The AI in computer vision market in the MEA is expected to grow from US$ 310.71 million in 2019 to US$ 5,210.41 million by 2027; it is estimated to grow at a CAGR of 43.2% from 2020 to 2027. Although innovations such as the Internet of Things, are revolutionizing the manufacturing industry and making processes more autonomous, artificial intelligence (AI) in computer vision would help improve them further. Computer vision is playing a significant part in inspecting fabricated products for flaws and nonconformities. Thus, on the production line, it may remove the need for human inspection, which is significantly increasing the adoption of AI in computer vision technology across the market. Similarly, edge computing solves the dilemma of latency and network usability. Devices can currently be set up in places where a network link is bad or nonexistent without considering the connectivity. In addition, edge computing would offset some of the costs of using and managing cloud computing for data sharing. These factors are expected to drive the MEA AI in computer vision market during the forecast period. Additionally, manufacturing sector witnessing high adoption of AI in computer vision technology is a major factor driving the MEA AI in computer vision market. Based on end-user, the others segment is expected to be the fastest growing segment for MEA region during the forecast period.The others segment includes mobiles, photography gears, wearable, and radar sensors, where the AI in computer vision technology is highly being adopted.
With rise in advancements in photography cameras, DSLR and mirrorless cameras demand state-of-the-art image and video quality, including better focus accuracy and image enhancement.This is boosting the implementation of the technology in such cameras, thereby increasing the efficiency of the cameras.
Similarly, wearable devices demand optimized HW and SW imaging solution, operating with the lowest power and the highest performance. Thus, contributing to the high adoption of the technology and thereby influencing the market growth.
The major countries facing the economic consequences of COVID-19 in the MEA region are Saudi Arabia, the UAE, Egypt, Morocco, and Kuwait.With the COVID-19 pandemic spreading through the countries mentioned above, it is becoming clear that few can escape its impact, presenting major challenges for all sectors.
The manufacturing industry across the MEA has been severely impacted due to the outbreak of the pandemic in the starting of the year 2020.However, to combat the huge economic impact, countries like the UAE have taken necessary steps to continue economic activities across the region.
The UAE government is thus promoting the adoption of advanced technology across the industries to increase efficiency among them. Thus, the increasing initiatives across the region to lower the impact of COVID-19 pandemic in the real estate industry will ensure medium to low impact on the AI in computer vision market over the years.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets.This factor is likely to drive the MEA AI in computer vision market.
The MEA AI in computer vision market is expected to grow at a good CAGR during the forecast period. The overall MEA 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 MEA 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 MEA AI in computer vision market. 1.6 Xilinx, Inc.; General Electric Company; Intel Corporation; Microsoft Corporation; Nvidia Corporation; Qualcomm Incorporated; and Teledyne Technologies, Inc are among the key players operating in the MEA AI in computer vision market.
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United Arab Emirates
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