Information and Communication Technology Major impacting factors for AI in Computer Vision market


Major impacting factors for AI in Computer Vision market

What is AI in Computer Vision?

Artificial intelligence  is the ability of a technology or a computer-enabled robotic system to handle information and create outcomes in learning, decision-making, and problem-solving in a way that is similar to how humans think. Computer vision is a branch of computer science dedicated to simulating the complexity of the human visual system and allowing computers to recognise and analyse things in photos and videos in the same way that people do. The massive amount of data generated in everyday life is a primary driving force behind the advancement of computer vision. With the introduction of new technology and algorithms in computer vision, object detection accuracy has improved. Hardware components dominated the market, accounting for the majority of sales. The availability of the most up-to-date hardware platforms, which enable easy component connectivity and complex features like rapid processing, multi-megapixel resolution, and entirely digital data handling, can be credited for the huge share.

Major dynamics of AI in Computer Vision market

Automation and robots are most commonly used in the manufacturing business. The need for increasingly intelligent technologies to monitor industrial processes and outcomes is growing as manufacturing facilities move toward completely automated manufacture.

The automobile industry is transitioning from human-driven vehicles to AI-powered or self-driving vehicles. Because self-driving cars require decision-making abilities, the use of computer vision systems in these vehicles is likely to promote market growth. To detect signposts, other cars, and obstacles, self-driving cars use ultrasonic and LiDAR sensors.

The demand for AI-enabled computer vision systems in consumer electronics like smartphones, desktops, and laptops is driving growth in the AI in computer vision market. Healthcare, on the other hand, is predicted to grow at the quickest CAGR throughout the projection period, as AI-enabled computer vision technology is used in radiography and medical imaging applications.

The growing use of supervised learning in various healthcare applications, particularly medical imaging, as well as the incorporation of numerous sensors and devices into modern facial recognition algorithms, all contribute to the segment's growth. Learning models are increasingly being utilised to create a wide range of artificial intelligence products and services.

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AI in Computer Vision: 27% CAGR

Projected Revenue:  53 billion from 2021 to 2027

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Conclusion: Computer vision is widely employed in a variety of industries, including energy and utilities, manufacturing, and automotive, and the industry is still growing. In the topic of computer vision, there is a lot of research going on. The importance of computer vision technology in business, entertainment, transportation, healthcare, and everyday life is demonstrated by real-world applications. The deluge of visual information streaming from smartphones, security systems, traffic cameras, and other visually instrumented devices is a primary driver for the expansion of these applications.

Published Date : October-2021