Press Release
Press Release
According to a new report by EMR titled, ‘Global AI in Computer Vision Market Report and Forecast 2024-2032’,The global AI in computer vision market is expected to grow at a CAGR of 41.0% in the forecast period of 2024-2032 to reach a value of more than USD 387.97 billion by 2032.
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:
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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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