DELRAY BEACH, Fla., Oct. 10, 2024 /PRNewswire/ -- The global AI vision market is expected to reach USD 43.02 billion in 2029 from USD 14.85 billion in 2024, at a CAGR of 23.7% during the forecast period according to a new report by MarketsandMarkets. Al vision market is expanding during the forecasted period, driven by the increase in employment of machine learning and generative Al in multiple verticals. In healthcare, machine learning and generative Al provide the ability to improve the diagnostic accuracy of imaging and the use of data for patient monitoring. For In-store and e-commerce solutions, retailers have also adopted Al vision solutions for better inventory management and personnel shopper experience. In logistics and transport, Al Vision Solutions is adapted to focus on the real-time monitoring and automation of systems. Al Vision Solutions also helps monitor work sites and manage job sites in the construction sector. Thus, the rising demand for these technologies in various verticals is driving the Al vision market.
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Browse in-depth TOC on "AI Vision Market" 225 - Tables
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240 - Pages
AI Vision Market Report Scope:
Report Coverage | Details |
Market Revenue in 2024 | $ 14.85 billion |
Estimated Value by 2029 | $ 43.02 billion |
Growth Rate | Poised to grow at a CAGR of 23.7% |
Market Size Available for | 2020-2029 |
Forecast Period | 2024-2029 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Offering, By Service Type, By Technology, By mode of Operation, By Vertical, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complexities associated with maintenance and upgrades |
Key Market Opportunities | Growing demand for Optical Character Recognition technology from AI vision system providers |
Key Market Drivers | Growing inclination toward cloud computing |
The image recognition segment is expected to have the largest market share in the forecast period.
The image recognition market is poised for the largest market share due to its ability to automate and streamline visual data analysis across industries. Technologies like Amazon Rekognition enhance efficiency in tasks such as security and retail management. Growing demand for AI-driven solutions and advancements in machine learning are driving this expansion. The technology's versatility makes it highly valuable for diverse applications, fueling its widespread adoption and growth.
The machine learning segment is dominating in AI vision market.
The market for machine learning is projected to hold the dominant position within the Al vision space, as this type of technology allows systems to learn and improve in real-time from large amounts of visual data. The technology improves the accuracy of visual analysis, automates complex tasks, and removes humans from the process entirely (e.g, object detection and facial recognition). The recent improvements in deep learning and convolutional neural networks, along with machine learning's capability to expand the function of Al vision technology in general, are leading to substantially more industrial applications of Al vision technology in sectors including healthcare-manufacturing, retail, and security.
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US in the North America region to dominate the AI vision market during the forecast period.
The Al vision industry in the US is positioned to be the leading part of North America due to significant federal investment, considerable technological innovation from the major tech companies, and the advancement of Al research and development. The establishment of several new Al Research Institutes and the commitment to funding for Al manufacturing all contribute to the US government's intent of advancing Al technology. The full spectrum of federal opportunities helps encourage collaboration among academia, Industry, and government and sustains tremendous growth in the US to facilitate growth for the Al vision market.
Key players
The AI vision companies includes significant Tier I and II players like NVIDIA Corporation (US), Microsoft Corporation (US), Intel Corporation (US), Alphabet Inc. (US), Amazon.com, Inc. (US), IBM (US), Oracle (US), Cognex Corporation (US), Qualcomm Technologies, Inc. (US), STMicroelectronics (Switzerland) are some of the key players in the AI vision market.
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