Robotics Technology Market Trends

Growth Drivers

• Increasing demand for service robots: The need for service robots is growing highly, driven by fastidious consumers who require precision and accuracy in tasks such as healthcare, logistics, and manufacturing. According to the International Federation of Robotics, in 2022, there were 158,000 service robots sold worldwide for professional use, a 48% increase. Additionally, advanced service robots are equipped with powerful sensors, light detection and ranging (LiDAR) cameras, depth sensors, and tactile sensors, that help them maneuver intricate spaces, recognize objects and people, and interact with the physical world with extreme precision.

• Growing integration of AI & ML:  The integration of AI and ML in robotics has optimized operational efficiency, boosting the growth of the robotics technology market. Artificial intelligence has been an invaluable asset to robotics, increasing automation, accuracy, and flexibility. Additionally, AI can help to develop more effective computer systems and enhance customer service by employing intelligent virtual assistants. Also, machine learning techniques such as deep learning, reinforcement learning, and neural networks are being used to boost robot perception, decision-making, and control.
• Augment of humanoid robots: Humanoid robots designed to perform multiple duties in diverse scenarios are witnessing tremendous advancements. With its two arms and two legs, the robot looks like a human, making it suitable for various tasks in work environments. Additionally, major key players have increased the pace of development of these robots due to their heightened demand. For instance, in July 2024, NVIDIA announced a suite of services, models, and computing platforms to the top robot manufacturers, AI model developers, and software developers in the world to assist them developing, training, and building the next generation of humanoid robotics to accelerate the pace of progress in humanoid development globally.

Challenges

• Higher implementation cost: Robotics deployment is expensive and poses a risk of investment. While most companies will eventually recover their investment over time, the short-term costs are high. Therefore, high implementation costs may impede the growth of the robotics technology market.
• Versatility and adaptability issues: Adaptability is a major barrier in the field of robots as robots are typically engineered to execute precise, specific tasks. While this narrow focus is advantageous in certain contexts, it presents challenges when these robots need to adapt to new or evolving environments without extensive reprogramming or reconfiguration. Consider the demands of an industry that necessitates adaptability and frequent changes in production processes. In such cases, the inflexibility of robots can pose a significant hindrance in the robotics technology market expansion.