Vision Processing Unit Market worth $3.2 billion by 2024
The report "Vision Processing Unit Market End-Use Application (Smartphones, ADAS, Camera, Drones, AR/VR Products), Vertical (Consumer Electronics, Automotive, Security and Surveillance), Fabrication Process and Geography – Global Forecast to 2024", is estimated to grow from USD 1.3 billion in 2019 to USD 3.2 billion by 2024; it is expected to grow at a CAGR of 18.7%. The market is mainly driven by the increasing adoption of premium smartphones, growing adoption of edge AI, and rising demand for high-end computing capabilities for computers and machine vision.
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Smartphones to hold largest share of Vision Processing Unit Market during forecast period
Fast processors, superior camera quality, connectivity, and applications make smartphones the most successful consumer electronic devices in terms of their adoption. Unlike phones available today, upcoming smartphones will leverage innovations such as 5G connectivity, AI capabilities, machine-learning chips, and greater processing power. VPUs, which use dedicated AI chipsets, improve user experience by bringing the AI computing capability to the devices. Increasing demand for premium smartphones due to the advanced features such as higher security, low latency, faster computing, and less reliance on connectivity is likely to boost the adoption of dedicated AI chips.
Market for security and surveillance to grow at highest CAGR during forecast period
Increasing awareness about ensuring public safety through effective surveillance drives the need for real-time monitoring and high processing capabilities. VPUs play a critical role in analyzing the captured images and videos to provide flawless information for precautionary actions.
North America to hold largest size of Vision Processing Unit Market during forecast period
Being an early adopter of new technologies, North America has been adopting the AI-enabled products in the existing infrastructure of IoT devices. The region holds tremendous growth potential for premium products like smartphones, and for the use of drones and cameras for surveillance applications. Moreover, the surge in the use of VPUs in unmanned aerial vehicle (UAVs), security and surveillance cameras, and automobiles, among other application areas, is driving the growth of the market in North America.
Key players in the Vision Processing Unit Market include Samsung (South Korea), Movidius (US), Cadence (US), CEVA (US), NXP (The Netherlands), HiSilicon Technologies (China), Google (US), MediaTek (Taiwan).
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