Leveraging artificial intelligence for vision applications and technologies market expected to reach 45 billion by 2028: @FNMgroup
Palm Beach, FL – March 1, 2024 – FN Media Group News Commentary – Artificial Intelligence (AI) technology is growing in numerous markets especially in vision enabled technologies. AI computer vision has numerous emerging applications in several fields, including agriculture, logistics, and manufacturing, which can significantly benefit from the application of this technology. Advancements in deep learning algorithms increased data availability, faster and cheaper computing power, and advancements in hardware technology like GPU and TPU are the driving factors of the AI in computer vision industry. Moreover, the market players are expected to benefit from the government’s initiatives aimed at supporting industrial automation and integrating AI into edge devices, creating profitable opportunities for them. A report from MarketsAndMarkets projected that the global AI in Computer Vision Market Size which was valued at USD 17.2 Billion in 2023 is projected to reach USD 45.7 Billion by 2028; it is expected to grow at a CAGR of 21.5% through 2028. The report said: “Increasing demand for automation and efficiency is one of the key drivers for the AI in the computer vision market growth. Automation and efficiency can help businesses save time and resources and improve the accuracy of decision-making processes. This is why many industries are now implementing AI computer vision technologies to automate their processes and enhance efficiency.” Active Tech Companies in today’s markets include: Rail Vision Ltd. (NASDAQ: RVSN), C3.ai, Inc. (NYSE: AI), SoundHound AI, Inc. (NASDAQ: SOUN), Microsoft Corporation (NASDAQ: MSFT), Okta, Inc. (NASDAQ: OKTA).
MarketsAndMarkets continued: “AI in computer vision for the software segment is predicted to attain the highest market share during the forecast period. The market for AI platforms has been growing rapidly in recent years, driven by increasing demand for advanced technologies and the growing use of AI in a wide range of industries. Factors driving this growth include the increasing adoption of AI in healthcare, finance, and retail industries, as well as the growing use of AI in emerging technologies such as the Internet of Things (IoT) and edge computing. Additionally, the increasing availability of data, improvements in computing power, and advancements in machine learning algorithms have also contributed to the growth of the AI platform market. AI in computer vision for the software segment is predicted to attain the highest market share during the forecast period. The market for AI platforms has been growing rapidly in recent years, driven by increasing demand for advanced technologies and the growing use of AI in a wide range of industries. Factors driving this growth include the increasing adoption of AI in healthcare, finance, and retail industries, as well as the growing use of AI in emerging technologies such as the Internet of Things (IoT) and edge computing. Additionally, the increasing availability of data, improvements in computing power, and advancements in machine learning algorithms have also contributed to the growth of the AI platform market.”
Rail Vision Ltd. (NASDAQ: RVSN) Joins NVIDIA Metropolis to Boost Railway Safety Systems – Rail Vision uses the NVIDIA Jetson and other NVIDIA edge AI platforms in its advanced railway safety systems – Rail Vision Ltd. (the “Company”), a technology company at the forefront of revolutionizing railway safety and the data-related market, today announces that it is joining NVIDIA Metropolis, a partner program, application framework, and set of developer tools focused on bringing to market a new generation of vision AI applications. This signifies a significant step forward in Rail Vision’s commitment to advancing rail safety and efficiency through cutting-edge technologies.
NVIDIA Metropolis makes it easier and more cost-effective for enterprises, governments, and integration partners to use world-class, AI-enabled technologies to improve critical operational efficiency and solve safety problems. The Metropolis ecosystem contains a large and growing breadth of members investing in advanced AI techniques and efficient deployment platforms and uses an enterprise-class approach to their solutions. Metropolis members can gain early access to NVIDIA platform updates to enhance their AI application development efforts. Additionally, the program offers the opportunity for members to collaborate with industry-leading experts and other AI-driven organizations.
