At 33.7% CAGR, North America AI in Computer Vision Market is Projected to be Worth US$ 51,121.71 Million by 2030, says Business Market Insights

According to Business Market Insights’ research, the North America AI in computer vision market was valued at US$ 5,011.48 million in 2022 and is expected to reach US$ 51,121.71 million by 2030, registering a CAGR of 33.7% from 2022 to 2030. Edge computer vision and increased manufacturing of autonomous vehicles are among the critical factors attributed to the North America AI in computer vision market expansion.

Traditionally, computer vision and Al were pure cloud solutions due to their easy scalability to increase resources and the unlimited availability of computing resources. Cloud or web computer vision solutions need to upload all images to the cloud, either using a computer vision API such as AWS Rekognition, Microsoft image recognition API (Azure Cognitive Services), Google Vision API, or Clarifai API directly. In mission-critical use cases, data unloading with a centralized cloud design is generally not possible because of technical (latency, connectivity, bandwidth, redundancy) or privacy reasons (sensitive data, security, legality) or because it is too expensive (large-scale, high-resolution, bottlenecks cause cost spikes, real-time). Hence, edge computing concepts are used to overcome the limits of the cloud; the cloud is continued to multiple connected edge devices. Edge Al, also called on-device ML or Edge Intelligence, uses the Internet of Things (IoT) and edge computing to move machine learning from the cloud to edge devices in equal proximity to the data source, including cameras. With the enormous, still exponentially growing amount of data generated at the edge, Al is required to understand and analyze data in real time without compromising the security and privacy of visual data. Edge computing offers unique benefits, including greater security, real-time insights, and faster processing, making it an essential tool for computer vision applications. A major benefit of Edge computer vision is its facility to operate in real-time, making it well-suited to security, robotics, and surveillance applications. Therefore, edge computer vision is anticipated to be a trend 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 North America AI in computer vision market.

Based on component, the North America AI in computer vision market is bifurcated into software and hardware. The software segment held 59.8% share of North America AI in computer vision market in 2022, amassing US$ 2,998.60 million. It is projected to garner US$ 32,172.97 million by 2030 to expand at 34.5% CAGR during 2022–2030.

In terms of end use industry, the North America 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 28.0% share of North America AI in computer vision market in 2022, amassing US$ 1,403.41 million. It is projected to garner US$ 14,538.34 million by 2030 to expand at 33.9% CAGR from 2022 to 2030.

Based on country, the North America AI in computer vision market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 84.3% share of North America AI in computer vision market in 2022. It was assessed at US$ 4,225.68 million in 2022 and is likely to hit US$ 44,085.32 million by 2030, exhibiting a CAGR of 34.1% during 2022–2030.

Key players operating in the North America 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 February 2023, AMD has announced the acquisition of Xilinx, a semiconductor provider based in the US. Following the acquisition, Xilinx will now operate as a part of AMD's adaptive and embedded computing group. Both companies offer complementary products having differentiated IP and workforce. Working together, AMD and Xilinx would be able to deliver far broader products and solutions catering to every need for computing solutions.
• In April 2020, Cognex launched the In-Sight D900 embedded vision system, which is the first-of-its-kind solution; the In-Sight D900 features Cognex's ViDi deep learning software inside an In-Sight industrial-grade smart camera.

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