Vision Transformers Market Size, Share & Trends Analysis Report By Offering (Solutions, Professional Services), By Application (Image Classification, Image Captioning, Object Detection), By End Use, By Region, And Segment Forecasts, 2024 - 2030

Vision Transformers Market Size & Trends

The global vision transformers market size was valued at USD 217.5 million in 2023 and is expected to grow at a CAGR of 33.6% from 2024 to 2030. Vision Transformer (ViTs) is an extension of the transformer architecture, originally successful in natural language processing (NLP). Their adaptability to visual data has led to significant interest in integrating ViTs with deep learning frameworks for more advanced AI applications. The market demand for vision transformers is growing due to their superior performance in handling complex visual tasks, advancements in AI and hardware, and increasing application across various industries, such as healthcare, automotive, and consumer electronics.

The shift toward edge computing, where data processing occurs closer to the data source, created a demand for efficient and powerful vision models. Vision transformers are being optimized for edge deployment, where they can process visual data in real-time, reducing the need for cloud-based computation. In numerous applications such as drones and surveillance systems, where latency and power consumption are crucial, Vision transformers provide the necessary processing power while maintaining energy efficiency.

The demand for augmented reality (AR), virtual reality (VR), and metaverse applications is increasing. Vision transformers are being used to create more immersive and responsive visual experiences, as they can handle complex image-processing tasks required for these applications. Ongoing research in AI and machine learning is leading to continuous improvements in vision transformer models. Innovations such as more efficient architectures, better training methods, and pre-trained models are making ViTs more accessible and powerful. The rise of AI-specific hardware, including custom chips designed for deep learning tasks, further enhances the efficiency and performance of Vision Transformers, driving their adoption in both data centers and edge devices.

Offering Insights

The solutions segment led the market in 2023, accounting for over 75% share of the global revenue. Vision transformers offer improved accuracy and efficiency in image processing compared to traditional methods, leading to their growing adoption in various applications. Moreover, the integration of vision transformers with other emerging technologies, such as edge computing and IoT, expands their applicability. Furthermore, growing use cases in various industries, such as healthcare, automotive, retail, and security, drive the need for advanced computer vision solutions. Vision transformers are used for tasks like image classification, object detection, and medical imaging, fueling their demand.

The professional services segment is predicted to foresee the highest growth in the coming years. Organizations require customized solutions and integration of vision transformers into their existing systems. Professional services help tailor these technologies to specific business needs and ensure seamless integration. Moreover, implementing vision transformers can be complex, requiring specialized expertise for deployment, tuning, and optimization. Professional services provide the necessary support to manage these complexities.

Application Insights

The image classification segment accounted for the largest market revenue share in 2023. There is a growing need for automated image classification in various industries to enhance efficiency and accuracy. Applications include sorting and categorizing images in healthcare, retail, and security. Improvements in AI and deep learning algorithms enhance the performance of image classification models. As a result of their ability to handle complex patterns and large datasets, vision transformers have contributed significantly to the advancement of these technologies.

The image captioning segment is anticipated to exhibit the highest CAGR over the forecast period. Image captioning improves user engagement and experience by providing descriptive and contextual information for images. This is essential for applications in social media, digital marketing, and content management. Innovations in artificial intelligence and natural language processing enhance the accuracy and fluency of generated captions. Vision transformers benefit from these advancements, leading to more effective image captioning solutions.

End Use Insights

The healthcare and life sciences segment accounted for the largest market share in 2023. Numerous factors, such as advancements in medical imaging, increased focus on early disease detection, growing demand for personalized medicine, and the rise in healthcare data, are primarily contributing to the growth of vision transformer implementation in the healthcare and life sciences industry. Moreover, significant investments in R&D for healthcare applications of vision transformers contribute to the development of innovative solutions that address specific challenges in medical imaging and life sciences research.

The retail & e-commerce segment is anticipated to exhibit the highest CAGR over the forecast period. Vision transformers improve visual search functionality, allowing customers to search for products using images instead of text. This capability enhances user experience and drives adoption in e-commerce platforms. Moreover, by analyzing customer interactions and preferences, vision transformers help generate personalized product recommendations, increasing sales and customer satisfaction. Furthermore, vision transformers automate the categorization and tagging of products, streamlining inventory management and improving the accuracy of product listings on retail and e-commerce sites.

