Robotics Technology Market Size

Robotics Technology Market size was over USD 82.7 billion in 2023 and is expected to reach USD 491.8 billion by the end of 2036, growing at around 15.3% CAGR during the forecast period i.e., between 2024-2036. In 2024, the industry size of robotics technology is evaluated at USD 95.3 billion.

The robotics technology market expansion is attributed to the rising adoption of automation across various industries. Companies across different sectors increasingly seek automation to relieve employees of monotonous tasks. By delegating these tasks to software, businesses can enhance customer satisfaction, reduce error rates, ensure compliance, and alleviate team stress. According to a 2020 report by the World Economic Forum, over 50% of employers anticipate accelerating the automation of some tasks in their organizations, and over 80% of company executives are speeding up plans to implement new technology and digitize work processes.

Advancements in artificial intelligence (AI), machine learning (MI), and sensors are driving the development and deployment of more sophisticated robotics systems. Moreover, businesses are increasingly investing in robotics to automate tasks that were formerly performed by humans. This shift helps companies reduce operational costs, increase efficiency, and maintain competitiveness. Also robotics can address labor shortages and perform tasks that are unsafe or unfavorable for human workers, further accelerating their adoption.