Robotic Vision Market

Market Overview

The global robotic vision market share is registering a CAGR of 9.5% during the forecast period (2023-2031). The growing demand for quality inspection, the increasing usage of cognitive humanoid robots, the surging demand for quality products, and safety in industries are the primary drivers of global market growth.

The ability of robots and automated systems to sense and interpret visual information from their surroundings is referred to as robotic vision. It uses cameras, sensors, and software to enable robots to see, comprehend, and act on visual data. The worldwide robotic vision market represents manufacturing, healthcare, logistics, agriculture, and other industries.

The Robotic Vision Market share is expected to increase significantly in the next years, owing to technological developments and the increased need for automation across various sectors. The integration of cameras and sensors with robots to allow them to observe their surroundings and make intelligent judgments is known as robotic vision. Robots can now execute more complicated jobs like object recognition, navigation, and quality control. The increased usage of collaborative robots (cobots) in manufacturing industries, where they aid human workers in repetitive and hazardous activities, is projected to drive the market.

Market Dynamics

Market Drivers

Industrial Automation and Industry 4.0

The use of numerous technologies, including robotic vision systems, to automate manufacturing and production processes is known as industrial automation. Integrating digital Technology, automation, and data interchange in manufacturing characterizes Industry 4.0, the Fourth Industrial Revolution. Robotic vision is a critical enabler of Industry 4.0, propelling traditional production into smart, linked, and highly efficient processes. Robotic vision systems are being used in manufacturing facilities to construct smart factories. Sensors, robotics, and data analytics are used in these facilities to optimize production operations. For example, robots outfitted with vision systems can execute precision and consistency in quality inspection, material handling, and assembly jobs. 

According to the International Federation of Robotics (IFR), global sales of industrial robots are predicted to expand at a 10% CAGR between 2022 and 2025. Furthermore, according to a PwC study, adopting Industry 4.0 technologies, including robotic vision, could result in a 14% boost in global GDP and a 15% increase in productivity by 2025. As more sectors adopt these technologies, the robotic vision market trend will play a larger role in changing traditional production into highly efficient, data-driven, and agile operations.

Market Restraints

High Initial Cost

Implementing robotic vision systems requires a substantial initial investment in hardware, software, and integration. This cost might be prohibitive, particularly for small and medium-sized organizations (SMEs) wishing to use the Technology. Robotic vision systems are used in the automotive industry for quality inspection and assembly duties. Depending on the complexity and scale of the system, the cost of integrating a robotic vision system in an automotive production line can range from hundreds of thousands to millions of dollars. For example, a single high-precision robotic vision system used to assess automobile paint quality can cost more than a million dollars.

According to the International Federation of Robotics (IFR), the average installation cost of an industrial robot in the United States in 2020 ranged between USD 50,000 and USD 100,000. Robotic vision systems frequently account for a sizable percentage of these costs. Furthermore, an International Data Corporation (IDC) report states that investment in robotics and drone solutions will reach USD 128.7 billion by 2024. While this involves different robotic components, such as vision systems, the high prices of robotic vision contribute to this spending.

Market Opportunity

Diverse Industry Application

Robotic vision systems offer various applications in various industries, making them adaptable and important. The opportunity is to adapt robotic vision solutions to each industry's needs and challenges, thereby increasing their acceptance and effect. Robotic vision is used in robotic surgery systems, diagnostic imaging, and telemedicine applications in healthcare. For example, the da Vinci Surgical System employs robotic vision to enable minimally invasive surgeries with excellent precision. Advanced vision systems are used by diagnostic instruments such as MRI and CT scanners to capture detailed images of the human body. 

Robotic vision, on the other hand, plays an important part in modern agriculture by monitoring crop health, recognizing pests and diseases, and optimizing resource consumption. Aerial imagery captured by agricultural drones outfitted with vision systems is used to analyze crop conditions and aid in precision farming. The importance of robotic vision in many industry applications stems from the Technology's capacity to address industry-specific difficulties and give concrete benefits such as enhanced production, higher quality, and improved safety. The market's development potential remains significant as sectors continue to investigate and embrace the opportunities afforded by robotic vision.

Regional Analysis

The global robotic vision market analysis is conducted in North America, Europe, Asia-Pacific, Middle East Africa, and Latin America.

North America Dominates the Global Market

North America is the most significant global market shareholder and is estimated to grow at a CAGR of 4% over the forecast period. The increasing deployment of robotics across numerous industries is the primary driver of market growth. The International Federation of Robotics predicts that North American industrial robot deployments will reach 69,000 per year by the end of this year. According to Advancing Automation, the number of robots sold last year increased by 28% compared to the previous year. As more industries turned to automation to boost productivity and alleviate chronic labor shortages, record robot sales were recorded in the fourth quarter of last year (up 9% from the previous year's fourth quarter), demonstrating the strong momentum gained in the previous few months.

