Leveraging Artificial Intelligence for Vision Applications and Technologies Market Expected to Reach $45 Billion By 2028
Artificial Intelligence (AI) technology is rapidly expanding its reach across various markets, particularly in vision-enabled technologies. The AI computer vision sector is witnessing a surge in applications across diverse fields such as agriculture, logistics, and manufacturing, all poised to benefit significantly from this cutting-edge technology. The growth in AI computer vision is propelled by advancements in deep learning algorithms, increased data accessibility, faster and more affordable computing power, and innovations in hardware technology like GPU and TPU.
The global AI in Computer Vision Market Size, valued at USD 17.2 Billion in 2023, is projected to soar to USD 45.7 Billion by 2028, with a projected CAGR of 21.5% through 2028. The surge in demand for automation and efficiency is a key driver for the growth of AI in the computer vision market. Businesses are increasingly turning to AI computer vision technologies to streamline processes, save time and resources, and enhance decision-making accuracy.
Active Tech Companies Driving Innovation
Rail Vision Ltd. (NASDAQ: RVSN) has partnered with NVIDIA Metropolis to enhance railway safety systems by leveraging NVIDIA Jetson and other edge AI platforms. This collaboration underscores Rail Vision’s commitment to revolutionizing rail safety through cutting-edge technologies.
C3.ai, Inc. (NYSE: AI) reported robust financial results for its fiscal third quarter, showcasing significant revenue growth and customer engagement. The company’s Enterprise AI application software is gaining traction as market interest in adopting AI accelerates.
SoundHound AI, Inc. (NASDAQ: SOUN) announced the integration of its voice assistant with ChatGPT in collaboration with an international automaker, marking a milestone in in-vehicle voice assistant technology.
Microsoft Corporation (NASDAQ: MSFT) unveiled Microsoft Copilot for Finance, an AI tool designed to assist finance departments in data analysis, report generation, and task management, catering to industry-specific needs.
Okta, Inc. (NASDAQ: OKTA) made strategic executive appointments to bolster its go-to-market team, emphasizing the increasing importance of Identity in the digital landscape.
Conclusion
The convergence of AI and computer vision is reshaping industries, driving automation, efficiency, and innovation. With market projections indicating substantial growth in the AI in Computer Vision sector, companies are actively leveraging advanced technologies to stay ahead of the curve and meet evolving market demands.
