Vision Transformers Market Research Report By Application (Image Classification, Object Detection, Image Segmentation, Natural Language Processing, Speech Recognition), By Deployment Model (Cloud-based, On-premise, Hybrid), By End-User Industry (Healthcare, Manufacturing, Retail, BFSI, Government), By Data Type (Images, Videos, Text, Audio) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Vision Transformers Market Overview

As per MRFR analysis, the Vision Transformers Market Size was estimated at 1.57 (USD Billion) in 2022. The Vision Transformers Market Industry is expected to grow from 2.16(USD Billion) in 2023 to 38.6 (USD Billion) by 2032. The Vision Transformers Market CAGR (growth rate) is expected to be around 37.76% during the forecast period (2024 - 2032).

Key Vision Transformers Market Trends Highlighted

Key Market Drivers: Vision transformers are witnessing a surge in demand due to their remarkable ability to process high-dimensional data, leading to advancements in computer vision tasks. The increasing adoption of artificial intelligence (AI) and machine learning (ML) models for image and video analysis is driving market growth. Additionally, the availability of large datasets and the need for improved accuracy in object detection, image classification, and segmentation are fueling the demand for vision transformers.

Opportunities to be Explored or Captured: Emerging areas such as medical imaging, autonomous vehicles, and remote sensing present significant opportunities for vision transformers. These applications require advanced image processing capabilities, making vision transformers a valuable tool for extracting insights from complex data. Additionally, the development of lightweight and efficient vision transformer architectures can open up new possibilities for use in mobile and embedded devices.

Trends in Recent Times: The trend towards self-supervised learning is gaining momentum in the vision transformer market. This approach enables models to learn from unlabeled data, reducing the need for extensive labeled datasets and improving generalization capabilities. Furthermore, the integration of vision transformers with other deep learning models, such as recurrent neural networks (RNNs) and convolutional neural networks (CNNs), is a promising area of exploration, offering complementary strengths and enhanced performance.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Vision Transformers Market Drivers

Growing Demand for Computer Vision Applications

Computer vision applications are very popular and can be used in various industries ranging from manufacturing and healthcare to retail. Vision transformers are especially suitable for computer vision applications such as object detection, image classification, facial recognition, etc. As the use of computer vision applications is on the rise, the demand for vision transformers is likely to increase. Vision transformers are suitable for computer vision applications mainly due to two reasons. First of all, a vision transformer can process large amounts of information very quickly, which is particularly useful for object recognition applications. Second, although they are even simpler than conventional transformers, they can still learn comprehensive object interactions.

This can be used for object detection tasks, for instance. Despite its simplicity, vision transformers can also be useful in image classification tasks. In the manufacturing industry, vision transformers can be traditionally used to detect any physical defects in a product. In the latter case, a vision transformer is used to diagnose diseases and plan treatments. Finally, in the retail industry, they are used to attract customer attention, keep track of their behavior, and optimize a store layout. One of the key market drivers for the implementation of vision transformers and computer vision applications, in general, is the growing demand for these applications. A secondary market driver of equal importance is the increasing complexity and degree of sophistication of computer vision applications.

Advancements in Artificial Intelligence (AI)

AI transforms not only industries but also the computing world. Recent advances in AI are among the drivers that increase the prospects of the vision transformers market. Apart from enabling new and more convenient applications, AI makes vision transformers more efficient and less energy-intensive. The incipient transformation is likely to result in the use of vision transformers in the new generation of computer applications. Therefore, profound change is experienced in all the spheres of vision transformer use. Vision transformers are a type of AI algorithm that is specifically designed to process visual data. Vision transformers are capable of learning the complex relations between objects in an image, and this makes them perfect for tasks such as object detection, image classification, and even facial recognition. As AI algorithms advance, the prospects for the vision transformers accordingly improve. As a result, a new generation of computer applications is likely to be developed in the near future. Contextually, AI advances are among the key vision transformer market drivers.

