According to The Insight Partners latest market study on AI in Computer Vision Market was valued at US$ 9,039.5 million in 2021 and is projected to reach US$ 95,080.5 million by 2027; it is expected to grow at a CAGR of 46.9% from 2021 to 2027.
AI in computer vision is receiving high momentum across the world. Rise in demand for automating processes across industries is fuelling the growth of the AI in computer vision market. While technologies such as the Internet of Things are revolutionizing the manufacturing industry and making processes more autonomous, AI will help to further enhance them in computer vision. In inspecting fabricated goods for defects and non-conformities, computer vision plays an important role. Thus, it may reduce the need for human inspection on the production line, which is substantially increasing the adoption of AI in computer vision technology across the industry. Edge computing similarly answers the latency and network accessibility problem. Currently, systems may be set up in areas where a network connection is poor or non-existent without access being taken into account.
Emotion AI uses Computer vision technology to analyze facial appearances and eye trends in photos and videos to read the emotional responses of an individual. London-based start-up Emotion AI tracks the facial expression of a sample crowd watching a particular promotion from their PC or cellphone camera. In 2019, Realeyes raised US$ 12.4 million in funding to assist major companies, such as AT&T, Mars, Hershey’s, and Coca-Cola, to separate emotions from photographs of facial expressions before rating any promotion for focus, emotion, and feeling. Furthermore, Apple bought Emotient in January 2016, and Facebook is developing its own products. Thus, rising demand for artificial intelligence for emotion analyses is fuelling the integration of artificial intelligence with computer vision, thereby contributing to the market growth.
Rise in investments by countries in North America, such as the US and Canada, to improve and innovate manufacturing processes across industries is influencing the adoption of advanced solutions such as AI and computer vision across the region. For instance, the federal government of the US announced plans to invest US$ 4.9 billion in research and development of technologies such as AI and machine learning (ML) in the fiscal year 2020. Rising investments in advanced technologies is further expected to drive the growth of the AI in computer vision market in the coming years.
The global AI in computer vision market has been segmented into five major regions: North America, Europe, APAC, MEA, and SAM. North America holds the dominant share in the AI in computer vision market, whereas APAC is expected to be the fastest-growing region in the global market. Adopting advanced solutions such as artificial intelligence and computer vision across the region is driven by the rise in investments by North American countries, such as the US and Canada, to enhance and innovate manufacturing processes across industries. For example, in the fiscal year 2020, the U.S. federal government has made plans to spend US$ 4.9 trillion in research and development of technology such as artificial intelligence and machine learning. Furthermore, this growing region’s investment in advanced technology is expected to contribute to the growth of AI in the computer vision market over the years.
The top five companies in the AI in computer vison market include ALLIED VIS; BASLER AG; XILINX; COGNEX CORPORATION; TELEDYNE TECHNOLOGIES, INC. The above listing of key players is derived by considering multiple factors such as overall revenue, current AI in computer vision portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint activities. There are various other notable players in the global data wrangling market ecosystem such as ION TECHNOLOGIES GMBH, GENERAL ELECTRIC COMPANY., INTEL CORPORATION, and MICROSOFT CORPORATION., among others.
Most of the market initiatives were observed in North America and Europe region, which have a high potential for AI in computer vision market growth. Few of the important market initiatives and product developments from the industry are mentioned below:
| Year | News | Region |
| 2020 | Basler introduced fully integrated development kit with cloud connectivity. It permits to test AI-based IoT applications on an optimized vision system and to access cloud services. The cloud connectivity makes it easy to load or train neural networks. | Europe |
| 2020 | Cognex has introduced In-Sight D900 embedded vision system which is the first-of-its kind solution offering several features such as Cognex’s ViDi deep learning software inside an In-Sight industrial-grade smart camera. | North America |
| 2020 | Intel Acquired Cnvrg.io to aimed at strengthening its machine learning and AI operations. | North America |
| 2019 | Cognex Corporation acquired SUALAB, a leading Korean-based developer of vision software using deep learning for industrial applications. | North America |
