The AI in computer vision market is expected to be valued at $3.62 billion in 2018 and is expected to reach $25.32 billion by 2023, at a compound annual return rate (CAGR) of 47.54% between 2018 and 2023, according to new data from ReportBuyer (www.reportbuyer.com).
A major factor driving the market includes growing demand for edge computing in mobile devices, adds the research group. However, rising security concerns related to cloud-based image processing and analytics are restraining factors for the AI in computer vision market.
ReportBuyer says the market for software is expected to hold the largest share during the forecast period as AI Solutions are created using nonprocedural languages such as LISP and PROLOG.These languages allow systems to learn and modify responses according to the environment. This is expected to reduce the volume and complexity of data in various verticals.
The market for automotive is expected to grow at the highest rate during the forecast period, according to ReportBuyer. Key reasons contributing to the growth of the automotive in the AI in computer vision market are the initiatives taken by the Chinese government to support AI by providing funding for research and development, support for workforce development, and suggestions for international collaboration and expansion.