest share in 2022. The US and Canada are expected to adopt AI-based computer vision solutions in different end-user industries at a high rate. These are developed economies that focus strongly on their R&D activities to develop new technologies. The governments of the US and Canada are boosting the development of AI research through various initiatives.

For instance, the National Artificial Intelligence Initiative Act was signed into law in March 2021, which aims to boost AI research and development in the US through funding and collaboration between government, industry, and academia. Additionally, in 2021, the National Institute of Standards and Technology (NIST) launched the NIST AI Program, which is focused on developing standards, guidelines, and tools to improve the reliability, security, and accuracy of AI systems. Such initiatives by the government is expected to boost the demand for AI in computer vision across the region.

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Projected Growth of the Computer Vision Industry with AI Reaching $45.7 Billion by 2028