With a projected value of USD 45.7 billion by 2028 and an expected valuation of USD 17.2 billion in 2023, the Global Artificial Intelligence in Computer Vision Market is predicted to experience rapid expansion. Between 2023 and 2028, the market is projected to develop at a compound annual growth rate (CAGR) of 21.5%.

Artificial intelligence (AI) technology usage is on the rise across a number of industries, including security, healthcare, automotive, and retail, to mention a few. sophisticated object recognition, picture analysis, and sophisticated visual perception are made possible by the combination of AI and computer vision, which boosts productivity, accuracy, and automation across a variety of applications.

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The automatic extraction, analysis, and comprehension of data from images or image sequences is referred to as computer vision based on artificial intelligence. This technology has become a vital tool for industrial automation, finding extensive use across numerous manufacturing industries. Industries including automotive, consumer products, healthcare, security, and surveillance are among those that benefit from the AI in computer vision industry. Leading businesses are substantially investing in R&D to improve their AI-enabled computer vision capabilities, including NVIDIA Corporation, Intel Corporation, IBM Corporation, and Microsoft. Building strong AI computer vision portfolios is a priority, which emphasises the expanding importance and promise of this technology in fostering innovation and efficiency across industries.

The market for computer vision hardware with AI is anticipated to expand at the greatest compound annual growth rate (CAGR) during the course of the projection. There is more rivalry on the market between established businesses and startups, which has resulted in substantial product releases and developments, particularly in the creation of hardware and software platforms for running machine learning algorithms and other artificial intelligence (AI) programmes. Innovation in this field is being driven by major companies involved in the creation of AI hardware, including NVIDIA, Intel, Qualcomm, and Basler. The increasing use of AI-capable CPUs in mobile devices like smartphones, drones, cars, and consumer electronics is the main factor driving the market growth.

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By 2028, the non-industrial sector is predicted to account for the greatest market share in the AI for computer vision. The use of AI and computer vision goes beyond industrial contexts and has a big impact on social media, retail and e-commerce, media and entertainment, transportation, and surveillance and security. These industries use AI and computer vision to improve many facets of their operations and tackle real-world problems. The adoption and application of AI in computer vision are anticipated to continue growing throughout non-industrial sectors as more industries realise the advantages of this technology in enhancing efficiency, security, and customer experience.

The AI market for computer vision in North America had the biggest share in 2022. This is explained by the widespread use of AI-based computer vision solutions in many American and Canadian companies. These nations have sophisticated economies and place a high priority on research and development initiatives to promote technology. AI research is actively supported by both countries' governments through initiatives and programmes. By way of funding and cooperation, the National Artificial Intelligence Initiative Act in the US, for instance, seeks to promote AI research and development. The NIST AI Programme was started by the National Institute of Standards and Technology in Canada with the goal of creating standards and recommendations for AI systems.

News Covered:

https://www.globenewswire.com/en/news-release/2023/02/24/2615196/0/en/AI-and-Computer-Vision-A-Powerful-Combination-for-Growth-in-the-Coming-Years.html

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