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AI in Computer Vision Market Predicted to Touch USD 168.8 Billion with a CAGR of 34.32% by 2030 – Report by Market Research Future (MRFR)

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New York, US, Jan. 26, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), “AI in Computer Vision Market Analysis by Component, Vertical, and Region–Global Forecast to 2030” valuation is poised to reach USD 168.8 Billion by 2030, registering a 34.32% CAGR throughout the forecast period (2022–2030). 

AI in Computer Vision Market Overview

The growing need for computer vision systems in auto applications will boost market growth over the forecast period. Automobile manufacturers are increasingly relying on computer vision & industrial robotics technologies for automating various stages of the manufacturing process. The growth is being fueled by the rising participation of different automotive and IT behemoths in the development of self-driving cars.

AI in Computer Vision Market Report Scope:

Report Metric Details
  Market Size USD 168.8 Billion by 2030
  CAGR (2022 to 2030) 34.32%
  Segments Covered Component, Vertical and Region
  Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Market Opportunities Favorable Government Initiatives to Develop AI-related Technologies to offer Robust Opportunities
  Key Market Drivers Growing Demand in Auto Applications to Boost AI in Computer Vision Market Growth

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Drivers

Favorable Government Initiatives to Develop AI-related Technologies to offer Robust Opportunities 

A government initiative to accelerate the creation of AI-related technologies is likely to open doors for AI in the computer vision industry. Leading government agencies around the world are increasing their investments in AI and figuring out how to apply & encourage its use. In 2021, the United States, for example, invested around $6 billion in various AI-related R&D projects. The Indian government has announced several initiatives to help the country develop emerging technologies. This will offer robust opportunities for the market over the forecast period. 

Privacy Violations to act as Market Restraint
Data storage unreliability, data breaches, and privacy violations may act as market restraints over the forecast period. 

AI in Computer Vision Market Segments

The AI in computer vision market is bifurcated based on end users, application, and component. 

By component, hardware will lead the market over the forecast period. 

By application, gesture recognition will dominate the market over the forecast period. 

By end user, automotive will spearhead the market over the forecast period. 

Browse In-depth Market Research Report (100 Pages) on AI in Computer Vision Market:

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AI in Computer Vision Market Regional Analysis 

North America to Command AI in Computer Vision Market 
North America is a major player in the global computer vision market, with countries like the United States contributing the most. Throughout the forecast period, the region is expected to maintain its position. The growing demand from the gaming industry, as well as the dedicated presence of global IT leaders is driving the market growth in the region. Over the forecast period, North America is expected to have a substantial market growth stake. This expansion can be attributed to government initiatives that encourage the use of computer visions in the region. 

For example, the NIST supported Voxel51 Inc., a computer vision start-up, to acquire an AI-enabled video analytics platform through the Public Safety Innovation Accelerator Program in November 2019. The AI in Computer Vision in the region is expanding across various industry verticals, primarily in the manufacturing & automotive industries. Ford has incorporated artificial intelligence into its vehicle manufacturing and operations. The all-wheel-drive system on the 2020 Ford Edge will include artificial intelligence. One of the major market drivers in this region is the incorporation of surveillance systems with that of video analytics solutions.

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APAC to Have Favorable Growth in AI in Computer Vision Market 
The Asia Pacific region is likely to see significant growth in the market over the forecast period, with the region leading the way. The strong demand for AI in computer vision products has been bolstered by the increased growth of regional economies and the increase in start-ups. The countries with the highest disposable incomes, such as China, Japan and India, account for the maximum share in the region. Furthermore, factors such as evolving AI talent inspiring the use of the computer vision technology especially in the domestic market & growing demand from end-user segments are driving the region’s growth.

APAC is predicted to develop at the fastest pace. Japan, China, and South Korea are the largest contributors to the APAC market. Rising manufacturing operations are primarily responsible for China’s economic growth, whereas India’s growing demand for Industry 4.0 & advanced manufacturing techniques to increase automation across various applications is contributing to AI’s phenomenal growth in computer vision in APAC. 

COVID-19 Analysis 
The COVID-19 epidemic has possessed a significant impact on global economies, causing workforce and travel restrictions, production and supply chain disruptions, and decreased demand and spending in a variety of industries. The market growth of several industry verticals is expected to be hampered by a sudden drop in infrastructure development & installation projects. The COVID-19 epidemic has had little effect on the market for AI in computer vision. The crisis has caused a huge setback to export-oriented economies in the region, owing to the temporary shutdown of manufacturing plants. Consumer products, like smartphones & smart homes, have, on the other hand, evolved from a luxury to a necessity. Wearables, desktops, laptops, and other appliances all fall into this category, which has been harmed by global supply chain disruptions, particularly in China. The COVID-19 outbreak has had a positive and negative impact on major businesses around the world, disrupting production cycles & supply chains in a variety of industries. However, as vaccines become more widely available and the pandemic situation improves, particularly in North America & Europe, the AI in computer vision market is expected to recover.

