Robotics Technology Market is Anticipated To Touch USD 349.8 Billion By 2032 By CIOTechOutlook Team

Robotics Technology Market is Anticipated To Touch USD 349.8 Billion By 2032

CIOTechOutlook Team | Wednesday, 30 August 2023, 02:59 IST

The robotics technology market earned $87.4 billion in 2022 and is projected to create $ 349.8 billion by 2032, with a CAGR of 15.2% from 2023 to 2032 according to the report.

Engineering, computer science, and other scientific disciplines are combined in the interdisciplinary field of robotics technology to design, build, and deploy robots. Robots are programmable machines that can carry out various tasks autonomously or with little assistance from humans. The design, construction, use, and application of robots in a range of industries, such as manufacturing, healthcare, agriculture, and logistics, is referred to as robotics technology.

The primary drivers of the growth of the global robotics technology market are the rise in the demand for automation and safety in organizations, the expansion of the supply of affordable and energy-efficient robots, the expansion of the integration of robots into various industries, and the rise in labor and energy costs. However, the biggest barriers to the expansion of the global industry are high initial and ongoing expenditures and SMEs' lack of awareness.

Furthermore, it is projected that in the next years, the market would have profitable growth possibilities due to the expansion of robots technology usage in developing nations and the proliferation of artificial intelligence (AI) and machine learning (ML) technologies.