The size of the global robotics technology market was valued at $ 62.75 billion in 2019, and is forecast to reach $ 189.36 billion by 2027, the company BOTS, Inc. noted.
With this, this market would grow at a compound annual rate of 13.5% from 2020 to 2027.
Robotic technology is the intersection of technology, engineering, and science to produce machines called robots, which are used to replicate human actions.
In general, the key goal of robotics technology is to improve an organization’s performance and produce better results.
Robotic technology finds its wide range of applications in various vertical industries, including healthcare, household, agriculture, technology, automotive, and manufacturing.
BOTS believes that in the wake of Covid-19 demand for robotics will increase among various industries, such as supply chain, manufacturing and healthcare, due to the increasing adoption of robots instead of humans to reduce the impact of the virus and to improve market share.
The increasing need for automation and security in organizations and the availability of affordable and energy efficient robots are driving the growth of the global robotics market.
In addition, the increase in labor and energy costs and the increase in the use of robotics technology in different vertical industries are driving the growth of the market.
However, the high initial cost of robots and lack of awareness among SMEs hamper market growth.
On the contrary, according to BOTS, the increase in the adoption of robotics technology in emerging economies and the increase in use in various applications are the factors that are expected to provide lucrative opportunities for market growth.
Previously, the use of robots was limited to the automotive and manufacturing sectors.
However, with the availability of customized solutions, industries such as healthcare, defense and security, aerospace, education, food and beverage, household and electronics are adopting robotic technology to improve their efficiency.
In the coming years, robotic technology is expected to be used for different applications, which is expected to increase market growth.