The AI in computer vision market in North America is expected to grow from US$ 1,761.21 million in 2019 to US$ 32,565.09 million by 2027; it is estimated to grow at a CAGR of 45.0% from 2020 to 2027. Emotion AI uses computer vision technology to analyze facial appearances and eye trends in photos and videos to read the emotional responses of an individual. London-based start-up Emotion AI tracks the facial expression of a sample crowd watching a particular promotion from their PC or cellphone camera. In 2019, Realeyes raised US$ 12.4 million in funding to assist major companies, such as AT&T, Mars, Hershey’s, and Coca-Cola, to separate emotions from photographs of facial expressions before rating any promotion for focus, emotion, and feeling. Furthermore, Apple bought Emotient in January 2016, and Facebook is developing its own products. Thus, the rising demand for artificial intelligence for emotion analyses is fueling the integration of artificial intelligence with computer vision, thereby contributing to the market growth. Additionally, surge in demand for merged reality is a major factor driving the North America AI in computer vision market.
Based on component, the hardware segment led the North America AI in computer vision market in 2019.The hardware in the AI in computer vision provides a considerable benefit to the organizations by preserving all their business processes and current internal systems such as production processes and technology being used.
In addition to this, enterprises can implement their data security standards and control an entire process that is housed within the hardware of the enterprise.The consequences faced by organizations for hardware deployment include high costs associated with the installation, management, upgrade, and maintenance of complete solutions requirements across the years.
Therefore, hardware is majorly adopted by large and well-established companies that can invest such massive capital on maintaining this same. Thus, the above-mentioned factors are expected to influence the adoption of hardware in the market during the forecast period.
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 the COVID-19 outbreak; hence, industries such as manufacturing and automotive are experiencing sudden halts.It is becoming apparent with the COVID-19 pandemic spreading across the US 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 traditional manufacturing processes into smart ones.Thus, the closure of all manufacturing units across countries such as the US, 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, the rising investment by the healthcare sector in technologies in the present situation is expected to impact the market positively. Thus, the pandemic is expected to have an overall moderate impact on the AI in computer vision market in the region.
The overall North America AI in computer vision market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the North America AI in computer vision market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the North America AI in computer vision market. 1.6 Xilinx, Inc.; Allied Vision Technologies GmbH; Basler AG; Cognex Corporation; General Electric Company; Intel Corporation; Microsoft Corporation; Nvidia Corporation; Qualcomm Incorporated; and Teledyne Technologies, Inc are among the key players operating in the North America AI in computer vision market.