Artificial Intelligence was a buzzword earlier but now the reality and future of almost all industries. AI is an umbrella term that covers Computer Vision, Machine Learning, Deep Learning, Big Data, Data Science, etc… These technologies are collaboratively used to develop various software applications that can think and act like a human. Thus, the name Artificial Intelligence.
Computer Vision in AI is a brilliant technology that has the potential to change the way industries are working currently and bring efficiency into operations. Computer Vision, as the name suggests, can observe, and identify real-world objects. They can interpret the information from photos and videos. By applying Machine Learning, the application can be trained to respond in a way we want. When appropriately applied, it can extend the scope of digital initiatives and bring much-needed transparency and observation over the physical world.
This powerful technology implemented in various industries can reduce the pressure on humans to undertake routine tasks and help them concentrate on more complex tasks, thus helping the staff and the organization to operate efficiently.
Data is the key for Computer Vision to acquire real-world humanly knowledge. Just like a human being who learns from observation and several experiences, computers are trained through image processing algorithms to identify, classify and learn a scenario and act accordingly.
Industry applications are developed keeping this as the base to detect fraud, inspect the quality of a product, count objects, track and monitor, facial recognition, security, and much more. Once the computer is completely trained for a task, it can even take over much labor-intensive work reducing operational costs. Industry experts are vouching for this technology to bring a revolution into every sphere of life.
A natural progression of this field will witness application of many cyber physical systems when extensions of computers undertake common tasks like organizing goods, ordering things on shelves, managing counters in a cafe, managing inventory in a warehouse or a retail store, replacing damaged products on the shop floor, guide people in shopping, recommend better products, manage traffic and much more.
The computer vision is at its inflexion point today and is seeing a range of industry adoption, varying from security and medical imaging to manufacturing, automotive, construction, agriculture, smart city, transportation, and many more. There is a today a large focus on accelerating some of the projects that were in the research or proof of concept stage to a business-grade service, success of the technology going forward will be to make it more enterprise-adaptable and scalable, onboard use cases giving a practical return on investment.
According to a 2021 report by Verified Market Research, the AI in Computer Vision Market size was valued at USD 7 Billion in 2020 and is projected to reach USD 144 Billion by 2028, growing at a CAGR of 45% from 2021 to 2028.