Are you aware that the Computer vision and pattern recognition market will reach US$49 billion in 2022? Well, the reports by Forbes is pointing at this becoming a reality.
Courtesy of the pandemic, businesses have and are witnessing rapid transformations. Changes and breakthroughs that were to happen in the next five years have already happened in the last two years. And this trend of adapting to the latest advanced technologies shows no sign of stopping. Exponential changes continue to happen in the technology sector.
It’s technologies like computer vision that is estimated to continue opening new horizons for the business world, which is already being driven by advancements in computer science. In the post-Covid hyper-digital industrial world, computer vision plays a significant role as a key element in analysis and insights in real time for businesses.
Read on to know more about computer vision, the trends coming up, and predictions for 2022.
So what is computer vision? Computer vision is one of the coolest, fascinating, and of course, intriguing branches of AI or Artificial Intelligence. With numerous practical applications, the ultimate purpose of computer vision is to let computers see, observe and comprehend the surroundings and make decisions based on understanding and insights.
In simpler words, computer vision augments and automates human sights in computers. It is revolutionizing and empowering businesses to achieve operational efficiency, mitigate risks, enhance security and automate surveillance. Various advances of it have already dominated multiple sectors this year in 2021. Let’s find out about the computer vision trends that will reign in 2022 and beyond.
When it comes to industrial firms, you cannot ignore the employees’ workplace safety. During hours of crisis, such as during the Covid pandemic, it is computer vision that helps to quickly detect whether employees are wearing masks and other protective equipment or not. This was one application that quickly was needed during the early stages of the pandemic.
Even though the world is getting over the pandemic, slowly but steadily, the use of computer vision in industrial businesses will continue to be indispensable in ensuring public and workplace safety, for example maintaining social distancing, analyzing break times, understanding efficiency of employees, and more. We have seen this applied and spoken about at the Amazon warehouses.
Ensuring maximum product quality is of seminal importance to survive and thrive in this fast-pacing ruthlessly competitive market. Quality failure is simply not an option. Hence, as a business, you must guarantee constant monitoring of any abnormality or fault, that too, without fail.
Given the unending production, packaging, and dispatching procedures, manual monitoring often fails to prevent faults and errors, resulting in substandard product quality. But guess what, with computer vision, keeping the product quality in check and improving the quality analysis operations can be easier and more accurate.
Providing high-quality picture data for quality analysis and optimizing visual inspection at a marginal cost computer vision can help businesses stay in the race, even ace it. In businesses like food and beverage, manufacturing, automotive, retail, etc., implementation of computer vision will become the new normal for achieving quality and accuracy while completely lowering the costs of labor in lots of industries.
More and more companies are now relying upon robots, especially in the manufacturing industry. But, those robots that come with the vision-guidance turn out to be extra useful. Thanks to computer vision, robots can help businesses with anticipating the aging workforce and growing labor expenses while enhancing automated processes.
Some of the best examples of vision-based guidance in automating tools are unmanned vehicles or autonomous cars, user access by facial recognition, etc.
Here is an example of a robot picking peppers with computer vision:
Attached to physical machines, edge computing allows quick data processing and data analysis right where it is collected. So naturally, in industries that often witness network failures, this particular aspect of real-time computer vision can help tremendously, requiring neither a data center nor a cloud.
Along with offering in-the-moment data analysis, insight, and calculation at the site of data collection, it may assist with detecting reduction and abnormalities of latency, becoming ideal for businesses prone to network outages. Not only does this help with slow or bad internet areas, but this highly changes the data requirements to do complex processing. One of the SaaS applications we here at Klizo Solutions built actually captures video, analyzes that video for certain key identifiers, then after converting it to a string of data, only sends the string of data for processing on the server. Because Klizo Solutions built this application to run on the edge instead of on a dedicated server, it allows a series of these to be processed, and saves thousands of dollars in computation as well as data requirements.
Just like detecting faults in production, error detection in financial transactions is vital. Yes, anomaly detection in financial transactions has already been referred to as one of the computer vision trends to continue to increase through 2022.
