Rise in aging population is resulting in the labor shortage which is driving the vision guided robotics market

There has been a rapid growth in the aging population worldwide. Almost every country across the globe is witnessing an increase in the number of older people in their community. Population aging is set to become one of the considerable social transformations of the 21st century, with a connection to almost all sectors of society, which includes labor and financial markets. However, certain countries such as Japan and Italy are the top two countries in the list of the aging population proportion, as a considerable percentage of their population is over 65 years. As per WHO, approximately 2 Mn people globally are anticipated to be more than 60 years old by 2050, which is over triple of what it was in 2000. Diminishing fertility rates and longer lifespans are the significant factors contributing to this growth.

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The major players operating in the market for vision guided robotics market include ABB Ltd., Fanuc Corporation, Basler AG, Cognex, ISRA Vision, Yaskawa Electric Corporation, Universal Robots AS, Denso Corporation, and Omron Corporation among others.

The global vision guided robotics market by type was led by 3D-Vision System Robots. The manufacturers are integrating robots with 3D cameras technologies in order to optimize their performance while carrying out a desired task. These cameras help the robots to identify any objects from all 3 axes (X-axis, Y-axis and Z-axis), facilitating the robot to understand the object and task easily.

The vision guided robotics is becoming increasingly entangled with Artificial Intelligence, big data as well as other such technologies. It is predicted that soon, robots will not only boost productivity but will also provide advanced smart assistance to humans. The players are significantly investing in the development of vision guided robots integrated with artificial intelligence. Further, the Chinese government expanding its efforts to integrate artificial intelligence technologies into vision guided robots. The integration of artificial intelligence in vision guided robots will further reduce the intervention of humans, which will be beneficial for countries with the inadequate and expensive labor force. However, this may also result in loss of employment in the labor-intensive economies.

The global vision guided robotics market is segmented on industry vertical as automotive, electrical & electronics, aerospace & defense, food & beverages, healthcare & pharmaceutical, and metal processing. Automotive sector held the largest market in 2018 and are anticipated to continue dominating the vision guided market shares during the forecast period from 2019 – 2027. The electrical and electronics held the second largest market share and is expected to grow significantly in he forecast period.

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