The Robotics Market Size is Expected to Hit US$30.8 Billion by 2027

Robotics technology finds itsde range of applications in various industry verticals

With a higher success rate, robotics has redefined the technology landscape globally. The global robotics market size is expected to increase from US$15.7 billion in 2022 to US$30.8 billion by 2027 at a CAGR of 14.3%. Robotics brings together advanced computer technology providing the world with high-class automation. The covid-19 pandemic has resulted in the utilization of more robot technologies. The industrial sectors of key countries like India, Japan, China, Singapore, and Indonesia are provided with incentives by the government to survive and manage the challenges faced because of the pandemic. As a result, the industries are better supplied with the financial resources that are required for the incorporation of robots in the industrial setup.

There is an increasing demand for collaborative robots across all industries, which is expected to encourage the engagement of automation in initiatives. These robots aim at small and medium-sized enterprises (SMEs) and large enterprises. These robots are also being adopted for both new and existing implementations and hence have a wide-scale acquisition owing to their adaptability. These factors have been significant in driving the growth of the industrial robotics market.

Robotics technology is the intersection of technology, engineering, and science for producing machines called robots, which are used to replicate human actions. The key objective of robotics technology is to enhance the performance of an organization and to produce a better outcome. Robotics technology finds its wide range of applications in various industry verticals, which include healthcare, domestic, agriculture, and manufacturing.

The increasing number of medical robot systems-assisted surgeries is further increasing the product innovation rate in the market. For instance, Robot Apps developed and launched a rehabilitation robot to help health professionals with bed-ridden patients, reducing the dependence on nurses for actions, such as heavy lifting.