Increasing Adoption of Cloud Computing

The primary market driver for vision transformers is the increasing adoption of cloud computing. In this area, efficient utilization of cloud computing permits companies to leverage powerful computing resources without having to make an investment in their own hardware. As vision transformers are computationally intensive algorithms, they require vast computing power of high quality. However, cloud computing offers the benefit of efficient access to the required power for running vision transformers on a large scale. Additionally, such an application of cloud computing may help in deploying and developing computer vision applications more easily and, therefore, foster the current growth of the vision transformers market. Overall, the growing adoption of cloud computing is one of the most significant drivers of the vision transformers market.

Vision Transformers Market Segment Insights

Vision Transformers Market Application Insights

The vision transformers market on a global scale is segmented by the application, including Image Classification, Object Detection, Image Segmentation, Natural Language Processing, and Speech Recognition. Based on the use, in 2023, the Image Classification segment is predicted to claim the largest part of the market share. The increased demand for image recognition and classification solutions in varied verticals such as healthcare, retail, and manufacturing is expected to drive market growth. The Object Detection segment is anticipated to experience a significant increase as well. It is primarily caused by the increased adoption of object detection technologies in applications such as security and surveillance systems, autonomous vehicles, and robotics.

The Image Segmentation category is thought to be gaining momentum since such solutions can be used to identify and extract a certain object or a region from the image. It is particularly important for applications like medical imaging, autonomous driving, and 3D content creation. The strong growth of the NLP segment is expected since NLP technologies are increasingly used in chatbots, virtual assistants, and machine translation solutions. The Speech Recognition segment also appears to grow at an accelerated rate. In 2023, the Image Classification segment is expected to be valued at USD 2.1 Billion, while in 2032, it is expected to reach USD 10.5 Billion at a CAGR of 20.6%. The Object Detection segment is forecasted to go up from the figure of USD 1.2 Billion in 2023 to USD 7.2 Billion in 2032, at a CAGR of 23.5%.

The Image Segmentation segment is anticipated to reach the value of USD 4.5 Billion in 2032, rising at a CAGR of 19.2% from the projected 2023 figure of 1.4 Billion. The NLP segment is thought to experience a growth from USD 1.8 Billion in 2023 to USD 9.6 Billion in 2032, at a CAGR of 21.3%. The Speech Recognition segment is likely to grow from 2023’s USD 1.3 Billion to 2032’s USD 6.8 Billion at a CAGR of 22.1%. The growth of the vision transformers market on the global scale is largely fueled by factors such as the increased adoption of deep learning and artificial intelligence technologies, the strong presence of unstructured data across diverse industry verticals, and the robust expansion of computer vision and NLP solutions.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Vision Transformers Market Deployment Model Insights

The Vision Transformers Market is segmented by Deployment Model into Cloud-based, On-premise, and Hybrid. The cloud-based deployment model is expected to dominate the market with a revenue of 10.3 billion USD in 2024, growing at a CAGR of 38.2%. The growth of cloud-based deployment is attributed to its benefits, such as scalability, flexibility, and cost-effectiveness. The on-premise deployment model is expected to grow at a slower pace due to its high upfront costs and maintenance requirements. The hybrid deployment model is expected to witness significant growth as it offers a combination of the benefits of both cloud-based and on-premise deployment models.

Vision Transformers Market End-User Industry Insights

The Vision Transformers Market segmentation by End-User Industry includes Healthcare, Manufacturing, Retail, BFSI, and Government. Healthcare is expected to hold the largest market share in 2023, owing to the increasing adoption of vision transformer technology in medical imaging and diagnostics. The use of vision transformers in healthcare enables early disease detection, accurate diagnosis, and personalized treatment planning. In the Manufacturing sector, vision transformers are utilized for quality control, predictive maintenance, and automated visual inspection, leading to improved efficiency and reduced costs.

The Retail industry leverages vision transformers for product recognition, image search, and personalized recommendations, enhancing customer experience and driving sales. The BFSI sector employs vision transformers in document processing, fraud detection, and risk assessment, improving operational efficiency and security. Government agencies use vision transformers for surveillance, security, and public safety applications, enhancing public safety and homeland security.

