AI in Computer Vision Market: Growth Contours
The applications of computer vision can get as diverse as the use cases of artificial intelligence (AI) in image recognition. Image acquisition, processing, and analysis tools and technologies have made continuous advancements over the decades. These have unarguably extended the vision intelligence capabilities of computers and devices such as cameras, thereby proliferating the use of computer vision in wide range of applications, notably in gait analysis, and facial recognition.
Advances in the science underlying convolutional neural network architecture have made AI in computer vision smarter. One of the rapidly emerging area in the AI in computer vision market has been robotics. As a result, AI in computer vision has unleashed incredible potential in the medical, healthcare, and automotive industries, and industrial control systems.
Concurrently, there has been enormous research in harnessing the capabilities of AI in computer vision for the panoply of applications in manufacturing sector, object identification system, detection, navigation, and medical image analysis. The drive for the AI in computer vision market in range of industries stems from these R&D efforts.
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AI in Computer Vision Market: Key Drivers and Lucrative Avenues
Growing use of AI in computer vision in drones is a key trend that has spurred the revenue prospects of technology developers. Another lucrative area of end-use application is in self-driving cars. The past few years have seen some of the globally prominent automakers committing sizable dollar R&D funds to meet the demand for next-gen automobiles. This has led to constantly growing demand for AI in computer vision in the automotive industry. The buzz around self-driving cars and autonomous driver assistance systems will fuel research in expanding the application of computer vision in the automotive sector.
Further, AI in computer vision market is witnessing vast strides in growing applications of AI-powered surveillance systems. The prospect is attractive industry players to leverage research in gait analysis for meeting the needs of law enforcement agencies and organizations in the defense sectors. The rise in demand for novel computer vision technologies for consumer electronics is a key driver for the AI in computer vision market. For instance, the growing use of real-world imagery in electronic gadgets and mobile devices has boosted the demand in the AI in computer vision market.
AI in Computer Vision Market: Competition Landscape and Key Developments
Advancements made in machine learning algorithms have enabled players in the medical industry to leverage AI in computer vision meant for disease diagnosis and monitoring. A case in point is the growing body of pilot studies in demonstrating the benefits of computer vision algorithms in detecting diabetic retinopathy. The area is replete with opportunities for players in the AI in computer vision market to reap revenue streams in the use of the technology in the medical industry.
Another area where technology companies with the likes of Google are putting bets is cancer detection. Massive research are ongoing to detect cancer in the early stages. Indeed, an effective staging of cancer will help in reducing the morbidity and prevalence of certain cancers. This has opened up lucrative opportunities for players in the AI in computer vision market. A case in point is breast cancer metastasis.
Some of the key players in the AI in computer vision market are Qualcomm, Microsoft, IBM, NVIDIA, and Intel Corporation.
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AI in Computer Vision Market: Regional Landscape
North America has been a highly lucrative market. Its growth has been underpinned by rapid advancements in AI and massive increase in the computational power of digital systems. Another area that is generating huge optimism is in precision agriculture, where drones are put to various use in optimizing the resources for a better yield for farmers. Companies are witnessing some incredible avenues in these applications, with incessant R&D. Asia Pacific is expected to be a promising regional market in the near future, with burgeoning demand for AI-powered computer vision in industrial automation.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.