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AI in Computer Vision Market Competitive Analysis

Dominant Key Players on AI in Computer Vision Market Covered are:

  •  Google LLC (US)
  •  Allied Vision Technologies GmbH (Germany)
  •  Microsoft Corporation (US)
  •  Basler AG (Germany)
  •  Apple Inc. (US)
  •  NVIDIA Corporation (US)
  •  Facebook (US)
  •  Qualcomm Technologies Inc. (US)
  •  Intel Corporation (US)
  •  COGNEX Corporation (US)

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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Artificial Intelligence

Enghouse Video Partners With SONIFI Health To Deliver Advanced Telehealth Solutions In Hospital Rooms

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MARKHAM, ON, April 25, 2024 /PRNewswire/ — Enghouse Video, a global leader in cutting-edge video technology solutions, today announced its partnership with SONIFI Health, enhancing virtual care in hospital settings.

SONIFI Health is a leading U.S. healthcare technology company based in Sioux Falls, South Dakota. The new partnership leverages and integrates Enghouse Video room systems technology to support SONIFI Health’s commitment to expanding telehealth applications and system optimizations in hospital settings.
Enghouse’s VidyoRooms solution, a sophisticated video conferencing technology that combines both software and hardware solutions, has been fully integrated into SONIFI Health’s interactive TV systems. This integration provides up to 4K high-quality video conferencing, multi-party sessions and robust security features that ensure full compliance with healthcare regulations.
Enghouse Video offers an immersive telehealth platform to support collaborative interdisciplinary care, improved patient outcomes and cost savings. The platform is flexible and simple, delivering the reliability, interoperability, and scalability needed for today’s healthcare environment. A key strength of the partnership is its offering of back-end integrations like patient portals, medical devices, EMR, tele-sitting, remote patient observation and consultation.
“Hospitals can choose the telehealth partner that’s right for them, and we incorporate that solution with interactive TV,” said Brian Nido, SONIFI Health’s Vice President of Customer Success. “Using the hardware and systems they already have in patient rooms helps hospitals reduce costs and maximize the value of their existing investments, while benefiting both clinicians and patients.”
SONIFI Health and Enghouse Video continue to collaborate closely to further refine and enhance the telehealth solutions provided to healthcare facilities. This partnership reflects a shared commitment to leveraging technology to create smarter hospital rooms and improve patient care across the healthcare spectrum.
About Enghouse VideoEnghouse Video, part of the Enghouse Interactive division, is a subsidiary of Enghouse Systems Limited, a vertically focused software and services company traded on the Toronto Stock Exchange (TSX: ENGH). Through highly secure, scalable and flexible Cloud-based or On Prem services, we deliver one of the world’s highest quality and most innovative video platform to video-enable any application or idea. From advanced video conferencing and collaboration tools to state-of-art enterprise video management, Enghouse Video is a unique player in multiple markets, including telehealth. Learn more at www.enghousevideo.com, read our blog, or follow us on Twitter at @EnghouseVideo, on LinkedIn, and on Facebook.
About SONIFI HealthSONIFI Health provides market-leading interactive patient engagement technology proven to improve patient outcomes and staff productivity. The EHR-integrated platform is designed to enhance patient and family experiences while increasing staff satisfaction and organizations’ operational efficiencies. As part of SONIFI Solutions, Inc., the company annually supports more than 300 million end user experiences. Learn more at sonifihealth.com.
Enghouse Video Contact: Sylvain Awad, Director, Demand Generation, Enghouse Video, part of Enghouse Interactive Division, [email protected]

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Global Insurance Provider Selects 3CLogic to Streamline AI and Contact Center Capabilities with ServiceNow

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Multinational Insurance Broker to deploy 3CLogic’s solution with ServiceNow’s Financial Service Operations (FSO) platform to streamline customer experiences.
ROCKVILLE, Md., April 25, 2024 /PRNewswire/ — 3CLogic, the leading Conversational AI and Contact Center solution for ServiceNow®, today announced its selection by a global insurance provider to replace its existing contact center infrastructure as part of a larger CX transformation effort. The strategic decision is designed to complement the organization’s use of ServiviceNow’s Financial Services Operations (FSO) offering leveraged across a number of its existing product lines including Customer Warranty Claims, Roadside Assistance, and Home Warranties.

