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Global AI in Computer Vision Market to Grow at a CAGR of 41% During 2022-2027, Driven by the Rising Use of AI in Computer Vision in the Retail Sector

According to a new report by EMR titled, ‘Global AI in Computer Vision Market Report and Forecast 2022-2027’, the global market for AI in computer vision is expected to grow at a CAGR of 41% in the forecast period of 2022-2027.

The market growth can be attributed to the increasing utilisation of computer vision solutions in the security and surveillance sector. As safety programs are heavily reliant on reactive approaches, AI-enabled computer vision offers real-time and accurate data for creating leading indicators. As AI-enabled computer vision can facilitate the development of an accurate facial authentication system, it offers enhanced safety against potential security breaches, hence driving the market. Moreover, the growing adoption of AI-enabled computer vision solutions to automate and optimise visual inspections in the automotive and food and beverage sectors, among others, is fuelling the market growth. The increasing utilisation of data augmentation to expand dataset with collected images while easing the implementation of computer vision is anticipated to significantly contribute to the growth of the market. Technological advancements and innovations in AI in computer vision are likely to further add to the growth of the market in the forecast period.

Microsoft Corporation (NASDAQ: MSFT), one of the leading companies in the market, launched “PeopleLens”, a new AI system in March 2022. The platform uses a computer vision algorithm to aid blind people engage with social surroundings. It also helps them in identifying and interpreting objects to enhance their comprehensibility of environment. Furthermore, the platform aids blind people participate in conversations, navigate their surroundings, and enhance their social engagements. The development of such innovative platforms that leverages computer vision is anticipated to propel the growth of the market in the forecast period.

Market Analysis by Component, End User, and Region:

  • The market, on the basis of component, can be divided into hardware and software.
  • Based on end user, the industry can be divided into automotive, sports and entertainment, robotics and machine vision, healthcare, security and surveillance, and agriculture, among others.
  • The regional markets for AI in computer vision include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The rising attempts by the leading companies to develop innovative machines that can analyse data while comprehending real-time environment are augmenting the market growth.
  • The market is being driven by the growing use of AI in computer vision in various end-use sectors, such as sports, security and healthcare, and surveillance and safety, among others.
  • The increasing use of AI in computer vision to enable facial recognition for security and retail checkout applications, thereby propelling the market growth.
  • The surging investments in research and development (R&D) activities to expand the potential of AI in computer vision are expected to bolster the growth of the market over the forecast period.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for AI in computer vision for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the components, end users, and major regions of AI in computer vision.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global AI in computer vision market are NVIDIA, Intel, Qualcomm Incorporated, Apple Inc, Microsoft Corporation, and Xilinx, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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