The year 2024 unfolds as a pivotal juncture for Computer Vision, propelled by an accelerating wave of transformative technologies. The Computer Vision market is set to surge at a CAGR of 11.69% from 2024 to 2030 to hit a staggering market volume of US$50.97 billion.

Powered by deep learning technologies, computer vision (CV) presents immense business potential in areas like video surveillance, high-quality product manufacturing, and autonomous vehicles. Besides computer vision, the year 2023 has paved the way for exciting technologies to the mix, like Generative AI.

There’s a growing synergy between Generative AI and Computer Vision (CV) and we couldn’t be happier!

According to a March 2023 survey by Salesforce, 57% of IT managers termed Generative AI as a “game changer.” Generative AI applications are proliferating as innovators try to tap its awesome potential. Many of these applications marry generative AI’s power with other established technologies. A Salesforce survey found that 67% of respondents think Generative AI can help them leverage more out of other technologies.

Right from the 18th century, the global manufacturing industry has always been at the forefront of process-driven innovation. The coming of Industry 4.0 marked a step in the same direction, this time by harnessing the power of technology.

In the retail world, every moment counts and every customer interaction matters. But in the hustle and bustle of daily operations, it’s never advisable to take the eye off the ball when it comes to worker safety. The safety and happiness of workers must be paramount at all times. OSHA definitely seems to think so.

The deeply influential branch of industrial engineering focuses on the design, development, analysis, and optimization of complex processes and systems. The goal of industrial engineering is to improve upon products and system design to optimize them for performance, safety, efficiency, and ultimately, costs.

Rising inflation, material costs, and supply chain volatility are making growth extremely sluggish for the manufacturing sector. As businesses look to keep pace with market trends and respond quickly to customer demands, labor shortages and a legacy tech ecosystem act as the biggest roadblocks.

In 2022, McKinsey outlined that the number of AI capabilities organizations have been leveraging has doubled from 1.9 in 2018 to 3.8 in 2022. Computer vision is one of the leading capabilities alongside robotic process automation that enterprises worldwide have commonly deployed.

Industry 4.0 paved the way for technologies like AI and real-time analytics in the manufacturing domain. Now, the gradual advent of Industry 5.0 will spell the next phase of the industrial revolution.

According to IDC research, global spending on automation tools will rise to $42.6 billion by 2025. Today, more organizations are transitioning to technologies like Robotic Process Automation (RPA) and even extending the boundaries of automation to more nuanced and complex applications.