The
global Vision Transformers Market size is
expected to grow from USD 0.2 billion in 2023 to USD 1.2 billion by 2028 at a
CAGR of 34.2% during the forecast period, according to a new report by
MarketsandMarkets™. Vision transformers, inspired by
the success of Transformer models in natural language processing, have
revolutionized the way machines perceive and understand visual data, including
images and videos.
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List of Leading Companies in Vision Transformers Market:
·
Google (US)
·
OpenAI (US)
·
Meta (US)
·
AWS (US)
·
NVIDIA Corporation (US)
·
LeewayHertz (US)
·
Synopsys (US)
·
Hugging Face (US)
·
Microsoft (US)
·
Qualcomm (US)
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The market encompasses a wide range of offerings,
including hardware, software, and professional services, to support the
adoption of Vision transformer solutions.The exponential growth of AI in
machine vision and the increasing need for image recognition in the automotive
industry are driving the market growth.
The professional services segment will
grow at the highest CAGR during the forecast period.
By offering segments, the vision transformers
market comprises solutions and professional services. The professional services
segment will grow at the highest CAGR during the forecast period. Professional
services in the Vision Transformer market refer to specialized offerings
provided by experts and firms to assist organizations and individuals in
leveraging Vision Transformers technology effectively. These services
facilitate adopting, integrating, and managing vision transformers, addressing
specific needs and challenges. Professional services help organizations and
individuals harness the full potential of vision transformers technology,
reduce entry barriers, enhance competence, and stay competitive in a rapidly
evolving technological landscape.
Image captioning segment to grow at the
highest CAGR during the forecast period.
The various application segments we have captured
in the scope are – Image Classification, Image Captioning, Image Segmentation,
Object Detection, and Other Applications. The image captioning segment would
grow at the highest CAGR during the forecast period. Image captioning is a
computer vision and natural language processing task that involves generating
descriptive textual captions for images. The goal is to teach a machine
learning model to understand the content of an image and develop a coherent and
contextually relevant description in natural language. Image captioning plays a
significant role in the vision transformers market by combining visual
perception with language understanding.
The healthcare & life sciences
vertical will grow at the second-highest CAGR during the forecast period.
The healthcare & life sciences vertical is
undergoing a significant transformation with the adoption of vision
transformers in the market. ViTs can analyze medical images such as X-rays,
MRIs, CT scans, and histopathology slides. These models can accurately identify
diseases, anomalies, and lesions, potentially aiding in earlier diagnoses and
treatment. They assist in detecting and diagnosing various medical conditions,
including tumors, fractures, and abnormalities. They help detect and monitor
diseases, such as diabetic retinopathy, where they analyze retinal images to
identify early signs of the disease.
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North America segment to capture a
significant market share during the forecast period.
The vision transformers market includes regional
segmentation into Europe, Asia Pacific, North America, the Middle East and
Africa, and Latin America. As per region, North America accounts for the
largest market share in the global vision transformers market in 2023, and this
trend will persist during the forecast period. North America has the most
established vision transformers adoption due to several factors, such as large
enterprises with sophisticated IT infrastructure and skilled technical expertise.
The US and Canada are North America’s two most significant contributors in the
vision transformers market. It is a region with strict regulations for several
economic sectors and advanced technology. North America is known for its
technological advancements and early adoption of innovative solutions. Major
tech companies in North America, such as Google, Facebook (Meta), Microsoft,
and Amazon, have invested heavily in AI and computer vision. They often develop
and deploy vision transformers in their products and services. North America’s
healthcare industry has incorporated vision transformers for medical imaging
tasks, including diagnosing and analyzing radiological images. The retail
sector in North America also utilizes vision transformers for applications like
visual search, recommendation systems, and inventory management.
The key technology vendors in the market include
Google (US), OpenAI (US), Meta (US), AWS (US), NVIDIA Corporation (US),
LeewayHertz (US), Synopsys (US), Hugging Face (US), Microsoft (US), Qualcomm
(US), Intel (US), Clarifai (US), Quadric (US), Viso.ai (Switzerland), Deci
(Israel), and V7 Labs (UK). Most key players have adopted partnerships and
product developments to cater to the demand for vision transformers.
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