AI in Computer Vision: Redefining Vision Technology

AI in Computer Vision: Redefining Vision Technology

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Machine learning in computer vision includes now neural network platforms which allows the translation of an image to speech or text and vice versa. The use of deep learning in computer vision enable searching, tagging, and indexing of image and a video, exactly like we do it for text.

Machine Learning: Key Enabler for Enhanced Accuracy of Computer Vision

The computer vision market is mainly driven by the application advancement of vision technology and application requirement, i.e. the role of computer vision algorithm and hardware are much more complex in artificial intelligence based application compared to the conventional applications of computer vision. According to the latest market intelligence report ‘AI in Computer Vision Market worth 25.32 Billion USD by 2023’, the market for AI in computer vision is expected to grow from USD 2.37 Billion in 2017 to USD 25.32 Billion by 2023. At CAGR of 47.54%. The elementary technology of computer vision (i.e. identifying an image or video) remains the same across the applications, however, video and image processing technology has changed over the years. For example, a simple human tracking application in computer vision can be enhanced to analyze a buyer’s behavior in a shopping mall. Similarly, the use of machine learning in medical imaging has significantly contributed to the higher level of accuracy in radiology compared to the conventional computer vision.

Computer Vision: High Growth Market with Low Barrier for Entry

The market is highly crowded with numerous startups and small companies trying to jaunt on the wave of current market hype. For instance, more than 80 player are offering facial recognition software for security and surveillance application in the market.

With changes in the accuracy for computer vision many new use cases are expected to disrupt the market in forthcoming years. The innovative business model to cater to the complete solution aspect of computer vision technology is expected to be the key differentiation among the companies in the long run to survive.

With the inclusion of deep learning and neural network computer vision, the market is set to offer a wide open door for new entrants. In the last three years, numerous startups in this space witness substantial seed funding. 

Semiconductor Companies: Investing Big to Cash this Opportunity.

Players, such as NVIDIA, Google, and Microsoft, are some of the blue chip in this market who are investing big in computer vision based on machine learning and neural network technology. Google, Microsoft, NVIDIA, and other large players have already established research labs focused on the AI and computer vision. On a broader prospect, a huge amount of optimism exists in computer vision market with its role as growth enabler for artificial intelligence in retail, industry, consumer, and sports and entertainment applications.

Semiconductor companies such as NVIDIA, Apple, and Qualcomm are enthusiastically investing in computer vision by providing hardware and deployment framework and software. Intel is an active participant in Open Source Computer Vision (OpenCV). Along with the GPUs NVIDIA offers DRIVE PX platform for vision applications in automotive and gaming applications, whereas Qualcomm has launched AI capable mobile processor with computational photography capabilities. It has also introduced a platform called ‘Zeroth’ that is targeted at neural network applications. This development by the blue-chip companies is likely to play a large part in adopting AI capable computer vision technology technologies in a product such as virtual reality (VR) and intelligent virtual assistants.

Competitive Mapping: Companies Opting Horizontal Growth Strategy

The application market for computer vision range across several different applications, where the role of computer vision is distinct from each other. The topmost application segment for computer vision includes, automotive, consumer, sports and entertainment, robotics and machine vision, security and surveillance and medical.

Each of these application markets has their own ecosystem, design aspect, accuracy, and reliability requirement. Although the basic technology remains the same, the algorithm, hardware, and pricing for computer vision vary largely from one application to another. This has led to the preference of horizontal growth strategy by the players in this market.

Key players in AI in Computer Vision supply chain

Some of the major players in the AI in the supply chain market are

  • IBM Corporation,
  • Microsoft Corporation,
  • Advanced Vision Technology,
  • Alphabet,
  • AMD,
  • Analog Devices,
  • ARM Holdings,
  • Autoliv,
  • Avigilon Corporation,
  • Avnet,
  • Basler,
  • Cadence,
  • CEVA,
  • Cognex Corporation,
  • Elbit Vision Systems,
  • Facebook,
  • Image Metrics,
  • Image Sensing Systems,
  • Imagination Technologies,
  • Intel Corporation,
  • Isra Vision,
  • Qualcomm,
  • Synopsys,
  • Xilinx,
  • Sony.

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AI in Computer Vision Market by Component (Hardware, Software), Vertical (Automotive, Sports & Entertainment, Consumer, Robotics & Machine Vision, Healthcare, Security & Surveillance, Agriculture), and Region - Global Forecast to 2023 - Product Image

AI in Computer Vision Market by Component (Hardware, Software), Vertical (Automotive, Sports & Entertainment, Consumer, Robotics & Machine Vision, Healthcare, Security & Surveillance, Agriculture), and Region - Global Forecast to 2023

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