Google (US) and Meta (US) are leading players in Vision Transformers Market
The vision transformers market 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. Integrating AI and deep learning techniques has significantly improved the capabilities of computer vision systems. AI enables machines to interpret and understand visual data, which has numerous applications in healthcare, automotive, and retail industries.
The vision transformers market is consolidated and has major vendors based in North America. Microsoft (US), Google (US), Meta (US), AWS (US), OpenAI (US), and NVIDIA (US), among others, are some of the significant players operating in the vision transformers market. These vendors adopt inorganic and organic growth strategies to increase their market share in the vision transformers space. These vendors benefit financially from various opportunities to acquire high-tech companies. R&D expenditure has consistently grown due to its focus on high-growth opportunities through innovations and cutting-edge technologies such as AI/ML. Continuous advancements in hardware, sensors, and algorithms aid in the growth of the vision transformers market.
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Google specializes in Internet-related services and products. It functions through three business segments: Google Advertising, Google Other, and Other Bets. The company is in the US, the UK, and the Rest of the World (RoW). Google caters to a large customer base spread across the globe through a global network of service providers, distributors, and cloud resellers. The company caters to various industry verticals such as retail, consumer-packed goods, financial services, healthcare and life sciences, media and entertainment, telecom, gaming, manufacturing, supply chain and logistics, government, and education. Google holds a significant position in the vision transformers market. In 2020, Google AI researchers pioneered the Vision Transformer (ViT) architecture, leading to the subsequent release of various ViT-based products and services.
Furthermore, Google provides diverse pre-trained ViT models suitable for multiple vision-related tasks. These models are readily accessible on TensorFlow Hub and are compatible with both the TensorFlow and PyTorch machine learning frameworks. Google remains dedicated to advancing the forefront of vision transformer technology. Google’s AI researchers are actively developing novel ViT architectures and training methodologies, with a parallel focus on enhancing the efficiency and accessibility of ViT models for a broader user base.
Meta
Meta, formerly known as Facebook, is a social media website or web page, commercial, and predictive analytics company. The company builds augmented reality, enabling people to interact and communicate with technologies throughout its virtual-reality goal, the metaverse. Meta is a public company listed on the NASDAQ under FB’s ticker. The company’s main products include Meta, Instagram, Messenger, WhatsApp, and Oculus. Meta has offices and data centers across 30 countries, with 40 sales offices worldwide. It generates the most revenue from advertising, such as displaying customer ads on Instagram and Meta. The company helps its potential customers based on age, gender, place, hobbies, and activities by selling ad slots.
Meta mainly generates revenue from selling ads on its platform to allow marketers to target specific users and increase their market reach, thereby acquiring, engaging, and retaining customers through payments and other fees. It also has multiple investments in connectivity efforts, AI, and augmented reality to develop and strengthen the technological base to serve its end users better. Among other technologies, Meta uses built-in NLP to understand and extract meaningful information from the user interactions on its platform. It heavily focuses on breaking down language barriers worldwide for everyone by deploying robust language translation solutions through R&D on deep learning, neural networks, NLP, language identification, image generation, text normalization, word sense disambiguation, and ML. Meta’s DINOv2 is a self-supervised learning (SSL) framework developed by Meta AI for training vision transformers.
Related Reports:
Vision Transformers Market by Offering (Solutions, Professional Services), Application (Image Segmentation, Object Detection, Image Captioning), Vertical (Media & Entertainment, Retail & eCommerce, Automotive) and Region - Global Forecast to 2028
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