At 31.8% CAGR, Europe AI in Computer Vision Market is Projected to be Worth US$ 37,395.38 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Europe AI in computer vision market was valued at US$ 4,116.09 million in 2022 and is expected to reach US$ 37,395.38 million by 2030, registering a CAGR of 31.8% from 2022 to 2030. Increased manufacturing of autonomous vehicles and increase in privacy concerns are among the critical factors attributed to the Europe AI in computer vision market expansion.             

Computer vision is a fundamental technology for developing autonomous or self-driving vehicles. It provides the necessary perception capabilities, enabling vehicles to navigate and operate safely without human intervention. Computer vision algorithms can interpret complex visual data, including traffic signs, lane markings, traffic lights, and road conditions. This allows autonomous vehicles to make informed decisions about their movements and adjust their behavior accordingly. Computer vision is at the center of autonomous vehicle technology. By leveraging object detection algorithms while also using the latest cameras and sensors, autonomous vehicles get to identify their surroundings, making the entire driving process safer. Computer vision models allow autonomous vehicles to stop before they hit walkers or cyclists. Various companies are launching new autonomous vehicles. For instance, In February 2021, Luxury carmaker Jaguar Land Rover announced the opening of three new engineering hubs to develop autonomous vehicle technologies in Europe as part of its partnership with Silicon Valley artificial intelligence company Nvidia (NVDA.O). The hubs in Munich, Bologna, and Madrid develop self-driving systems for JLR's next generation of luxury vehicles. Therefore, the increasing manufacturing of autonomous vehicles is anticipated to provide growth opportunities for the AI in computer vision market.

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

Based on component, the Europe AI in computer vision market is bifurcated into software and hardware. The software segment held 57.3% share of Europe AI in computer vision market in 2022, amassing US$ 2,360.41 million. It is projected to garner US$ 22,551.69 million by 2030 to expand at 32.6% CAGR during 2022–2030.

In terms of end use industry, the Europe 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 29.1% share of Europe AI in computer vision market in 2022, amassing US$ 1,197.32 million. It is projected to garner US$ 10,802.06 million by 2030 to expand at 31.6% CAGR from 2022 to 2030.

Based on country, the Europe AI in computer vision market has been categorized into Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that Germany captured 30.1% share of Europe AI in computer vision market in 2022. It was assessed at US$ 1,237.71 million in 2022 and is likely to hit US$ 12,504.35 million by 2030, exhibiting a CAGR of 33.5% during 2022–2030.            

Key players operating in the Europe 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 March 2023, Intel labs advanced computer vision development with two new AI models. VI-Depth 1.0 and MiDaS 3.1 open-source AI models improve depth estimation for computer vision.
• In March 2023, Microsoft announced a renaissance in computer vision AI with Microsoft's Florence Foundation model. The company announced the public preview of Microsoft's Florence foundation model, trained with billions of text-image pairs, and integrated as cost-effective, production-ready computer vision services in Azure Cognitive Service for Vision.

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