Vision Transformers Market Worth $1.2 billion by 2028, Growing At a CAGR of 34.2% Report by MarketsandMarkets™

Chicago, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The global Vision Transformers Market size is projected to grow from USD 0.2 billion in 2023 to USD 1.2 billion by 2028 at a growth rate of 34.2% during the forecast period, according to a new report by MarketsandMarkets™. Integrating AI and deep learning techniques has significantly improved the capabilities of computer vision systems. The adoption of computer vision technology has expanded across various industries, including healthcare, automotive, retail, and more. Each sector leverages computer vision for numerous applications, contributing to market growth. Deep learning and neural networks have significantly improved vision transformer systems’ accuracy and capabilities, enabling more sophisticated applications like image recognition, object detection, and autonomous systems.

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Vision Transformers Market Dynamics:

Drivers:

1. Increasing demand for automation.
2. Increasing need for vision transformers in automotive industry.
3. Versatility and efficiency of transfer learning.
4. Rapid technology advancements.
5. Growing impact of AI in machine vision.
6. Rapid adoption of attention mechanism.
7. Continuous advancements in vision transformer architectures.

Restraints:

1. Concerns related to high computational intensity and resource requirements.
2. High installation cost.
3. Data annotation and privacy concerns.

Opportunities:

1. Increasing demand for big data analytics.
2. Integration of AI capabilities with image recognition solutions.
3. Development of machine learning pertaining to vision technology
4. Advancements in hardware.

List of Key Players 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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Based on the offering, the solutions segment leads the market. Vision Transformers (ViTs) are a class of deep learning models that have gained significant attention in computer vision. They leverage the same transformer architecture that has proven highly successful in natural language processing (NLP) tasks. End users use vision transformer solutions for various computer vision tasks, such as image classification, object detection, image segmentation, etc. Viso, Deci, Google, Meta, OpenAI, and AWS are some of the prominent vendors in this space.

Based on application, image segmentation holds the highest share in the vision transformers market. Combining image segmentation and Vision Transformers (ViTs) is a cutting-edge approach to computer vision. Several emerging trends and developments are shaping this field, making it an exciting area for research and application. While semantic segmentation (labeling each pixel with a class) is the traditional focus, there is growing interest in more fine-grained segmentation tasks, such as instance segmentation (distinguishing between different instances of the same class) and panoptic segmentation (combining semantic and instance segmentation).

Based on vertical, the media & entertainment vertical holds the most prominent market foothold. ViTs are being used to automate and enhance content creation processes; this includes generating realistic deepfake videos, AI-generated music and art, and even virtual actors for animation and film production. ViTs are improving content recommendation systems by analyzing user behavior and preferences. These systems can provide more personalized recommendations for movies, TV shows, music, and other forms of entertainment. In addition, ViTs are increasingly used to moderate user-generated content, helping platforms maintain appropriate and safe content; this includes detecting and filtering harmful or inappropriate content such as hate speech, violence, or explicit material. These trends highlight the transformative role of Vision Transformers in media and entertainment, offering new opportunities for content creation, personalization, and interactive experiences while also introducing essential considerations around ethics, privacy, and authenticity.

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The vision transformers market includes the analysis of regions: North America, Asia Pacific, Europe, and the rest of the world. Asia Pacific region holds the highest CAGR during the forecast period. The Asia-Pacific region is experiencing several emerging trends in Vision Transformers (ViTs), transforming various sectors, including media, healthcare, education, and more. In the Asia-Pacific region, end users employ ViTs for advanced medical image analysis, disease detection, and personalized treatment recommendations. They play a crucial role in improving healthcare outcomes and telemedicine services. Many cities in the Asia-Pacific region are investing in smart city initiatives. ViTs are used for traffic management, security surveillance, and environmental monitoring, contributing to sustainable urban development. ViTs contribute to content creation, recommendation systems, and immersive AR/VR experiences in the Asia-Pacific media and entertainment industry. This trend is fostering creativity and engaging audiences in new ways. These trends indicate the growing impact of vision transformers in addressing regional challenges and driving innovation across diverse sectors in the Asia-Pacific region. As ViTs continue to evolve, they will likely play a pivotal role in shaping the future of technology and society in this dynamic and diverse region.

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