Rise in investments by countries in North America, such as the US and Canada, to improve and innovate manufacturing processes across industries is influencing the adoption of advanced solutions such as AI and computer vision across the region. For instance, the federal government of the US announced plans to invest US$ 4.9 billion in research and development of technologies such as AI and machine learning (ML) in the fiscal year 2020. Rising investments in advanced technologies is further expected to drive the growth of the AI in computer vision market in the coming years.
AI in Computer Vision Market Forecast to 2027 – COVID-19 Impact and Global Analysis by Component (Hardware, Software); End-user (Automotive, Sports and Entertainment, Consumer, Robotics and Machine Vision, Healthcare, Security and Surveillance, Agriculture, Others) and Geography
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Increasing demand for edge computing in mobile devices coupled with the rising demand for computer vision systems in non–traditional and emerging applications are the major factors driving the AI in computer vision market growth. However, various industries are not convincingly adopting AI in computer vision systems due to the lack of awareness and technical expertise may hamper the growth of the market. Further, advancement in AI technology, development of machine learning is expected to provide lucrative opportunities for the market player of the AI in the computer vision market.
The “Global AI in Computer Vision Market Analysis to 2027” is a specialized and in-depth study of the AI in computer vision industry with a special focus on the global market trend analysis. The report aims to provide an overview AI in computer vision market with detailed market segmentation as component, end-user, and geography. The global AI in computer vision market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading AI in computer vision market players and offers key trends and opportunities in the AI in computer vision market.
Impact of COVID-19 Pandemic on AI in Computer Vision Market
North America has the highest adoption and growth rate of new technologies owing to favourable government policies to boost innovation and strengthen the infrastructure capabilities. Hence, any hindrance on industries hampers the economic growth of the region. Presently, the US is the world’s worst affected country due to the COVID-19 outbreak. This scenario is influencing all industries, including manufacturing and automotive. It is becoming apparent with the outbreak spreading across the US that few can escape its scope, presenting significant challenges to all industries. However, the major adoption of technology is noticed in the manufacturing sector to convert traditional manufacturing processes into smart ones. Thus, the closure of most of the manufacturing units across countries such as the US, Canada, and Mexico hinders the growth of the AI in computer vision market. However, the outbreak has influenced the adoption of the technology across the healthcare sector to detect COVID-19 among patients. Thus, rising investment by the healthcare sector in technologies in the present situation is expected to propel the growth of the AI in computer vision market. Thus, the region is expected to have an overall moderate impact on the market owing to the pandemic over the years.
Strategic Insights
The players operating in the AI in computer vision market focus on strategies such as mergers, acquisitions, product developments, and market initiatives to maintain their positions in the market. A few developments by key players are listed below:
- In 2020, Microsoft introduced supercomputers in the world, making new infrastructure present in Azure to train extremely large AI models.
- In 2020, Xilinx, Inc. declared a brand new machine learning (ML) capabilities for Xilinx device support aimed at the professional audio/video (Pro AV) and broadcast market.
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