The AI in Computer Vision Market is expected to grow from USD 588.8 Million in 2018 to USD 723.9 Million by 2023, at a CAGR of 4.22% between 2018 and 2023. The preference toward AI in Computer Vision over traditional approach and the increasing demand for AI in Computer Vision in various applications such as conservation and restoration, cleaning process, and industrial usage are propelling the market growth. AI in Computer Vision provides many advantages such as chemical, thermochemical, thermal, grinding, and blasting over traditional methods and can even improve the production process in general.

Market Key Players:

Major Players in the AI in Computer Vision Market include Coherent, Inc. (Coherent) (US), Trumpf Group (Trumpf) (Germany), IPG Photonics Corporation (IPG Photonics) (US), Adapt Laser Systems LLC (Adapt Laser) (US), and Clean Lasersysteme GmbH (Clean Lasersysteme) (Germany).

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Cleaning process application dominated the overall AI in Computer Vision Market

The AI in Computer Vision Market, on the basis of Application, has been segmented into conservation & restoration, cleaning process, and industrial. The market for cleaning process held the largest market size because of the high demand for cleaning of automotive parts. Lasers are also used to remove oxide layers on aluminum prior to welding, and to remove coatings such as paint. The growing commercial aerospace sector will also be largely responsible for the overall growth of the AI in Computer Vision Market.

AI in Computer Vision Market for fiber laser expected to grow at the highest CAGR during the forecast period

The market for fiber lasers is expected to witness a significant growth during the forecast period owing to factors such as high precision cleaning, good precision of position cleaning, selective washing, and safe environment to facilitate ease-of-operation, coupled with low maintenance cost. The increasing application areas in art and heritage sites, along with automotive and aerospace parts and surface cleaning, have led to the overall growth of the fiber laser market.

APAC expected to hold the highest growth rate in the overall AI in Computer Vision Market

The AI in Computer Vision Market, on the basis of Region, has been segmented into North America, Europe, APAC, and RoW. North America is accounted for the largest share of the AI in Computer Vision market in 2018, followed by Europe and Asia Pacific (APAC). The growth of this market in Asia Pacific can be attributed to the increased use of AI in Computer Vision in automotive parts and aerospace maintenance sector. The growth in the market for AI in Computer Vision in APAC is also driven by the soaring infrastructure market in the region. APAC, comprising countries such as China, Japan, India, and South Korea, is likely to account for a major share of the AI in Computer Vision market in 2018. This market growth can be attributed to the increasing demand for lasers in cleaning of cultural sites and heritage properties, along with the industrial applications (power plants, nuclear plants, and refineries) in APAC.

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