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Robotic Vision Market Competitor Analysis 2024-2033: Growth, Insights, Trends
Robotic Vision Market Analysis
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According to The Business Research Company's, The robotic vision market size has grown rapidly in recent years. It will grow from $2.34 billion in 2023 to $2.58 billion in 2024 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to increased processing power, expansion of industrial automation, growth in e-commerce and warehousing, demand for quality inspection in manufacturing, cost reduction in vision components.
The robotic vision market size is expected to see strong growth in the next few years. It will grow to $3.7 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to expansion of autonomous vehicles, deployment in smart cities, application in hazardous environments, customization for small and medium-sized enterprises, increased adoption in logistics and supply chain. Major trends in the forecast period include integration with ai and machine learning, advancements in 3d vision technology, collaborative robots (cobots), edge computing for real-time processing, robotics as a service (raas) models, enhanced object recognition and tracking, iot integration for connectivity, cybersecurity for robotic systems.
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Market Drivers and Trends:
Rapid growth of industry 4.0 is expected to propel the growth of the robotic vision market going forward. Industry 4.0, also known as the fourth industrial revolution, refers to the ongoing transformation of traditional manufacturing and industrial practices with modern smart technology. Robotic vision enhances automation by allowing robots to navigate and interact with their surroundings, perform intricate tasks with precision, and contribute to a more flexible and responsive production environment. For instance, in October 2022, an article was published by the IoT Business News, a France-based news platform focused on IoT news and updates according to which, Industry 4.0 is in full swing in 2022, public search interest has risen 140 times since before, 50,000 research papers were published on the topic in 2021, start-ups are now receiving a total of $3 billion in funding each year from Q3 2021 to Q3 2022 and M&A activity has doubled. Therefore, rapid growth of industry 4.0 is driving the robotic vision market.
Technological development is a key trend gaining popularity in the robotic vision market. Major players in the robotic vision sector are focused on technological developments to sustain their market position. For instance, in January 2021, DreamVu Inc., a US-based, computer hardware manufacturing company engaged in the development of 360-degree and 3D cameras, robotics, and autonomous navigation, launched PAL and PAL Mini Omnidirectional 3D Vision Systems. PAL and PAL Mini have advanced imaging algorithms and provide visual intelligence and 3D point clouds with high-resolution vision, accurate depth, and color. Its cameras are appropriate for navigation systems, in applications where low power consumption and high dependability are crucial, such as residential vacuum-cleaning robots, commercial cleaning robots, and disinfection robots.
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Major Key Players of the Market:
Cognex Corporation, Omron Corporation, Keyence Corporation, Teledyne DALSA, Tordivel AS, ISRA VISION AG, Basler AG, SICK AG, Hexagon AB, Yaskawa Electric Corporation, Fanuc America Corporation, ABB Ltd., Google LLC, MVTEC Software GmbH, Kawasaki Heavy Industries Ltd., Acieta LLC, Nikon Metrology NV, KUKA AG, Cisco Systems Inc., Robert Bosch, Microsoft Corporation, Intel Corporation, National Instruments Corporation, Qualcomm Technologies Inc., DENSO Corporation, Mitsubishi Electric Corporation, Universal Robots A/S, Nachi Fujikoshi Corp., Stäubli International AG, Yamaha Robotics, Toshiba Machine Co. Ltd., Adept Technology Inc., Scape Technologies A/S, Blue River Technology Inc., Sight Machine Inc.
Robotic Vision Market 2024 Key Insights:
• The robotic vision market size is expected to see strong growth in the next few years. It will grow to $3.7 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• The Booming Demand For Smart Cameras Fuels The Evolution Of Robotic Vision
• The Technological Evolution Of Robotic Vision
• Asia-Pacific was the largest region in the robotic vision market share in 2023
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