Vision Transformers Market worth $1.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 1, 2023 /PRNewswire/ -- Continued innovation, broad use in a variety of applications, ethical issues, and increased efficiency characterise the Vision Transformers Market's future, establishing it as a crucial technology for computer vision and image analysis.

The Vision Transformers Market 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 a new 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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250 - Tables
58 - Figures
281 - Pages

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Scope of the Report

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.

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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.

Top Key Companies in Vision Transformers Market:

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), Viso.ai (Switzerland), Deci (Israel), and V7 Labs (UK). Most key players have adopted partnerships and product developments to cater to the demand for vision transformers.

Recent Developments:

• In October 2023, the Amazon SageMaker Model Registry now supports registering machine learning (ML) models stored in private Docker repositories. This feature enables the convenient monitoring of all ML models from various private repositories, whether AWS or non-AWS, within a single centralized service; this streamlines the management of ML operations (MLOps) and enhances ML governance, especially when dealing with a large-scale ML environment.
• In September 2023, with the introduction of OpenVINO version 2023.1, Intel extended the capabilities of Generative AI to everyday desktops and laptops, enabling the execution of these models in local, resource-limited settings; this empowers developers to experiment with and seamlessly integrate Generative AI into their applications.
• In August 2023, in the M110 version of Vertex AI workbench's user-managed notebooks, the following enhancements have been incorporated:
  • o Inclusion of support for Tensorflow 2.13 with Python 3.10 on Debian 11.
  • o Introduction of support for Tensorflow 2.8 with Python 3.10 on Debian 11.
  • o Implementation of various software updates for improved performance and functionality
• In July 2023, Edge Impulse, a platform for creating, optimizing, and deploying machine learning models and algorithms on edge devices, revealed the integration of the latest NVIDIA TAO Toolkit 5.0 into its edge AI platform.
• In July 2023, NVIDIA introduced the TAO Toolkit 5.0, which brings several groundbreaking features to enhance AI model development. Key highlights of this release include the ability to export models in an open ONNX format, enabling deployment on various platforms, advanced training for vision transformers, AI-assisted data annotation for faster labeling of segmentation masks, support for new computer vision tasks and pre-trained models, and the open-source availability of customizable solutions. These enhancements empower developers to create more accurate and robust AI models while simplifying the development and integration processes. It enables users to improve the accuracy and robustness of Vision AI Apps with vision transformers and NVIDIA TAO.
• In June 2023, Hugging Face collaborated with AMD by including AMD in their Hardware Partner Program. AMD and Hugging Face collaborate to achieve top-tier transformer model performance on AMD's CPUs and GPUs. This partnership holds significant promise for the broader Hugging Face community, as it will soon grant access to the latest AMD platforms for training and inference purposes.
• In March 2023, OpenAI released GPT-4, the latest version of its hugely popular AI chatbot ChatGPT. The new model can respond to images, for instance, by providing recipe suggestions from photos of ingredients and writing captions and descriptions. It can also process up to 25,000 words, about eight times as many as ChatGPT. OpenAI spent six months on the safety features of GPT-4 and trained it on human feedback. GPT-4 will initially be available to ChatGPT Plus subscribers, who pay USD 20 per month for premium access to the service. It is already powering Microsoft's Bing search engine platform.
• In March 2023, With Azure OpenAI Service, over 1,000 customers are using the most advanced AI models—including Dall-E 2, GPT-3.5, Codex, and other large language models backed by Azure's unique supercomputing and enterprise capabilities—to innovate in new ways. Now, with ChatGPT in preview in Azure OpenAI Service, developers can integrate custom AI-powered experiences directly into their applications, including enhancing existing bots to handle unexpected questions, recapping call center conversations to enable faster customer support resolutions, creating new ad copy with personalized offers, automating claims processing, and more.

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Vision Transformers Market Advantages:

• These models can handle complicated visual data and a variety of image categories since they are extremely scalable and can be trained on big datasets.
• Compared to conventional computer vision models, vision transformers use less labelled data for training, allowing businesses to create precise picture recognition systems with smaller datasets.
• They are flexible tools for a wide range of applications since they may be used in a variety of industries, including retail, healthcare, automotive, and security.
• By enabling enterprises to modify previously trained models for particular tasks, vision transformers facilitate transfer learning and minimise the requirement for comprehensive model training.
• Vision transformers improve the recognition of pertinent items and patterns by focusing on key areas of an image through the application of self-attention mechanisms.
• For applications like visual question answering, vision transformers can be combined with other modalities, including text or voice, to allow for more thorough, multimodal analysis.
• They produce interpretable feature maps that help with debugging and explainability of the model by enabling data scientists and engineers to comprehend how the model produces predictions.
• They enable accurate object localization and segmentation in images, which makes jobs like autonomous driving, satellite data interpretation, and medical image analysis easier.

Report Objectives

• To define, describe, and forecast the Vision Transformers Market based on offering, application, vertical, and region
• To provide detailed information about the major factors (drivers, opportunities, restraints, and challenges) influencing the growth of the Vision Transformers Market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Vision Transformers Market
• To forecast the size of the market segments concerning critical regions: North America, Europe, Asia Pacific, and Rest of the World
• To analyze the subsegments of the market concerning individual growth trends, prospects, and contributions to the overall market
• To profile the key players of the Vision Transformers Market and comprehensively analyze their market size and core competencies
• To track and analyze the competitive developments, such as product enhancements and product launches, acquisitions, and partnerships and collaborations, in the Vision Transformers Market globally

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