Global Generative AI In Computer Vision Market Set For 37.8% Growth, Reaching $28.11 Billion By 2028
Generative AI In Computer Vision Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What are the Growth Projections for the Generative AI In Computer Vision Market?
The generative AI in computer vision market has seen an exponential rise in its size in recent years. It is expected to catapult from a market size of $5.66 billion in 2023 to $7.80 billion in 2024, which translates to a compound annual growth rate CAGR of 37.7%. The significant growth in the historical period has been fueled by advancements in deep learning, generative adversarial networks GANs, amplification in computational power, large-scale datasets, and enhancements in training techniques.
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Expanding on the Outlook for Generative AI In Computer Vision
The future of the generative AI in computer vision market promises immense growth. The market size is expected to ramp up to a staggering $28.11 billion by 2028 at a compound annual growth rate CAGR of 37.8%. This growth prognosis for the forecast period can be attributed to several factors such as growing adoption in varied industries, rising demand for synthetic data, improvements in hardware capabilities, increased investment and funding, along with enhanced computational efficiency. These drivers complement major trends on the horizon which include enhanced image and video synthesis, advancements in augmented and virtual reality, content creation and personalization, and data augmentation for training in the healthcare imaging sector.
What is Driving the Generative AI In Computer Vision Market?
The acceleration in the integration of artificial intelligence AI in various industries is a critical driver propelling the generative AI in computer vision market forward. AI's growth and adoption have been on the rise owing to its potential to automate complex tasks, enhance efficiency and accuracy, and generate actionable conclusions from vast amounts of data, thereby fuelling innovation and creating a competitive advantage. Generative AI in computer vision is capable of creating convincing images and visual content by understanding patterns from existing data. This enables applications such as image synthesis, enhancement, and transformation. For instance, in January 2024, a study conducted by International Business Machines Corporation IBM, a U.S. based technology firm, revealed that around 42% of companies with over 1,000 employees had actively incorporated AI into their operations. Further, 40% are currently exploring or experimenting with AI, and 59% amongst early adopters plan to boost their AI investments. This underlines a trend towards speedy adoption and therefore, the increasing incorporation of AI in various sectors is fostering the growth of the generative AI in computer vision market.
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Who are the Major Players in the Generative AI In Computer Vision Market?
Accomplished companies operating in the generative AI in computer vision market include Apple Inc., Samsung Electronics, Microsoft Corporation, Alibaba Group Holding Limited, Amazon Web Services AWS Inc., Siemens AG, Intel Corporation, International Business Machines Corporation, Qualcomm Incorporated, NVIDIA Corporation, Adobe Inc., Baidu Inc., Hikvision, Xilinx Inc., OpenAI, NEC Corporation, Cognex Corporation, Xnor.ai, Clarifai, Vicarious AI, Visenze, and Runway AI inc.
Emerging Trends in the Generative AI in Computer Vision Market
Market-leading ventures in the generative AI in computer vision are shifting their focus towards the development of inventive solutions such as advanced data synthesis to gain a competitive edge in the market. For example, Tech Mahindra, an India-based IT services and consulting firm, launched Vision amplifAIer, an AI-powered solution in October 2023. This solution is designed to serve as a smart data scientist for business analysts. It incorporates generative AI capacities, allowing users to create synthetic data and repurpose existing models through transfer learning.
How is the Generative AI In Computer Vision Market Segmented?
The generative AI in computer vision market analyzed in the report has been segmented by:
1 Technology: Deep Learning, Generative Adversarial Networks GANs, Variational Autoencoders VAEs, Other Technologies
2 Application: Content Creation and Enhancement, Image And Video Synthesis, Image-to-Image Translation, Style Transfer, Other Applications
3 Industry Vertical: Healthcare, Automotive, Retail, Entertainment and Media, Manufacturing, Other Industry Verticals
Regional Analysis of the Generative AI In Computer Vision Market
In the year 2023, North America took the top spot as the largest region in the generative AI in computer vision market. However, the fastest-growing region in the forecast period is predicted to be Asia-Pacific. The regions covered in the report encompass Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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