At 29.9% CAGR, Middle East & Africa AI in Computer Vision Market is Projected to be Worth US$ 7,840.29 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa AI in computer vision market was valued at US$ 967.12 million in 2022 and is expected to reach US$ 7,840.29 million by 2030, registering a CAGR of 29.9% from 2022 to 2030. Growing adoption of industry 4.0 and rising applications in healthcare, agriculture, and retail industries are among the critical factors attributed to the Middle East & Africa AI in computer vision market expansion.

Industry 4.0 is a new phase of the industrial revolution—the digital transformation of manufacturing and related industries—that highly emphasizes automation, interconnectivity, real-time data, and machine learning. By combining Industry 4.0 with automation systems, traditional industrial facilities are gradually evolving into smart, connected, and highly efficient automated facilities. It forms a single automated unit that combines computers and industrial automation solutions with the help of robotics. A network of connected devices creates a smart architecture capable of making decentralized decisions. The increasing adoption of AI-based computer vision solutions among Industry 4.0 companies is expected to improve warehouse safety, allow companies to achieve higher levels of lean manufacturing, and increase productivity and profitability while lowering long-term costs. Furthermore, AI computer vision is transforming Industry 4.0 by enabling automated vehicles to interpret and understand visual information. Combining artificial intelligence and computer vision is like having a team of superpowered robots working in the warehouse and logistics operations. These robots can analyze, see, and make decisions based on what they observe. This results in a more accurate, efficient, and streamlined workflow, leading to increased profitability and productivity. In a warehouse and logistics setting, these robots can perform tasks such as quality control, object recognition and identification, picking and packing, and inventory management. They help work at a faster pace and eliminate the possibility of human error, making sure that the right products reach the right customers on time and ensuring the smooth flow of operations. AI computer vision revolutionizes industry processes by reducing human error, automating tasks, increasing productivity, enabling intelligent decision-making based on real-time data, and ensuring product quality. There are several applications of AI computer vision systems in automation for Industry 4.0. With computer vision, it measures products' quantities precisely and quickly, reduces costs and timelines, avoids human contact in particular processing to eliminate contamination risks, and guarantees better safety standards to employees. AI computer vision is fast growing in the industrial world because it offers integrable solutions in the production lines. A computer vision system can perform several operations, including monitoring products, analyzing possible defects, performing predictive maintenance to avoid malfunctions and interruptions, and improving safety on production sites. Thus, with the growing adoption of Industry 4.0, the demand for AI in computer vision is increasing.

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

Based on component, the Middle East & Africa AI in computer vision market is bifurcated into software and hardware. The software segment held 56.8% share of Middle East & Africa AI in computer vision market in 2022, amassing US$ 549.14 million. It is projected to garner US$ 4,688.06 million by 2030 to expand at 30.7% CAGR during 2022–2030.

In terms of end user, the Middle East & Africa 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 38.9% share of Middle East & Africa AI in computer vision market in 2022, amassing US$ 375.87 million. It is projected to garner US$ 3,084.46 million by 2030 to expand at 30.1% CAGR from 2022 to 2030.

Based on country, the Middle East & Africa AI in computer vision market has been categorized into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 41.6% share of Middle East & Africa AI in computer vision market in 2022. It was assessed at US$ 401.99 million in 2022 and is likely to hit US$ 3,569.78 million by 2030, exhibiting a CAGR of 31.4% during 2022–2030.

Key players operating in the Middle East & Africa 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, and International Business Machines Corp, among others.

• In September 2022, NVIDIA introduced the open-source project to accelerate computer vision cloud applications. The CV-CUDA combines accelerated image pre- and post-processing algorithms and tools to process 10x the number of images at the same cost.
• In November 2020, Intel Acquired Cnvrg.io to aim at strengthening its machine learning and AI operations.

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