At 28.8% CAGR, South & Central America AI in Computer Vision Market is Projected to be Worth US$ 3,312.90 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the South & Central America AI in computer vision market was valued at US$ 436.47 million in 2022 and is expected to reach US$ 3,312.90 million by 2030, registering a CAGR of 28.8% from 2022 to 2030. Edge computer vision and increased manufacturing of autonomous vehicles are among the critical factors attributed to the South & Central 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 South & Central America AI in computer vision market.

Based on component, the South & Central America AI in computer vision market is bifurcated into software and hardware. The software segment held 52.8% share of South & Central America AI in computer vision market in 2022, amassing US$ 230.67 million. It is projected to garner US$ 1,860.79 million by 2030 to expand at 29.8% CAGR during 2022-2030.

In terms of end use industry, the South & Central 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 30.6% share of South & Central America AI in computer vision market in 2022, amassing US$ 133.36 million. It is projected to garner US$ 1,035.45 million by 2030 to expand at 29.2% CAGR from 2022 to 2030.

Based on country, the South & Central America AI in computer vision market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 62.4% share of South & Central America AI in computer vision market in 2022. It was assessed at US$ 272.38 million in 2022 and is likely to hit US$ 2,176.53 million by 2030, exhibiting a CAGR of 29.7% during 2022-2030.

Key players operating in the South & Central 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, and International Business Machines Corp, among others.

• In January 2023, Microsoft announced a long-term partnership with OpenAI through a multiyear, multibillion-dollar investment to accelerate AI breakthroughs to ensure these benefits are broadly shared with the world. This includes Microsoft's Azure OpenAI Service, which empowers developers to build cutting-edge AI applications through direct access to OpenAI models backed by Azure's trusted, enterprise-grade capabilities and AI-optimized infrastructure and tools.
  
  
• In January 2023, Visteon and Qualcomm Technologies, Inc. announced plans to expand their technological collaboration by developing a high-performance cockpit domain controller that would enable global automakers to build next-generation cockpits. Visteon's SmartCore software and Snapdragon Cockpit work together. Platforms will allow manufacturers to provide new features and functionality in their next-generation cockpits easily. Production plans are scheduled to begin in 2025.
  
  
  
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