Collaborative Robot Market Size

Collaborative Robots Market Analysis

The Collaborative Robots Market was valued at USD 809.75 million the previous year and is expected to grow at a CAGR of 20.5%, reaching USD 2412.8 million by the next five years. As robots work even more closely with humans, they must respond to the users and adapt their behaviors. Over the next few years, researchers are expected to recognize basic human behaviors and adapt these robots' actions to respond to them. Over the next few years, this would develop into much more advanced programs that could adapt to the needs of complex tasks.

• Robust growth in advanced technologies, such as digital twins, virtual reality (VR), augmented reality (AR), and developments in offline programming and simulation software, enables companies to optimize robot performance. It also helps them develop and test different configurations to find the best solution for their requirements.
• Edge computing is an interesting new approach to network architecture that helps businesses break beyond the limitations of traditional cloud-based networks. As innovative machines like autonomous robots and medical sensors become more common, edge computing will significantly impact society. Rapid advancements in artificial intelligence (AI) enable them to execute tasks accurately in a continuously changing environment. AI-integrated cobots help manufacturers in various applications that make operations run efficiently, smoothly, and productively. AI-driven cobots recognize the orientation and presence of materials, perform testing and inspection, dynamically pick and place tasks, read results post-inspection, and derive decisions accordingly.
• Longer training and onboarding, increasing benefits and compensation rates, and labor shortages are significant factors driving the deployment. More and more warehousing, distribution, and fulfillment facilities are investing in automated solutions. As technology improves and the applications become broader and more flexible, robotics is being adopted by a more significant number of manufacturing operations across regions.
• The robots integrated with advanced technologies cost high as compared to traditional robots. The costs of robotic systems are associated with robust hardware and efficient software. Automation equipment involves the usage of advanced automation technologies that require high capital investment. For instance, an automated system may cost millions of Dollars for design, fabrication, and installation.
• In the post-COVID-19 scenario, collaborative robots gained significant demand across all industries due to their capabilities and reduced cost. For instance, some fast-food chains and hospitals use these robots to conduct temperature tests and distribute sanitizers; groceries, food services, and restaurants have shifted to robots for food preparation and takeaway deliveries. Further, the warehousing and logistics industry is also shifting to collaborative robots to improve sorting, packaging, and shipping efficacy. Companies across all of these industries are increasingly looking into introducing automation at the workplace to comply with pandemic measures, reduce the risk of infection, and safeguard staff health.