At 35.1% CAGR, Asia Pacific AI in Computer Vision Market is Projected to be Worth US$ 35,778.41 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific AI in computer vision market was valued at US$ 3,225.83 million in 2022 and is expected to reach US$ 35,778.41 million by 2030, registering a CAGR of 35.1% from 2022 to 2030. Rising applications in healthcare, agriculture, and retail industries are among the critical factors attributed to the Asia Pacific AI in computer vision market expansion.             

The applications of AI in computer vision are rising in various industries, such as healthcare, agriculture, and retail. Healthcare is one of the leading industries applying computer vision technology. Medical image analysis creates a visualization of organs and tissues to help medical professionals make speedy and accurate diagnoses, resulting in better treatment outcomes and life expectancy. For example, tumor detection by analyzing moles and skin lesions, automatic X-ray analysis, and symptom discovery from MRI scans. Also, AI algorithms can help medical professionals analyze various imaging documents such as X-rays and magnetic resonance images to detect anomalies and problems and help with better diagnoses. For example, computer visions are trained with large datasets to identify problems in mammograms that can detect breast cancer. Further, agriculture is not traditionally associated with cutting-edge technology. However, outdated methodologies and tools are slowly being phased out from farmlands worldwide. Today, farmers are leveraging computer vision to enhance agricultural productivity. Companies specializing in agriculture technology are developing advanced computer vision and artificial intelligence models for sowing and harvesting purposes. These solutions are also useful for weeding, detecting plant health, and advanced weather analysis. Computer vision has numerous existing and upcoming applications in agriculture, including drone-based crop monitoring, automatic spraying of pesticides, yield tracking, and smart crop sorting and classification. These AI-powered solutions scan the crops' shape, color, and texture for further analysis. Moreover, while interaction-free shopping experiences were always the inevitable future, the COVID-19 pandemic certainly helped speed up the retail industry's adoption of computer vision applications. Today, tech giants such as Amazon are actively exploring how retail can be revolutionized using AI vision to allow customers to "take and leave." Retail stores are already embracing computer vision solutions to monitor shopper activity, making loss prevention non-intrusive and customer-friendly. Computer vision is also being used to analyze customer moods and personalize advertisements. Apart from this, AI-driven vision solutions are being used to maximize ROI through customer retention programs, inventory tracking, and the assessment of product placement strategies. Therefore, rising applications in healthcare, agriculture, and retail industries is driving the market.

On the contrary, high cost of procuring and complexity of implementing AI-Based computer vision solutions hurdles the growth of Asia Pacific AI in computer vision market. 

Based on component, the Asia Pacific AI in computer vision market is bifurcated into software and hardware. The software segment held 55.6% share of Asia Pacific AI in computer vision market in 2022, amassing US$ 1,792.94 million. It is projected to garner US$ 20,985.99 million by 2030 to expand at 36.0% CAGR from 2022 to 2030.

In terms of end use industry, the Asia Pacific AI in computer vision market is segmented into security and surveillance, manufacturing, automotive, retail, sports and entertainment, and others. The security and surveillance segment held 28.2% share of Asia Pacific AI in computer vision market in 2022, amassing US$ 910.03 million. It is projected to garner US$ 10,073.87 million by 2030 to expand at 35.1% CAGR during 2022–2030.

Based on country, the Asia Pacific AI in computer vision market has been categorized into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 33.5% share of Asia Pacific AI in computer vision market in 2022. It was assessed at US$ 1,080.98 million in 2022 and is likely to hit US$ 13,673.43 million by 2030, exhibiting a CAGR of 37.3% during 2022–2030.            

Key players operating in the Asia Pacific AI in computer vision market are Advanced Micro Devices Inc, Cognex Corp, General Electric Co, Intel Corp, Microsoft Corp, Qualcomm Inc, Teledyne Technologies Inc, NVIDIA Corp, BASLER AG, and International Business Machines Corp, among others.

• In October 2023, Qualcomm collaborated with Zebra Technologies to demonstrate a Generative Artificial Intelligence (GenAI) large language model. Through the collaboration, the company taking the GenAI to the mobile edge on-device and applying it to areas such as voice AI, computer vision, and machine vision software powered by deep learning as well as task and workflow software using orchestrated AI.
• In March 2023, Teledyne announced the advanced AI enhancements to its image-processing software. The company's DALSA's Sapera Vision Software provides field-proven image acquisition, control, image processing, and artificial intelligence functions to design, develop, and deploy high-performance machine vision applications.

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