The global collaborative robots market is expected to be worth almost $9bn by 2025, demonstrating a CAGR of nearly 47% between the forecast period of 2018–25, according to a report by Research and Markets. The forecast pointed to vast growth from 2017, where the market accounted for little more than $420m.
The report noted that, currently, the majority of applications for collaborative robots are in the automotive industry, where their key function is to assist human workers on the assembly line.
Research and Markets also found that, due to early adoption, larger organizations occupy the biggest share of the market. However, collaborative robotics are preferred by small- and medium-size organizations due to their ability to efficiently streamline hibernating processes and increase cost-effectiveness.
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The report noted: "The key trend which will predominantly effect the market over coming years is advancements in the robotics industry."
Research and Markets added: "As machine learning algorithms and other technologies such as neuromorphic chips improvise their capabilities to enable smarter robots, collaborative robots in the near future will be able to perform the tasks that only humans can do at the moment; in fact, they will perform them better."
When enabled with machine learning and other technologies, these robots will be able to access a number of databases in addition to recognizing machines, people and parts, allowing them to gain valuable insights and then act upon them. This will mean greater productivity, efficiency and cost saving for organizations utilizing them.