ID: MRFR/SEM/1317-HCR | 110 Pages | Author: Shubham Munde | May 2023
Robotic vision market is expected to reach USD $9 billion and set to grow at CAGR of 12% during the forecast period (2020-2027)
In the Robotics Vision Market, a large number of companies are trying to target the same audience. This has led to a lot of competition in the industry. The new players have been able to push their product on new technology. The vision and robotics industry is one of the fastest developing industries in recent years.
Computer vision robotics is the next big thing in the robotic development field that use computer vision algorithms and machine learning techniques for autonomous robots. The machine learning-based robot eyes use algorithms to identify the objects in the environment and use this data to react accordingly. But the computer vision-based system relies on sensors for image processing instead of algorithms.
According to this MRFR analysis, the global robotic vision market is expected to reach USD $9 billion and set to grow at CAGR of 12% during the forecast period (2020-2027). North America will remain the largest market for this technology owing to its high spending on R&D across various industries such as manufacturing, healthcare and transportation sectors. Europe has been one of the fastest-growing markets in recent years. It is due to increased investments from European countries such as Germany, Spain, etc. The global robotic vision market has been impacted by the pandemic effect on humans and their activities.
The Robotic Vision Market in manufacturing, warehouses, and food processing plants would expand by more than fivefold in the coming decade. Also, the automotive industry is expected to see an increase in demand for self-driving vehicles. Their applications are likely to cover both personal transportation and commercial goods transport. Along with that, the healthcare sector is adopting rapidly robotics technologies across multiple industries such as surgery, medical imaging, pharmaceutical manufacturing, and healthcare information systems. In the future, healthcare, military, logistics and manufacturing will increase significantly to capture market share from other applications such as drones and robots.
In the future, more and more companies will be moving towards robotic vision for reasons. The biggest reason is their benefits over human-operated cameras. It is crucial to keep up with the latest innovations in robotics technology to maximize the benefits for the growth of the Robotic Vision Market.
Many factors are affecting the usage of robotic vision. Some of these are—regulations, product availability, high cost, low performance. Despite these challenges, robotics vision is still being used in various places such as warehouses and factories. It has become a vital part of the business. The growth of the Robotic Vision Market can be attributed to advancements in hardware and software.
Despite the success of the Robotic Vision Market, it's still lacking in many aspects. The major restraints are low functionality, high price, lack of processing power and lack of human interaction. The Robotic Vision Market has taken off in recent years with its wide range of applications. But it is still lacking in many aspects in terms of functionality and cost. The big issue with robotic vision is that it lacks processing power or does not have enough memory to process the data effectively. It also needs human interaction for accurate results to be generated that are not feasible at scale.
As robots become more common in our lives, they are also becoming more prevalent in the workforce. They are a major part of manufacturing and process automation.
Cumulative Growth Analysis of Robotic Vision Market describes the market, is expected to grow rapidly in the coming years. The robotics vision market offers many solutions to various industries including automotive, aerospace & defence, medical & healthcare, smart buildings & homes and industrial automation & control systems. The market is expected to grow at a CAGR of about 68.5% during the forecast period, reaching $1,385 million by 2023.
Robotic vision solutions are gaining traction in the industrial automation field due to their ability to replace expensive and highly skilled human workers who are physically limited in their movement and dexterity. Robotic vision is a technology that helps companies track, identify, and detect objects. It also enables them to optimize process performance through real-time data collection, which helps companies reduce costs while improving productivity.
For any product or service, there is a value chain that contributes to the success of that product or service. In this case, value chain analysis can be used to determine the impact of a robotic vision system in a supply chain. To establish a production system that is efficient and profitable, companies should identify areas where they have a competitive advantage over other players in the market. This allows them to focus on these areas and develop their business accordingly.
The robotic vision market is projected to be a trillion-dollar industry over the next decade. Companies are increasingly using 3D sensors for varied industrial uses such as inspection, object recognition, and navigation. These sensors generate a 3D point cloud of the environment and provide information about the shape, size, colour, texture and distance of objects. A robotic vision system that integrates these into a system is typically referred to as Autonomous Robotic Systems or ARS.
Among all the major segments, the healthcare and security service segment will show the highest growth for the year 2023. The automotive sector was estimated to be a large contributor in the global robotic vision market during this forecast period as well as other sectors like the industrial and consumer products sector.
The countries where this industry is growing faster are China, India, Japan, South Korea, Germany and Poland. The robotic vision market is expected to grow at a high rate in the forecast period.
The key players in the Robotic Vision Market are different companies such as Google Inc., Dassault Aviation SA, KUKA AG and Cisco Systems Incorporated. Many leading players in this market are Alphabet, Microsoft, Intel and IBM. Companies are investing in these technologies to increase the performance of their existing models, develop new models, and integrate with other systems.
This report includes a detailed forecast for the mortuary equipment market, explaining what to expect in the upcoming years. It contains a detailed analysis of how robotic vision has been growing and what motivates its growth. COVID 19 analysis—the driving factors for the growth, segmental analysis—segmental analysis, regional analysis & competitive landscape are given in detail.
|Market Size 2027||USD 9 Billion|
|Compound Annual Growth Rate (CAGR)||12% (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Vertical, Application, Component|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Countries Covered||The U.S, Canada, Mexico, Germany, France, UK, China, Japan, India, Australia, South Korea, UAE, and Brazil|
|Key Companies Profiled||Google Inc, Dassault Aviation SA, KUKA AG, Cisco Systems Incorporated, Alphabet, Microsoft, Intel, IBM, Apple, Bosch, Panasonic|
|Key Market Opportunities||The biggest reason is their benefits over human-operated cameras|
|Key Market Dynamics||the automotive industry is expected to see an increase in demand for self-driving vehicles.|
The demand to advance cognitive humanoid robots is estimated to induce favorable growth in the market.
The prominent market leaders are Yaskawa Electric Corporation (Japan), KUKA AG (Germany), FANUC Corporation (Japan), Cognex Corporation (U.S), ABB Group (Switzerland) and OMRON Corporation (Japan),
The region of APAC is expected to show the most promise in the coming period due to the Intensifying implementation of automation in control and quality.
The segments in the global market are technology, components, applications, region, and verticals.
The advancements in machine learning and deep learning for image processing are expected to pull the development of the market.
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