The AI in Computer Vision Market Forecast to 2027 – COVID-19 Impact and Global Analysis,” published by The Insight Partners, the market was valued at US$ 4,643.3 million in 2019, and it is expected to grow at a CAGR of 46.9% during 2020–2027 to reach US$ 95,080.9 million by 2027.
The major contributors to the growth of the AI in computer vision market in APAC are Australia, China, Japan, and India. Rapid advancements in technology, digitalization of economies, and sufficient support from government are leading to the smooth evolution of these economies from a developing stage to a developed stage in terms of adoption of technologically advanced solutions across various industries present in the region.
Investing in technology is enabling industries to enhance their overall production capacity in developing countries. These ventures enable both public and private investors to benefit from the investment of capital. Moreover, the countries in APAC have experienced a rise in both public and private investments in complex technologies across the region. This is boosting the adoption of artificial intelligence (AI) and computer vision solution implementation across enterprises in the region. For instance, AI & Vision Solutions (Pvt) Ltd offers AI-powered computer vision solutions such as smart parking management systems, traffic law violation detection system, and city surveillance and crime prevention solutions. Thus, the advanced solutions are being highly adopted by both private and public sectors in the region, which is propelling the growth of the AI in computer vision market in APAC.
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Leading AI in Computer Vision Market Players are as follows :
- ALLIED VIS
- ION TECHNOLOGIES GMBH
- BASLER AG
- COGNEX CORPORATION
- GENERAL ELECTRIC COMPANY
Key Findings of the Study
Nowadays, any virtual reality or augmented reality device produces an interactive 3D world. Most AR devices can conduct basic environment scans—for example, Google ARCore can detect flat surfaces and changes in light conditions—and VR systems can detect the user's movements by head tracking, controllers, etc.; however, their abilities stop there. The program for computer vision moves VR and AR to the next level of progress that some call merged reality (MR). With the aid of external environment mapping cameras and sensors, as well as eye-tracking solutions and gyroscopes to position the user, the VR and AR systems can perceive the atmosphere and direct the user away from barriers such as walls, products or other users; detect the movement of the user's eye and body and adopt the VR environment accordingly; and offer instructions and directions for indoor areas, public parks, underground and more. For instance, at Lowe's hardware store, each visitor can use an AR system to make their shopping list from which they can get directions for each item in the store. This is expected to raise the demand for artificial intelligence (AI) in computer vision over the years.
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