AI in Computer Vision is Estimated to Reach US$95.08 Billion by 2027

The key factor driving the growth of AI in computer vision is the rising demand for merged reality.

AI in computer vision is expected to grow from US$ 9.03 billion in 2021 to US$95.08 billion by 2027 at a CAGR of 46.9% during the forecast period of 2021 to 2027. The growing need for quality inspection and automation, increasing demand for computer vision systems in non-traditional and emerging applications, and rising need for ASICs are the key factors driving the growth of the market. Likewise, government initiatives to support industrial automation and integration of AI into edge devices are expected to create lucrative opportunities for the players in the AI in the computer vision market. However, rising security concerns related to cloud-based image processing and analytics are expected to restrain the market growth.

Computer vision is a field of artificial intelligence (AI) that enables computers and systems to derive meaningful information from digital images, videos, and other visual inputs and take actions or make recommendations based on that information. Computer vision works much the same as human vision, except humans have a head start. The human sight has the advantage of lifetimes of context to train how to tell objects apart, whether they are moving and whether there is something wrong in an image. Computer vision trains machines to perform these functions.

The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020 and likely in 2021 also. However, the outbreak of the virus has influenced the adoption of the technology across the healthcare sector to detect covid-19 among patients. Thus, rising investment by the healthcare sector in technologies in the present situation is expected to impact the market positively.

Vision systems and software are being developed for novel applications in healthcare, traffic management, security and surveillance, postal and logistics, and document processing. Established players are projected to benefit in the future by developing application-specific AI-enabled computer vision systems in-house. In addition, AI-enabled computer vision systems are becoming more popular in a variety of new applications, including unmanned aerial vehicles, missile guidance, and autonomous vehicles.AI in computer vision solutions is projected to have significant development potential in areas such as consumer electronics and security and surveillance.