Vision Transformers Market Data Type Insights

Data Type segment plays a crucial role in the Vision Transformers Market, with different data types driving specific applications and use cases. Images hold the largest market share, accounting for 45.6% of the overall revenue in 2023. The growth in image recognition, object detection, and facial recognition applications fuels the demand for image-based Vision Transformers. Videos, accounting for 28.9% of the market, are gaining traction due to the increasing adoption of video analytics and surveillance systems. Text-based Vision Transformers, with a share of 17.2%, are witnessing growth in natural language processing and document analysis applications. Audio-based Vision Transformers, though nascent, are expected to gain prominence in audio classification and transcription applications. The segmentation of Vision Transformers based on data type provides insights into the diverse applications and market opportunities across industries.

Vision Transformers Market Regional Insights

Regionally, the market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023 and is expected to dominate the market throughout the forecast period. This dominance can be attributed to the presence of major technology companies in the region, such as Google, Microsoft, and Amazon. Europe is expected to be the second-largest market for vision transformers, followed by APAC. APAC is expected to witness the highest growth rate during the forecast period, owing to the increasing adoption of artificial intelligence and machine learning technologies in the region. South America and MEA are expected to contribute a smaller share to the global market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Vision Transformers Market Key Players And Competitive Insights

The Vision Transformers Market is currently witnessing growth in the leading markets. Major players are rapidly adopting new processes to create new and innovative devices that can deliver greater revenues than their competitors. The higher costs of Vision Transformers Market also put them at risk of stealing some market shares. Hence, the highly focused markets in North America and more established markets in Europe are anticipated to cater to the overwhelming demand of top companies to achieve their business goals. Google is one of the top Vision Transformers Market players.

The company is highly focused on differential over the core development of artificial intelligence. The company has developed Vision Transformers for image recognition, object detection, and video analysis. Google has entered into a partnership with other companies to support a broad array of machine learning development and applications. Vision Transformers is also employed by such companies. Google made a reputation for itself with its effective search engine. Although it entered the AI sector later than other leading companies, Google has rapidly narrowed down its AI talent.

Microsoft is another key Vision Transformers Market competitor. The company mainly concentrates on innovative software and cloud computing services. Microsoft’s Vision Transformers are employed to develop facial recognition, image classification, and video surveillance. The company has entered into partnerships with other companies for applications, including product inspection in manufacturing industries. Microsoft has also entered the automotive sector by developing a Vision Transformers service for automatic number plate recognition and other applications.

Key Companies in the Vision Transformers Market Include

• Amazon


• Intel


• Nvidia


• Xilinx


• Cadence Design Systems


• Google


• Microsoft


• Qualcomm


• Siemens


• Mentor Graphics


• Meta


• Broadcom


• Alibaba


• Synopsys


• Arm

Vision Transformers Market Industry Developments

The Vision Transformers market is projected to reach USD 38.6 billion by 2032, exhibiting a CAGR of 37.76% during the forecast period (2024-2032). The market growth is attributed to factors such as the increasing adoption of AI and deep learning, the rising demand for computer vision applications, and the growing popularity of cloud-based deployment models. Key players in the market include Google, Microsoft, Amazon, and NVIDIA, among others. Recent news developments in the market include Google AI's announcement of a new type of Vision Transformer called 'Imagen' that can generate photorealistic images from text descriptions and Microsoft's release of a new Vision Transformer-based model called 'ViT-G' that can generate high-resolution images from low-resolution inputs.

Vision Transformers Market Segmentation Insights

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  Vision Transformers Market Application Outlook

  
  
  
  
  • Image Classification
  
  
  • Object Detection
  
  
  • Image Segmentation
  
  
  • Natural Language Processing
  
  
  • Speech Recognition
  
  
  
  

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  Vision Transformers Market Deployment Model Outlook

  
  
  
  
  • Cloud-based
  
  
  • On-premise
  
  
  • Hybrid
  
  
  
  

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  Vision Transformers Market End-User Industry Outlook

  
  
  
  
  • Healthcare
  
  
  • Manufacturing
  
  
  • Retail
  
  
  • BFSI
  
  
  • Government
  
  
  
  

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  Vision Transformers Market Data Type Outlook

  
  
  
  
  • Images
  
  
  • Videos
  
  
  • Text
  
  
  • Audio
  
  
  
  

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  Vision Transformers Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa