EXCLUSIVE: A Promising Outlook for the Artificial Intelligence Market and its Effect on Machine Vision

by | Apr 22, 2024

AI Artificial Intelligence Technology

As part of ‘Spectacle’, our special print issue of MVPro Magazine, I decided to take a deep dive into the artificial intelligence market, and the effect it is, and will, have on machine vision. This exclusive study shares the key stats and expert views.

AI has become a bit of a buzzword in recent years, with its uses becoming so widespread that it plays a significant role in our personal and professional lives. Therefore, it is no surprise that the estimated market values for AI across various sectors look immensely promising.

The growth in artificial intelligence has coincided with many advancements in machine vision, as AI becomes increasingly more utilised within the industry to improve efficiency. In 2020, the global machine vision market was valued at almost $12 billion. It is expected that this will rise to around $15.5 billion by 2026, at a CAGR of 7%. [1]

Meanwhile, the global AI market has seen a meteoric rise so far this decade. It has more than doubled since 2021 ($95.6 billion) and is now estimated to be worth almost $200 billion ($196.63 billion). This has increased by more than $50 billion since 2022, when the figure stood at $142.32 billion. Between 2022 and 2030, the global AI market is expected to grow at a CAGR of 32.9%, with the figure set to reach a whopping $1.85 trillion by the start of the next decade. [2]

While AI is advancing globally, the North American market is currently leading the charge. As of 2023, the North American AI market boasts a market value of $30.9 billion. The next highest AI market is the Asia-Pacific region, valued at $19.59 billion, while the European market followed with $15.94 billion. These figures are expected to rise by around 60%, with the North American market surpassing $50 billion. [3]

AI in manufacturing and other sectors

The advancements in AI technology have aided a range of industries. Artificial Intelligence has provided exciting developments in manufacturing, fuelling automation for improved efficiency while reducing costs. The global market for AI in Manufacturing was valued at around $3.2 billion and is anticipated to reach $20.8 billion by 2028, at a CAGR of 45.6%. This can be attributed to the increased integration of robots, and the need to handle larger and more complex datasets. [4]

Other sectors have been boosted by improved AI capabilities, including healthcare. The global AI healthcare market has more than doubled in value since 2021. The estimated valuation for 2024 is $28.24 billion, up from $11.06 billion in 2021. By 2030, this figure is projected to reach $187.95 billion, 17x the total in 2021. [5]

Elsewhere, the AI chips market has doubled in recent years, moving from $10.8 billion in 2021 to $21.9 billion at the end of 2023. This is predicted to hit $127.8 billion by 2028, a growth of 6x. [6]

An expert view

AI has been a prominent topic here on MVPro Media for quite some time too. In a recent issue of MVPro Magazine, we spoke with experts at some of the industry’s key players, to find out their thoughts on the benefits and drawbacks of AI in machine vision.

Peter Felber, Product Manager Digital Imaging at Baumer, said AI enables the completion of tasks which would have been previously impossible with classic machine vision algorithms, adding “Setting up an AI-based inspection is now often so simple that anybody with an idea can train a neural network and solve an application without the need for a vision specialist.”

Michał Tadeusiak, Director of AI at deepsense.ai, pointed out that AI is capable of adapting to new situations and learning from the data it works with. However, he highlighted some of the challenges clients face, including, the industry type, the complexity of tasks, and the quality and quantity of available training data, to the existing technical infrastructure and their in-house AI expertise.”

Dr. Saeed Bakhshmand, AI/Machine Learning Engineering Manager at Musashi AI, believes that AI-driven machine vision systems can process data at unprecedented speeds, and offer real-time insights and decision-making. Nevertheless, he pointed out some of the drawbacks, stating, One of the primary drawbacks is the need for large, annotated datasets for training robust models.”

You can read the rest of these interviews, and more, in the ‘Intellect’ issue of MVPro Magazine.

Reaping the rewards of AI

ABB is one of many companies that is benefitting from the advancements in Artificial Intelligence. ABB’s role in robotics innovation started in 1974, with the sale of the IRB 6. This was the world’s first commercial all-electric robot. Fifty years on, ABB continues to develop new methods for improving efficiency in robotic automation.

Last year, ABB launched its Robotic Item Picker, a new AI and vision-based solution which boasts a picking rate of up to 1,400 items per hour. This AI-enabled robot sees items and determines how to pick them with more than 99.5% efficiency. This allows e-commerce businesses to handle significantly more orders to meet the growing demand.

Using machine vision and AI, the Item Picker establishes the ideal grasp points for each item, before the suction gripper picks up and places the item into designated areas. The system does not require human supervision or information about the physical attributes of the items.

Sources

[1] – Gitnux https://gitnux.org/machine-vision-industry-statistics/#:~:text=Highlights%3A%20The%20Most%20Important%20Machine,at%20a%20CAGR%20of%207.0%25

[2] – Next Move Strategy Consulting – https://www.nextmsc.com/report/artificial-intelligence-market

[3] – Statista – https://www.statista.com/statistics/721747/worldwide-artificial-intelligence-market-by-region/

[4] – Markets and Markets – https://www.marketsandmarkets.com/Market-Reports/artificial-intelligence-manufacturing-market-72679105.html

[5] – Precedence Research – https://www.precedenceresearch.com/artificial-intelligence-in-healthcare-market

[6] – Statista – https://www.statista.com/statistics/1283358/artificial-intelligence-chip-market-size/

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