Furthermore, Industrial robots play an important role in industrial automation, with diverse robots managing a variety of key jobs across multiple industries. Electronics, e-commerce, and automotive industries, among others, are expanding in line with economic growth in many of the region's countries. Product makers rapidly deploy robots to automate monotonous activities in response to increased demand across economies. As of government initiatives such as the Advanced Manufacturing Partnership, which encourages firms, universities, and the federal government to invest in future automation technologies, machine vision systems would be manufactured more regularly, according to the MAPI (Manufacturers Alliance for Productivity and Innovation), industrial production in the United States is expected to increase by 2.8% over the previous year, increasing the country's use of robotic vision technologies.

Asia-Pacific is anticipated to exhibit a CAGR of 4.3% over the forecast period. The increasing deployment of machine vision systems for scanning and assessing the quality of items in the industrial sector and the growing need for upgraded inspection systems to enable high-quality and zero-defect goods are driving the expansion of this regional market. Furthermore, increased government attempts in countries such as India, Singapore, and South Korea to promote FDI in the manufacturing sector contribute to the Asia-Pacific market's growth. 

In addition, Asia continues to be the world's largest market for industrial robots. In 2021, Asia will account for 74% of all newly deployed robots (70% in 2020). China, the region's largest adopter, had a 51% increase in installations, with 268,195 units sold. Every other robot installed worldwide in 2021 was installed here. The operating stock exceeded one million units (+27%). This quick growth rate reflects China's tremendous pace of robotization. The APAC robotic vision market is positioned for considerable development and innovation as technology advances and the emphasis on automation and efficiency grows. Companies in the region are spending on R&D to offer specialized solutions for diverse sectors, helping expand the market.

Europe has a thriving manufacturing economy, and robotic vision is essential for improving production processes and product quality. Germany, a manufacturing powerhouse, makes substantial use of robotic vision in the automobile sector. Robots with vision systems inspect and assemble components accurately, contributing to German autos' high-quality standards. According to the International Federation of Robotics (IFR), Europe is expected to account for around 26% of global industrial robot installations in 2020, indicating the region's significant presence in industrial automation. According to global Market Insights, robotic vision systems are becoming increasingly important in European manufacturing, enabling cost-effective automation, enhancing product quality, and driving global competitiveness. The market is positioned for continuous growth and continued technological developments as companies increasingly understand the advantages of robotic vision in boosting efficiency, quality, and competitiveness.

Segmental Analysis

The global robotic vision market is segmented based on service, Technology, and region.

Service is further segmented into Healthcare, Security Services, and Automobile Sector.

Healthcare services occupied the major share of the market. Robotic vision is an important part of robotic surgical systems such as the da Vinci Surgical System. These devices allow for more precise and controlled minimally invasive procedures. In healthcare, the promise lies in developing the robotic vision for even more precise operations and increasing its application to a larger range of surgeries. Advanced vision systems are used in diagnostic equipment such as MRI, CT scanners, and ultrasound machines to acquire high-quality images of a patient's internal structures. Boosting imaging technology, lowering radiation exposure, and boosting diagnostic accuracy are all opportunities in this market.

Autonomous vehicles like self-driving cars and drones rely on robotic vision. The opportunity here is to continue developing vision systems that allow vehicles to detect and navigate complicated environments safely and efficiently. Robotic vision is used in advanced driver assistance systems (ADAS) for functions such as lane-keeping, adaptive cruise control, and collision avoidance. Opportunities include improving the safety of ADAS systems and enabling additional autonomous driving activities.

Technology can further bifurcate the segment into 3D sensors, autonomous robotic systems, actuators, and cameras.

3D sensors influenced the market growth. 3D sensors, also known as depth sensors or LiDAR (Light Detection and Ranging), play an important role in robotic vision by recording depth information. These sensors employ laser beams or other means to detect distances, allowing robots to construct 3D models of their surroundings. This segment's opportunity rests in advancing 3D sensor technology for more precise and real-time spatial perception.

Autonomous robotic systems are intended to operate autonomously without constant human involvement. These systems make real-time decisions and navigate environments by combining sensors, AI algorithms, and visual technologies. The opportunity is to create more advanced and adaptable autonomous systems for various applications.

Recent Developments

• July 2023- Google's first vision-language-action model for robot control displays improved generalization and semantic and visual understanding. The RT-2, or Robotic Transformer 2 model, is designed to learn from robotics and internet data, allowing it to deliver universal robotic control instructions.
• August 2023- Dassault's Falcon 6X has been certified by EASA and the FAA.
• September 2023- Cisco will acquire Splunk to help organizations become more secure and resilient in an AI-powered world.