Vision Transformers Market Future Scope, Driving Factors, Size, Share, and Growth Factors : A Global Forecast to 2028

This research report categorizes the vision transformers market based on offering, application, verticals, and regions.


Northbrook, IL 60062 -- (SBWire) -- 11/13/2023 --The global Vision Transformers Market size is expected to grow from USD 0.2 billion in 2023 to USD 1.2 billion by 2028 at a CAGR of 34.2% during the forecast period, according to research report by MarketsandMarkets™.

Vision transformers, inspired by the success of Transformer models in natural language processing, have revolutionized the way machines perceive and understand visual data, including images and videos. The market encompasses a wide range of offerings, including hardware, software, and professional services, to support the adoption of Vision transformer solutions.The exponential growth of AI in machine vision and the increasing need for image recognition in the automotive industry are driving the market growth.

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The professional services segment will grow at the highest CAGR during the forecast period.

By offering segments, the vision transformers market comprises solutions and professional services. The professional services segment will grow at the highest CAGR during the forecast period. Professional services in the Vision Transformer market refer to specialized offerings provided by experts and firms to assist organizations and individuals in leveraging Vision Transformers technology effectively. These services facilitate adopting, integrating, and managing vision transformers, addressing specific needs and challenges. Professional services help organizations and individuals harness the full potential of vision transformers technology, reduce entry barriers, enhance competence, and stay competitive in a rapidly evolving technological landscape.

Image captioning segment to grow at the highest CAGR during the forecast period.

The various application segments we have captured in the scope are – Image Classification, Image Captioning, Image Segmentation, Object Detection, and Other Applications. The image captioning segment would grow at the highest CAGR during the forecast period. Image captioning is a computer vision and natural language processing task that involves generating descriptive textual captions for images. The goal is to teach a machine learning model to understand the content of an image and develop a coherent and contextually relevant description in natural language. Image captioning plays a significant role in the vision transformers market by combining visual perception with language understanding.

The healthcare & life sciences vertical will grow at the second-highest CAGR during the forecast period.

The healthcare & life sciences vertical is undergoing a significant transformation with the adoption of vision transformers in the market. ViTs can analyze medical images such as X-rays, MRIs, CT scans, and histopathology slides. These models can accurately identify diseases, anomalies, and lesions, potentially aiding in earlier diagnoses and treatment. They assist in detecting and diagnosing various medical conditions, including tumors, fractures, and abnormalities. They help detect and monitor diseases, such as diabetic retinopathy, where they analyze retinal images to identify early signs of the disease.

North America segment to capture a significant market share during the forecast period.

The vision transformers market includes regional segmentation into Europe, Asia Pacific, North America, the Middle East and Africa, and Latin America. As per region, North America accounts for the largest market share in the global vision transformers market in 2023, and this trend will persist during the forecast period. North America has the most established vision transformers adoption due to several factors, such as large enterprises with sophisticated IT infrastructure and skilled technical expertise. The US and Canada are North America's two most significant contributors in the vision transformers market. It is a region with strict regulations for several economic sectors and advanced technology. North America is known for its technological advancements and early adoption of innovative solutions. Major tech companies in North America, such as Google, Facebook (Meta), Microsoft, and Amazon, have invested heavily in AI and computer vision. They often develop and deploy vision transformers in their products and services. North America's healthcare industry has incorporated vision transformers for medical imaging tasks, including diagnosing and analyzing radiological images. The retail sector in North America also utilizes vision transformers for applications like visual search, recommendation systems, and inventory management.

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The key technology vendors in the market include Google (US), OpenAI (US), Meta (US), AWS (US), NVIDIA Corporation (US), LeewayHertz (US), Synopsys (US), Hugging Face (US), Microsoft (US), Qualcomm (US), Intel (US), Clarifai (US), Quadric (US), (Switzerland), Deci (Israel), and V7 Labs (UK). Most key players have adopted partnerships and product developments to cater to the demand for vision transformers.

Key Dynamic Factors For Vision Transformers Market:

Developments in Deep Learning and Computer Vision: The need for increasingly complex and effective vision transformers is driven by ongoing developments in deep learning and computer vision technology. Advancements in algorithms and models augment the potential of vision transformers, rendering them appealing for a multitude of uses.

Growing Uptake in picture and Video Analysis: Vision transformers are used for object identification, picture classification, and video comprehension, among other things, in image and video analysis. The need for vision transformers is driven by the increasing requirement for precise and effective solutions in these fields.

The advancement of computer vision technology is a major factor in the rise of autonomous vehicles. Vehicle perception and comprehension are made possible in large part by vision transformers.

Growing Use Cases in Healthcare: Medical image analysis uses vision transformers to help with tasks including disease diagnosis, therapy planning, and surgery. The need for imaging technology in the healthcare industry is growing, which supports the market for vision transformers.

Customization and Transfer Learning: One important aspect propelling the popularity of pre-trained vision transformer models is the ability to apply transfer learning to modify and refine them for particular purposes. This makes it easier to design and implement computer vision solutions more quickly across a range of sectors.

Hardware Acceleration: A major factor in the widespread adoption of vision transformers is the availability of specialised hardware, such as GPUs and TPUs, that can effectively handle the computing demands of vision transformers. Enhancements in hardware can result in increased effectiveness and performance.

Competitive and Segmentation Analysis:

To keep ahead of the competition and improve the capabilities of their vision transformer models, major corporations were making large investments in R&D. The primary parameters utilised for market segmentation were application areas, industries covered, and deployment types. A wide range of industries, including healthcare, automotive, retail, and manufacturing, have used vision transformers. Each of these industries has its own set of requirements and difficulties. Additionally, a trend of cooperation and partnerships was seen in the sector, with some businesses forming strategic alliances to take advantage of complementary advantages in domain expertise, hardware integration, and algorithm development. Innovation, customization, and an emphasis on meeting industry-specific demands characterised the competitive landscape as the need for vision transformers grew across industries.

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