The robotics industry plays a crucial role in how modern society operates. From household appliances that automate mundane tasks to military-grade drones and net guns that defend the country’s borders, the use of robotics in everyday life is becoming increasingly apparent. Let’s take a look at some of the promising advancements in the space as well as statistics that can clarify how big and important the space is becoming.
One of the key advantages of the robotics market is that it can be integrated into new industries where automation is taking place. For instance, the traditional industrial sector, including manufacturing and construction, looks to automate more processes to increase output efficiency and reduce costs. Based on current trends, the market cap for robotics is anticipated to grow past $40 billion in the next decade, $1.5 billion of which is coming from robotics that is expanding to a business-to-consumer model. This opens up the future potential for startups, like Clearpath, to capture consumer markets in addition to their existing business client base.
Customer Service Bots
Based on recent studies, growth within the robotics market is projected to be driven by the industrial and service sectors. There is a large market entry potential in the next couple of years for the service sector to integrate robots in previously human-held positions within the company, including traditionally customer-facing roles, i.e., customer service representatives.
Global Market Leaders
At present, Asia is the biggest investor in robotics, accounting for close to 70 percent of the global market. Moreover, it is anticipated that the continent’s spending will double in the next two years. This indicates an exponential growth opportunity for companies like Clearpath to expand their operations to a broader audience across the globe. For instance, as China’s production costs increase due to a consequent rise in workforce wages, large companies are starting to look elsewhere for the outsourcing of manufacturing and production of their consumer goods. Countries, such as the Philippines, are now seen as a lower-cost alternative.
This is only the tip of the iceberg when it comes to new developments in the realm of robotics. Looking at companies, such as Clearpath, and their plans for expansion and future partnerships can give you a fractional yet clearer picture of how the industry is scaling as a whole.