Robotics is a wide-reaching field with the potential to impact many markets. Learn about five industries.
A variety of technology firms, executives and entrepreneurs have predicted that artificial intelligence (AI) and robotics will be an integral part of our daily lives in the near future and the topic of AI is broad, robotics can be classified as a crucial component, as it is said to “give companies new opportunities to increase productivity and to make work safer.”
Here’s a look at major industries robotics will disrupt with innovation in the near future. The industries were picked from a combination of reports from various research firms that predict the growth of robotics, AI and machine-learning technology.
Markets suggests that the agricultural, medical, entertainment, military and industrial robots market is expected to grow at a compound annual growth rate in major percent, rising to billions in 2020. Driverless machines are expected to see the highest growth in this sector. However, hardware components will hold the largest share of the robots segment, with drones and internet of things sensing and monitoring systems leading the way.
From the automobile industry to the electronics industry, robots are helping to increase efficiencies on the factory floor. Markets and Markets reports that the industrial robotics market is forecasted to grow from US$48.7 billion in 2019 to US$75.6 billion in 2024. “Technological advancements and decreasing costs are making industrial robots more affordable to (small and mid-size enterprises) and are enabling seamless integration and programming,”.
The International Federation of Robotics (IFR) has noted three major industries where robotics is making a real impact in the industrial sector. The automotive industry is the largest adopter of robots (33 percent of total industrial robots in 2017), owing to the fact that the manufacturing of passenger cars has become complex. The electronics industry is not far behind in its adoption of robots at 32 percent. The last industrial sector noted by IFR is the metals industry, which had a market share of 10 percent of total supply for 2017.