According to IMARC Group’s latest research report, titled “Robotics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights into the robotics market demand. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global robotics market size reached US$ 39.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 102.4 Billion by 2028, exhibiting a growth rate (CAGR) of 17.58% during 2023-2028.
Robotics Market Outlook:
Robotics is a sub-domain of science and mechanical engineering that produces programmable machines, called robots, to assist and replicate human actions. It deals with the construction, design, and operation of the robots through the use of various digital technologies, such as cognitive computing, sensors, control system, batteries, virtual reality (VR), artificial intelligence (AI), augmented reality (AR), and third-dimensional (3D) printing. They can also be equipped with tools that are equivalent to human senses, including vison, touch, mechanical limbs, and actuators.
This enables the computer systems to control, send sensory feedback, and provide information processing codes, thereby implementing interaction with the physical world. Some of the tasks performed by robots include automating manual and repetitive tasks in industrial settings, working in hazardous environments, processing and delivering reports for enterprise security, and assisting in medical procedures.
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Robotics Market Trends:
The global robotics market is majorly being driven by the increasing automation and safety across several industry verticals, along with growing investments by governments of various nations to promote mobility and decision-making in unstructured environments. In line with this, the rising awareness regarding its associated benefits, such as convenience, reduced human errors, increased output level, and enhanced quality, is acting as another growth-inducing factor. Additionally, the increasing instances of cybersecurity threats has further prompted various small- and medium-sized enterprises (SMEs) to incorporate robots with their internal data systems, which, in turn, is supporting the market growth.
Other than this, manufacturers are performing extensive research and development (R&D) activities to introduce innovative product variants and advance robotics technology, such as programming capacity, sensors, connected devices, machine learning (ML), legged mobility, and water-resistance robots. These products are compatible with the existing infrastructure and are helping in monitoring various environmental parameters, including temperature, light, motion, and air pressure, which is further catalyzing the market growth. Moreover, robotics is extensively being used in the medical and pharmaceutical industries for performing surgeries, rehabilitation, medical transportation, prescription dispensing, and sanitation, which is creating a positive outlook for the market.
Key Market Segmentation:
Product Type Insights:
- Industrial
- Breakup by Type
- Articulated
- Cartesian
- SCARA
- Cylindrical
- Others
- Service
- Breakup by Type
- Personal and Domestic
- Professional
- Breakup by Application
- Household Applications
- Entertainment Applications
- Defence Applications
- Field Applications
- Logistics Applications
- Healthcare Applications
- Infrastructure Applications
- Mobile Platform Applications
- Cleaning Applications
- Others
Competitive Landscape with Key Players:
The report has also provided a comprehensive analysis of the competitive landscape in the global robotics market.
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.