AI in Computer Vision: Transforming Industries, Projected Market $148.8B by 2031

Published Date: 09/07/2024

The global Artificial Intelligence (AI) in Computer Vision Market is set to grow from USD 25.8 billion in 2023 to USD 148.8 billion by 2031, at a CAGR of 24.5%

The global Artificial Intelligence (AI) in Computer Vision Market is booming, driven by high demand in various industries. Computer-based intelligence (AI) has become central to predictive maintenance, using CCTV and deep machine learning algorithms to accurately detect faults in many systems.

The introduction of image sensors, smart cameras, and deep learning algorithms has led to the rise of computer vision systems, driving market growth and innovation. The market is poised to grow from USD 25.8 billion in 2023 to USD 148.8 billion by 2031, at a CAGR of 24.5%.

The healthcare industry is a major player in the global market, using computer vision technology powered by artificial intelligence (AI) in medical imaging, diagnosis, surgical planning, and patient health. AI in computer vision is also transforming the automotive industry, providing ADAS and automation features with its technological capabilities.

The software segment emerged as the largest market segment, with increased deep learning algorithms and neural networks dramatically increasing the accuracy and efficiency of deep vision algorithms. Meanwhile, the hardware segment is expected to grow at a CAGR of 19.5% by 2023, driven by the need for AI-powered computer vision systems in various applications.

Looking ahead, AI is set to spread further into the market as AI systems become more sophisticated and accessible. Emerging trends such as edge AI, interpretable AI, and integration of AI into Internet of Things (IoT) devices will shape the future of the AI in Computer Vision Market.

Information  

SkyQuest is an IP-focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets, and finance across sectors, including Life Sciences, CleanTech, AgriTech, NanoTech, and Information & Communication Technology.

SkyQuest works closely with innovators, inventors, innovation seekers, entrepreneurs, companies, and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN, and Asia Pacific.

FAQs:

Q: What is the estimated value of the AI in Computer Vision Market by 2031?

A: USD 148.8 billion

Q: What is the growth rate of the AI in Computer Vision Market?

A: 24.5% CAGR during the forecast period (2024-2031)

Q: What are the major industries driving the growth of the AI in Computer Vision Market?

A: Healthcare, Automotive, and Manufacturing

Q: What is the largest market segment in the AI in Computer Vision Market?

A: Software segment

Q: What emerging trends will shape the future of the AI in Computer Vision Market?

A: Edge AI, interpretable AI, and integration of AI into Internet of Things (IoT) devices

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