By joining Metropolis, Rail Vision hopes to gain a significant advantage in developing and deploying AI-driven solutions that are tailored to the unique needs of the rail sector through the opportunity of leveraging NVIDIA’s extensive technological expertise and integrating its cutting-edge technology.
Rail Vision uses the NVIDIA Jetson and other NVIDIA edge AI platforms, which provide accelerated computing in compact and energy-efficient modules, and also uses the NVIDIA TensorRT software development kit for high-performance deep learning inference. CONTINUED… Read the full Press Release for Rail Vision at: https://ir.railvision.io/news-events/press-releases
In other active tech company developments in the tech market include:
C3.ai, Inc. (NYSE: AI), the Enterprise AI application software company, recently announced financial results for its fiscal third quarter ended January 31, 2024. “We had a great quarter. Total revenue of $78.4 million grew 18% year-over-year, exceeding our guidance range. Customer engagement grew 80% year-over-year,” said C3 AI CEO and Chairman Thomas M. Siebel. “Our significant first mover advantage in Enterprise AI is generating tailwinds as market interest in adopting AI accelerates.”
Fiscal Third Quarter 2024 Financial Highlights Were: Revenue: Total revenue for the quarter was $78.4 million, an increase of 18% compared to $66.7 million one year ago; Subscription Revenue: Subscription revenue for the quarter was $70.4 million, constituting 90% of total revenue, an increase of 23% compared to $57.0 million one year ago; Gross Profit: GAAP gross profit for the quarter was $45.3 million, representing a 58% gross margin. Non-GAAP gross profit for the quarter was $54.7 million, representing a 70% non-GAAP gross margin; Net Loss per Share: GAAP net loss per share was $(0.60). Non-GAAP net loss per share was $(0.13). Cash Reserves: $723.3 million in cash, cash equivalents, and marketable securities; and Customer Engagement: Customer Engagement for the quarter was 445, an increase of 80% compared to 247 one year ago.
SoundHound AI, Inc. (NASDAQ: SOUN), a global leader in voice artificial intelligence, recently announced that its voice assistant with integrated ChatGPT will be the first to go into full production with an international automaker. SoundHound Chat AI for Automotive was the first generative AI-enabled in-vehicle voice assistant on the market in April 2023, and will be available in Stellantis DS Automobiles starting next month, less than a year later.
Following a successful pilot with DS vehicles in the UK, Spain, France, Germany, and Italy, the automaker will now make its SoundHound Chat AI-powered assistant, Iris, available in thirteen languages across eighteen countries. The most sophisticated assistant available today, Iris can respond to a vast range of questions from hundreds of real-time domains, as well as large language models like ChatGPT.
A recent story by Reuters said Microsoft Corporation (NASDAQ: MSFT) previewed an artificial intelligence tool for customers’ finance departments, part of a strategy tailoring new software to industries, professionals and ultimately individuals. The company said its tool, called Microsoft Copilot for Finance, helps users review data sets for risks, produce reports from raw numbers, and generally handle tasks they might otherwise outsource. It did not announce pricing or a date for wider availability.
The new AI tool follows similar ones Microsoft has marketed for salespeople and customer-service representatives. Those typically cost $20 per user per month, on top of the subscription fees for software necessary to use these tools, such as its $30 Copilot for Microsoft 365. Emily He, a corporate vice president, told reporters that Microsoft may tailor future Copilots for marketing and supply-chain work.
Okta, Inc. (NASDAQ: OKTA), the leading independent identity partner, recently announced three new executive appointments on its go to market team as customers embrace the increasing importance of Identity. Eric Kelleher has been promoted to President, Customer Experience & Communications, Ed Daly has been promoted to Chief Customer Officer (CCO), and Christine Halvorsen has joined Okta as the company’s first Chief Technology Officer (CTO) for Public Sector.
These appointments highlight Okta’s commitment to investing in its go to market leadership and unlocking new growth through stronger engagement with new and existing customers. They follow the recent appointments of Jon Addison as Chief Revenue Officer and Kerry Ok as Chief Marketing Officer.
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