Serving millions of customers worldwide with innovative insurance and protective products, the organization required a solution that would enhance its recent investment in the ServiceNow platform as it works to transform its end-to-end customer service operations. The deployment will incorporate several of 3CLogic’s AI-powered capabilities purpose-built for ServiceNow, including Conversational AI, Speech Analytics, and AI Performance & Coaching, along with integrated call transcriptions, convenient 2-way SMS, and ServiceNow-centralized contact center reporting.
“We continue to see enterprises eager to complement their existing investment in digital platforms, such as ServiceNow, with contact center features purpose-built to extend the workflows and features they already have and use,” explains Matt Durkin, VP of Global Sales at 3CLogic. “It’s no secret that organizations are already juggling too many systems, often with overlapping capabilities, which impacts ROI and operational efficiency. We’re proud to offer an alternative approach that helps simplify the technology stack while optimizing the overall operational costs and outcomes.”
Recently named to Constellation Research’s 2024 Shortlist for Digital Customer Service and Support, 3CLogic has seen global adoption of its solution by leading enterprises in healthcare, manufacturing, travel, retail, higher education, finance, non-profits, and Managed Service Providers across five continents. As a ServiceNow-certified Technology and Build partner with offerings available for ServiceNow’s IT Service Management, Customer Workflows, HR Service Delivery, and Source-to-Pay solutions, the company will be unveiling its latest set of capabilities at ServiceNow’s annual Knowledge 2024 event this May in Las Vegas.
For more information, please contact [email protected].
About 3CLogic3CLogic transforms customer and employee experiences with its leading Cloud Contact Center and AI solutions purpose-built to enhance today’s leading CRM and Customer Service Management platforms. Globally available and leveraged by the world’s leading brands, its offerings empower enterprise organizations with innovative features such as intelligent self-service, generative and Conversational AI, agent automation & coaching, and AI-powered sentiment analytics – all designed to lower operational costs, maximize ROI, and optimize each interaction across IT Service Desks, Customer Support, Sales or HR Services teams. For more information, please visit www.3clogic.com.
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ScreenPoint Medical Leadership Transition: Pieter Kroese Confirmed as CEO

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Leading Breast AI Company, creator of industry-leading Transpara®, promotes from within for new CEO
NIJMEGEN, Netherlands, April 25, 2024 /PRNewswire/ — ScreenPoint Medical, today announced a significant transition in its leadership as Mark Koeniguer, the current CEO, steps down from his position. Mark served as CEO since 2022 and was instrumental in ScreenPoint’s commercial growth and success over the past 2 years.

 
 
The company’s Board of Directors has appointed Pieter Kroese as the new Chief Executive Officer effective April 25, 2024. Pieter takes the role after serving as COO of ScreenPoint for over five years. During that time, he has managed the transition of the company from an early startup to a thriving enterprise with hundreds of customers using ScreenPoint’s flagship Transpara software to support millions of scans a year.
“I am thrilled to lead ScreenPoint into its next phase of growth and innovation,” said Mr. Kroese. “I am deeply committed to building upon the strong foundation we have and continuing to work closely with our talented team to drive continued success. We are already expanding screening capacity and capability through proven reader support – we look forward to increasing our ability to support providers and women moving forward.”
Sir Michael Brady, Chairman of the Board at ScreenPoint Medical and a co-founder of the company, expressed enthusiasm about Pieter’s appointment, stating, “Pieter’s remarkable leadership qualities, coupled with his depth of knowledge of our product and industry, make him the perfect choice to lead ScreenPoint into the future. His strategic mindset and commitment to excellence align perfectly with our company mission of early breast cancer detection. Pieter has been an integral part of our growth to date and will provide seamless leadership through this transition into our next chapter for our customers, partners, and team.”
Author of “No Longer Radical” and over a hundred peer-reviewed publications on breast imaging, Dr. Rachel Brem is a Transpara user and ScreenPoint Board Member. Dr. Brem welcomed Mr. Kroese with the following: “Pieter has been an integral part of the ScreenPoint team for years. I am confident that his leadership will continue to deliver product excellence: earlier detection with outstanding reading workflow and improved patient outcomes. We continue to see these results from clinical sites all over the world, including many here in the United States. No other Breast AI solution has demonstrated the same results as Transpara, and I am confident that the team will continue to push on these frontiers under Pieter’s leadership.” 
The entire team at ScreenPoint extends its gratitude to Mark Koeniguer and wishes him every success in the future, while warmly welcoming Pieter Kroese into his new role as CEO.
About ScreenPoint Medical
ScreenPoint Medical translates cutting edge machine learning research into technology accessible by radiologists to improve screening workflow, decision confidence and breast cancer risk assessment. Transpara is trusted by radiologists globally because it has been developed by experts in machine learning and image analysis and updated with user feedback from world-renowned breast imagers.
See all the proof at: https://screenpoint-medical.com/evidence.
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