The use of computer vision for anomaly detection is becoming popular to reduce the risks of being hacked and improve security levels when making a payment. It’s now possible to prevent potential frauds and detect anomalies in payment processes by training the machine learning-based models in real time instead of requiring individual people to do the analysis.
Because businesses are now prioritizing the safety of the end-users and consumers during financial transactions, computer vision-based anomaly detection is going to quickly change the risk assessments in payments in real time. This will take a lot of loads off of financial requirements in the future for KYC and AML as well.
Computer vision is not only about accumulating data. Computer vision is also about annotating the data accurately so that systems based on artificial intelligence can learn from it.
The more accurate the annotation, the better is the data analysis. So, hell yeah, one of the dominating trends of computer vision advancements will be data annotation, resulting in proper data analysis, automated data labeling, and thus future-proofing workflows. Hiring data scientists that can help clean the annotation so that you have cleaner data structures will be growing more this year. As they say, garbage in, garbage out. As these technologies improve, the garbage data from yesterday becomes the information gold of tomorrow.
Now let’s focus on the manufacturing industry. How do you think manufacturers can boost their profitability and save on expenses? Yes, you guessed it right, by utilizing a layer of computer vision and machine learning through their supply chain process.
Computer vision has the ability to revolutionize the visibility of the supply chain and helps with strengthening the flow by letting you understand it better. By utilizing machine learning and computer vision, we are getting a clear and accurate understanding assets better and how they flow through the supply chain. The application of this technology and having people experienced in it will continue to make this a great place to look as things are trending this year and many more. As an example, labor costs in the US have drastically increased after the pandemic, and using efficient AI driven supply chain models will help to lower the labor cost requirements in the future.
You can’t deny that 2D inspection comes with many limitations. But with 3D examinations, things get better, as both the speed and accuracy of examinations improve. And this makes 3D inspection one of the many aspects of computer vision, predicted to be in high demand by businesses in the upcoming years for more efficient monitoring and inspection of systems. Integration of new hardware technologies like Lidar, which was made famous by the auto driving cars of Tesla, has now been integrated into even iPhones giving 3D inspection and computer vision a whole new meaning.
Despite various technologically advanced tools, cybercrime and theft continue to plague the banking industry. Especially, performing various laborious activities like processing and analyzing a monstrous amount of sensitive data often makes the industry outperform others.
But thanks to computer vision, the security factor can now be taken care of while accelerating the data analysis. Yes, OCR or Optical Character Recognition, one of the subsets of computer vision, can now help capture and extract banking data more efficiently and quickly than ever.
In 2022, the banking sector will extensively use various computer vision technologies to analyze and process different banking-related tasks, authentications, and more. Be it to protect real-time transactions or prevent banking fraud or cybercrime computer vision technology will be essential. With the real time data analysis, understanding and finding KYC (Know Your Customer) and AML (Anti-Money Laundering) issues in banking will be a lot faster and lower the cost of the current process.
Computer vision and pattern recognition impact factor enhances human visions and enables automation. As per Gartner, the size of the computer vision market was US$11.32 billion in 2020. And this market size is expected to expand at a CAGR of 7.3%, between 2021 and 2028.
So have no doubt about computer vision playing a prime role in businesses and industries, especially when its being applied from the government to private institutions, everyone is stressing on the implementation of vision-based inspection systems that are utilizing machine learning.
And since computer vision is here to stay as one of the top trending techs embraced by businesses, make sure to follow the trend. Contact us, Klizo Solutions, to give your business an extra edge by updating it with the latest tech trends. We have experienced and skilled professionals who can revamp and re-energize your business processes, making sure you stay on top, always.
We have developers experienced in this technology. Our founder has helped build technology in the space before from vending machines that do facial recognition even to KYC blockchain technologies used in other countries to manage and verify user identity data. We are happy to help you figure out what you plan on building in 2022.
Klizo Solutions was founded by Joseph Ricard, a serial entrepreneur from America who has spent over ten years working in India, developing innovative tech solutions, building good teams, and admirable processes. And today, he has a team of over 50 super-talented people with him and various high-level technologies developed in multiple frameworks to his credit.