In the words of Matt Bellamy, “In the long term, artificial intelligence and automation are going to be taking over so much of what gives humans a feeling of purpose”. This accurately sums up the trend of how robotic intelligence is taking over human inclinations.
When a new innovation is birthed, it accelerates and metamorphoses into other forms, and it keeps improving from its starting point and never stops evolving. The Edge network is a vivid example, the updated GPRS mobile network, on came the 3G, 4G, and now the introduction of the 5G network that ensures a seamless transition of commands and information as far as the speed of light.
The fifth generation of mobile networks has evolved into options that birthed new technologies, Robotics Engineering and technology is one of the areas it has evolved and will continue to do so as the market grows larger.
This explains why the global robotic market technology has continued to thrive, even in the face of pandemic challenges, among other economic issues associated with it.
In a recent report by Allied market Research, $62.75 billion was generated in 2019 alone by the global robotics technology market and is expected to grow its reach to an amazing $189.36 billion by 2027, which implies a staggering growth of 13.5 percent CAGR within a span of 7 years (2020-2027).
Now that’s something.
Research Analyst, ICT at Allied Research, Mr. Pramod Borasi highlighted this in a more concise term when he wrote: “Cobots is expected to experience significant growth in the coming years, owing to its growing adoption in SMEs for performing tasks that require higher payload capacity,”
Now, this is something interestingly awesome!
The COVID-19 Effect
The outbreak of the pandemic, with its devastating effects on the world, crippling the economy and making social services hard to come by may have had its positives after all.
Human health accessory was overstretched, which led to an increase in the robotic technology adoption to curtail the impact of the virus on human workers.
The Allied Market Search website had posited in its report: “In wake of COVID-19, demand of robotics technology is expected to increase among several industries such as supply chain, manufacturing, and healthcare, due to growing adoption of robots in place of humans to reduce the impact of the virus and to enhance their market share.“
According to the report, this trend may continue long after the world has recovered from the pandemic, many years after and this may subtly mean the use of robots in health and social services aren’t stopping soon, rather it is expected to grow larger in the market.
In the report, the robotics market is analysed across components, application, region and robot type but in 2019, the hardware section of the market had the major market share and this in projection will continue to dominate by 2027.
The market forces explained that the reason for this is in lieu of the fact that hardware components are cheaper and faster to set up than the software modules.
So Viola the Robotic Technology!