The continuous growth and development in technology are driving today’s business operations to a new next level. As companies across diverse industries are always in search of innovative solutions to drive distinctive values, robotics plays a significant role bringing enhanced capabilities to them. Considering reports, the global market for robots is predicted to worth US$100 billion in 2020, and will reach nearly US$210 billion by 2025, at a growing CAGR of 26 percent.
In 2019, we saw the rapid exploration and learning of robotics that continue expanding new markets, beyond manufacturing and supply chains. Now in 2020 and beyond, the development in the technological landscape, including artificial intelligence and machine learning, will move quickly largely because of the outbreak of COVID-19. As, on one side, it has caused businesses worldwide to push back their operations, on the other hand, this has opened new opportunities for innovation.
Here are some top robotics predictions to look for in 2020 and beyond.
Boom in Robotics Service Providers
Today, robots are not just used to perform repetitive and monotonous tasks, but also for complicated ones, such as from minimally invasive surgery to exploring oceans for unexploited oil deposits and much more. Considering the current world scenario, where billions of people asked to stay home to avoid the spread of COVID-19 pandemic, robots are emerging as an effective tool, delivering medicines and food to patients affected with the virus outbreak. Capitalizing on this time, a majority of robotics companies across the world stepped out with ingenious solutions, empowering hospitals and warding off doctors to not get exposed to the pandemic.
Heightened M&A Activities
With the ability to transform industrial workspace as well as assisting in office floors, more acquisitions are predicted to occur in the robotics sector in the coming years. Despite the decline and low start of the global economy due to the COVID-19 pandemic, the robotics industry continues, with over US$2.7 billion in reported transactions March 2020. According to reports, the majority of that amount was an investment in autonomous automaker Waymo early in March, when the economic slowdown was just beginning in some countries and industries. As consumers demand increasingly personalized goods and in quicker delivery timeframes, it is expected that supply chain operators would now look to meet shorter delivery expectations and smaller batch orders on a larger scale.
Emergence of Cobots
As the world is now discussing how humans and machines can work together, several companies are now racing to develop collaborative robots. These kinds of robots have the potential to work alongside human workers in a shared workplace, lending a hand by performing complex tasks. Cobots are generally robotic arms that move in any angle and work efficiently. When these robots are becoming more capable of extreme industrial settings, they will simply adapt into manufactures with ROI restrictions. As collaborative robots are still in their initial stage, most industries such as packaging, electronics, and food processing are already capitalizing on it. Conversely, industries like agriculture, healthcare and pharmaceuticals, among others are realizing its benefits and set to adopt cobots in the coming days.
Surge in Mobile Robots
Last year, many robotic companies successfully delivered innovative automation solutions based on a Robots-as-a-Service (RaaS) business model. Market players like Locus Robotics, inVia Robotics, Bossa Nova, KnightScope, among others have forged the RaaS path into their various market segments. As applications for mobile robots advanced across all sectors, the year 2020 and beyond will witness upsurge demand of these robots. These autonomous robots are able to perform a different variety of tasks with a minimum of human input, while many are designed to operate safely around people. Amazon’s Kiva, for instance, is well-known robots, delivering a crucial role in the e-commerce giant’s order-fulfillment process, zooming around company warehouses to find products and bringing them to the necessary drop-off stations.