Report : North America AI in Computer Vision Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component (Hardware and Software) and End-User (Automotive, Sports and Entertainment, Robotics and Machine Vision, Security and Surveillance, Government and Defense, and Others)
Hardware Segment to Dominate North America AI in Computer Vision Market during 2019–2027
According to a new market research study on “North America AI in Computer Vision Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Component and End-User” is expected to reach US$ 32,565.09 million by 2027 from US$ 1,761.21 million in 2019. The market is estimated to grow at a CAGR of 45.0% from 2020 to 2027. The report provides trends prevailing in the North America AI in computer vision market along with the drivers and restraints pertaining to the market growth. Surge in demand for merged reality is among the major factor driving the growth of the North America AI in computer vision market. However, issues associated with privacy related concerns hinders the growth of North America AI in computer vision market.
The North America AI in computer vision market is segmented into component, and end-user. Based on component, the market is segmented into hardware and software. The hardware segment held the largest share of North America AI in computer vision market in 2019. Based on end-user the North America AI in computer vision market is segmented into automotive, sports and entertainment, robotics and machine vision, security and surveillance, government and defense, and others. The automotive sector accounted for the highest share in the market in 2019.
North America has the highest adoption and growth rate of new technologies owing to favorable government policies to boost innovation and strengthen the infrastructure capabilities. Hence, any impact on industries is expected to affect the economic growth of the region in a negative manner. Presently, the US is the world’s worst affected country due to COVID-19 outbreak thereby influencing the sudden stands still across all industries such as manufacturing and automotive amongst others. It is becoming apparent with the COVID-19 pandemic spreading across the United States that few can escape its scope, presenting significant challenges to all industries. However, the major adoption of the technology across the region is noticed in the manufacturing sector where the same is applied for converting tradition manufacturing processes into smart ones. Thus, the closure of all manufacturing units across countries like United States, Canada and Mexico is expected to impact the growth of the AI in computer vision market negatively. However, the outbreak of the virus has influenced the adoption of the technology across the healthcare sector to detect covid-19 among patients. Thus, rising investment by the healthcare sector in technologies in the present situation is expected to impact the market positively. Thus, the region is expected to have an overall moderate impact in the AI in computer vision market owing to the pandemic over the years.
1.6 Xilinx, Inc.; Allied Vision Technologies GmbH; Basler AG; Cognex Corporation; General Electric Company; Intel Corporation; Microsoft Corporation; Nvidia Corporation; Qualcomm Incorporated; Teledyne Technologies, Inc are among the leading companies in the North America AI in computer vision market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Basler introduced fully integrated development kit with cloud connectivity. It permits to test AI-based IoT applications on an optimized vision system and to access cloud services. The cloud connectivity makes it easy to load or train neural networks.
The report segments the North America AI in Computer Vision Market follows:
North America AI in Computer Vision Market – By Component
North America AI in Computer Vision Market – By End-User
- Sports and Entertainment
- Robotics and Machine Vision
- Security and Surveillance
- Government and Defense
North America AI in Computer Vision Market – By Country
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