Robotics Technology Market to Reach $349.8 Billion, Globally, by 2032 at 15.2% CAGR: Allied Market Research
The global robotics technology market is experiencing growth due to several factors, including, the rise in the need for automation and safety in organizations, the surge in the availability of cost and energy-efficient robots, the increase in integration of robots in several industries and the rise in labor and energy cost.
Portland, OR , Aug. 29, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Robotics Technology Market by Component (Hardware, Software, and Service), Robot Type (Industrial Robots, Service Robots, and Mobile Robots) and Application (Healthcare, Defense and Security, Automotive, Aerospace, Infrastructure, Industrial, and Residential): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the robotics technology industry generated $87.4 Billion in 2022 and is anticipated to generate $ 349.8 Billion by 2032, witnessing a CAGR of 15.2% from 2023 to 2032.
Robotics technology is an interdisciplinary field that involves the integration of engineering, computer science and other fields of science to design, develop, and deploy robots. A robot is a programmable machine that can perform various tasks independently or with minimal human involvement. Robotics technology includes the design, building, operation, and utilization of robots in a variety of industries, including manufacturing, health care, agriculture, and logistics
Prime Determinants of Growth:
The rise in the need for automation and safety in organizations, the rise in availability of cost and energy-efficient robots, the increase in integration of robots in several industries, and the rise in labor and energy costs are the major factors that drive the growth of the global robotics technology market. However, high initial and maintenance costs and lack of awareness among SMEs are the major factors that impede the growth of the global market. Furthermore, growth in the adoption of robotics technology in emerging countries and the proliferation of artificial intelligence (AI) and machine learning (ML) technologies are anticipated to provide lucrative growth opportunities for the market in the upcoming years.
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Report Coverage & Details:
|Market Size in 2022||$87.4 Billion|
|Market Size in 2032||$349.8 Billion|
|No. of Pages in Report||245|
|Segments Covered||Component, Robot Type, Application, and Region|
|Drivers||Rise in need for automation and safety in organizations.
The rise in the availability of cost and energy-efficient robots.
Rise in labor and energy cost.
Increase in integration of robots in several industries.
|Opportunities||Growth in the adoption of robotics technology in emerging countries.
The proliferation of artificial intelligence (AI) and machine learning (ML) technologies
|Restraints||High initial and maintenance cost.
Lack of awareness among the SMEs.
- The COVID-19 pandemic had a significant impact on the global robotics technology industry. This was attributed to the fact that there was a sudden increase in demand for healthcare services, as businesses were moving to capitalize on the increased automation and robotics in the healthcare sector.
- Moreover, the rise in the number of COVID-19 cases influenced governments and local authorities to enforce strict measures such as social distancing and self-isolation policies to the closing of physical shops and businesses. This was intended to help slow the spread of COVID-19 cases, which further caused a growing number of businesses to depend on automation technologies in industries. These factors have propelled the growth of robotics technology solutions among industries.
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The hardware segment to maintain its leadership status throughout the forecast period-
Based on component, the hardware segment held the highest market share in 2022, accounting for nearly three-fifths of the global robotics technology market revenue, and is estimated to maintain its leadership status throughout the forecast period. The adoption of robotics technology continues to grow across various industries and rising demand for robotic hardware components to build and deploy new robotic systems. However, the software segment would showcase the highest CAGR of 17.6% from 2023 to 2032. This is due to robotics software which enables service providers to automate various tasks, leading to increased productivity.
The traditional industrial robots segment to maintain its lead position during the forecast period-
Based on robot type, the traditional industrial robots segment accounted for the largest share in 2022, contributing to more than half of the global robotics technology market revenue, and is expected to maintain its lead position during the forecast period. This is because industrial robots have been widely used in manufacturing and industrial settings. These factors further drive the demand for this segment in the global market. However, the cobots segment is expected to portray the fastest CAGR of 19.6% from 2023 to 2032. The growth of cobots was primarily driven by their versatility, ease of use, and ability to collaborate with humans in various tasks and industries, further is expected to provide lucrative growth opportunities for the market during the forecast period.
The manufacturing segment to maintain its leadership status throughout the forecast period-
Based on application, the manufacturing segment held the highest market share in 2022, accounting for more than two-fifths of the global robotics technology market. An ongoing trend of industrial automation and Industry 4.0, where smart factories integrate robotics, AI, and IoT technologies to optimize production processes and supply chain management. On the other hand, the healthcare segment is estimated to maintain its leadership status in terms of revenue throughout the forecast period. The same segment would also cite the fastest CAGR of 21.6% from 2023 to 2032. The increasing demand for effective robotics technology to protect patient privacy is further expected to propel global market growth.
Asia-Pacific region to maintain its dominance by 2032-
Based on region, the Asia-Pacific region held the highest market share in 2022, contributing to more than two-fifths of the global robotics technology market revenue, and is expected to maintain its dominance during the forecast period. However, the same region is expected to witness the fastest CAGR of 18.5% during the forecast period. The region’s robust industrial sector, including manufacturing, automotive, and logistics, has been an early adopter of robotics technology that is anticipated to propel the growth of the robotics technology market, which is further anticipated to propel the growth of the market in this region.
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Leading Market Players: –
- Amazon Web Services, Inc.
- HCL Technologies Limited
- IBM Corporation
- Microsoft Corporation
- MicroStrategy Incorporated
- Oracle Corporation
- Salesforce.com Inc.
- SAP SE
- SAS Institute Inc.
- Teradata Corporation.
The report provides a detailed analysis of these leading players in the global robotics technology market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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