Regional Insights

North America vision transformers market dominated the global industry with a revenue share of over 39.0% in 2023. The expanding e-commerce market in North America drives demand for advanced image recognition technologies, including vision transformers, for visual search, product recommendations, and content management. North America’s focus on integrating vision transformers with AI and machine learning technologies enhances their functionality and drives the adoption of vision transformers across various sectors.

U.S. Vision Transformers Market Trends

The vision transformers market in the U.S. is anticipated to exhibit a significant CAGR over the forecast period. The presence of numerous universities and research institutions in the U.S. contributes to advancements in vision transformers through advanced research and development. Moreover, the expanding e-commerce market in the U.S. drives demand for advanced image recognition technologies, including vision transformers, for visual search, product recommendations, and content management.

Europe Vision Transformers Market Trends

The vision transformers market in Europe is expected to witness significant growth over the forecast period. Europe's strong automotive sector, including leading manufacturers and suppliers, makes use of vision transformers in autonomous driving systems, advanced driver-assistance systems (ADAS), and vehicle safety applications. Increasing concerns about security and surveillance drive demand for advanced vision transformers used in monitoring, facial recognition, and threat detection systems.

Asia Pacific Vision Transformers Market Trends

The vision transformers market in Asia Pacific is anticipated to register the highest CAGR over the forecast period. The region’s move toward smart cities and improved urban infrastructure increases the need for advanced surveillance and security systems, where vision transformers are used for monitoring, facial recognition, and anomaly detection. Furthermore, increasing internet penetration and smartphone usage across APAC countries boost the demand for enhanced visual technologies in mobile applications and digital platforms.

Key Vision Transformers Company Insights

Key vision transformers companies include Qualcomm Technologies, Inc., Microsoft, and NVIDIA Corporation. Companies active in the vision transformers market are focusing aggressively on expanding their customer base and gaining a competitive edge over their rivals. Hence, they pursue various strategic initiatives, including partnerships, mergers & acquisitions, collaborations, and new product/ technology development. For instance,in January 2024, Hugging Face partnered with Google, across open source, open science, hardware, and cloud to empower businesses to create their AI using the newest open models provided by Hugging Face, alongside the cloud and hardware functionalities from Google Cloud.

Recent Developments

• In July 2024, OpenCV team, open-source computer vision library, collaborated with Qualcomm Technologies, Inc., as a Gold Member of OpenCV team, to reinforce their commitment to driving innovation throughout the industry in computer vision and artificial intelligence.

• In May 2024, Microsoft introduced GigaPath, a vision transformer that achieves whole-slide modeling through the use of dilated self-attention techniques to maintain manageable computation levels. An open-access whole-slide pathology, pre-trained with over one billion 256 X 256 image tiles from more than 170,000 whole slides, encompassing real-world data from Providence.

• In March 2024, NVIDIA Corporation launched project GR00T, a general-purpose foundation model for humanoid robots, designed to further its work driving breakthroughs in robotics and embodied AI.Isaac Perceptor tools that GROOT utilizes have multi-camera, 3D surround-vision capabilities, which are increasingly being used in autonomous mobile robots adopted in manufacturing and fulfillment operations to improve efficiency and worker safety as well as reduce error rates and costs.

Vision Transformers Market Report Scope

Global Vision Transformers Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global vision transformers market report based on offering, application, end use, and region.

• Offering Outlook (Revenue, USD Million, 2017 - 2030)

  • Solutions

    • Hardware

    • Software

  • Professional Services

    • Consulting

    • Deployment & Integration

    • Training, Support, & Maintenance

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Image Classification

  • Image Captioning

  • Image Segmentation

  • Object Detection

  • Others

• End Use Outlook (Revenue, USD Million, 2017 - 2030)

  • Retail & E-commerce

  • Media & Entertainment

  • Automotive

  • Government & Defence

  • Healthcare & Life Sciences

  • Others

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

  • MEA

    • UAE

    • South Africa

    • KSA