AI in Computer vision is a discipline of AI concerned with enabling computers to see, understand, and interpret the visual world. It is a set of technologies that enables computers, software, or robots perform tasks similar to those performed by the biological vision systems. This includes seeing or sensing visual stimuli and then analyzing, understanding, and extracting information from them. This, in turn, helps automate tasks that can be done by human vision system, by leveraging sensors, computers, and machine learning algorithms.
Among various branches or disciplines of AI, computer vision has shown unprecedented momentum in recent years. The technology has literally permeated all walks of our lives, from social media platforms, to industrial production and law enforcement. The early experiments in this field took place in 1950s, while the first commercial use of computer vision interpreted typed text using optical character recognition happened in 1970s.
In the subsequent period, computer vision experienced rapid advancements and now, this technology is in a state where the accuracy rates for object identification and classification have increased from 50% to 99% during a period spanning less than a decade. Further, today’s systems are capable of detecting and reacting to visual inputs faster than humans.
As a result, AI in computer vision has found applications in sectors like retail, BFSI, e-commerce, and healthcare, among others. These sectors have experienced enhanced efficiency and have been able to automate tasks that are tedious to humans. This, in turn, will enable human workforce to focus on critical business areas. Further advancements in computer vision are expected to bring about era-defining innovations, of which self-driving cars and cashier less supermarkets are a few examples.
According to market estimates, the AI in computer vision ecosystem to post huge gains in the coming years. It is expected to register an exceptionally high CAGR of 22% in the coming years. The integration of computer vision in smartphones will play a key role in the growth of the market. The new generation of smartphones come with sophisticated cameras and facial recognition features. Further, Apple has introduced 3D sensing in its iPhone X, generating a rush in the adoption of 3D sensing.
Apart from smartphone manufacturers, e-commerce companies have also been introducing visual search features in their websites to give their customers a smoother and more personalized shopping experience. All these developments have made computer vision a booming industry that is set to revolutionize all major sectors of the economy.
Among the various regions of the world, North America has displayed impressive growth in the AI in computer vision ecosystem, spanning across various industry verticals including manufacturing, retail, automotive, and healthcare. The Asia-Pacific region will also witness increasing adoption of computer vision in the coming years.
Government funding and investments in AI and computer vision have been increasing continuously, and this will provide a major boost to the AI in computer vision ecosystem. Even the private sector will be investing huge sums for the development of computer vision. All these will bring in further advancements in computer vision and increase its implementation across many industry verticals.
The major market players that will play a crucial role in the advancement of AI in computer vision include NVIDIA, Qualcomm, Intel, Apple, Microsoft, Facebook, Alphabet, Xilinx, Teledyne Technologies, Wikitude, General Electric, Basler, MAXST, Cognex, Facebook, and Avigilon. These market players, with their strategies like new product launches, partnerships, and collaborations, will drive the growth of the AI in computer vision market in the coming days.
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