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.
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.
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.
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.
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