Computer vision technology is revolutionizing productivity in Europe

Computer Vision Technology: Making the Most of Artificial Intelligence

The hype around artificial intelligence (AI) permeates the media landscape, from the rapid development of generative AI and ChatGPT to the EU regulations shaping its use, Through the proliferation of innovative creative tools that are revolutionizing video editing and image processing. However, a tangible impact on productivity and financial metrics has so far remained elusive.

However, recent research suggests that all this is about to change. At the forefront of this transformation is computer vision technology, which is poised to take the lead in harnessing the full potential of artificial intelligence. Maybe even exceed Gartner Hype Cycle expectations. For European companies, this could not come at a better time.

Over the past decade, productivity growth has remained largely stagnant. Despite technological advances and rising levels of education and skills among the workforce, the expected increase in productivity has remained elusive.

Economic analysts point to a complex web of factors contributing to this stagnation, including aging infrastructure, regulatory hurdles, and a reluctance to fully embrace digital transformation across all sectors. The effects of financial crises and ongoing challenges posed by geopolitical uncertainties have further complicated the landscape, leading to cautious investment strategies and an emphasis on short-term stability over long-term innovation.

But in this context, the adoption of computer vision technology, fueled by advances in generative AI, appears to be helping companies finally break the glass ceiling on productivity. A recent survey of AI decision makers revealed a startling consensus: Implementing computer vision applications is expected to increase productivity by an average of 42% over the next three years. The manufacturing sector in particular is preparing for a quantum leap, with productivity increases expected to reach 52%. Computer vision appears to be on its way to reaching the productivity level defined by Gartner's AI Hype Cycle.

Artificial intelligence eyes

Computer vision, often referred to as “AI eyes,” allows computers and systems to extract meaningful information from digital images. This technology allows images to be monitored, identified, classified, tracked and interpreted into actionable “knowledge,” paving the way for deeper analysis by people or complementary AI systems.

The versatility of computer vision is evident in its wide application in many business services, from repair and maintenance, to production line monitoring and quality control, to security, health and safety, logistics, supply chain management, real-time video mapping and people tracking. . This wide range of use cases highlights the transformative potential of computer vision technology.

There are still obstacles to overcome

However, everything is not rosy. Despite their enthusiasm for the technology, study participants still face significant challenges in deploying this technology. Lack of external specialist support and difficulties in maintaining computer vision expertise within organizations emerged as the main obstacles, cited by 37% and 33% of participants respectively.

In addition, the deployment of AI-powered computer vision applications raises significant ethical concerns, such as data security, privacy, surveillance, lack of company guidelines, and fears of job displacement, which are major concerns for companies.

Generative AI as a whole is also thriving

But organizations seem determined to overcome these challenges to ultimately achieve productivity. The enthusiasm for artificial intelligence does not stop at computer vision; Wider adoption of generative AI is also booming. However, according to the same study mentioned above, more than two-thirds (67%) of survey respondents consider the use of generative AI important to their business. With more than a third (37%) already reaping the benefits of implemented solutions, and an equal proportion in the planning or implementation stages, the AI ​​deployment trajectory looks strong. Only a minority remain hesitant, still considering the broader challenges and considerations that come with integrating AI into business practices.

Today, business leaders see computer vision applications as a huge opportunity for European companies. An opportunity to overcome barriers to productivity growth by automating complex processes, improving decision-making through deep data insights, and enabling innovative services and products. This symbolizes a broader shift towards a future in which technology and human creativity are in harmony.