The report forecasts the global smart robots market to grow at a CAGR of 20.65% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
A trend that is expected to have a big impact on market growth is IoT in robotics. IoT connects the physical world of machines and robots with the Internet and carries out the task without any direct human intervention. With increased focus toward building smart cities and factories, the demand for IoT-enabled personal service robots and collaborative robots is on the rise. Thus, vendors are developing IoT-enabled robotic vacuum cleaners, collaborative robots, and public relation robots.
According to the report, a key growth driver is the increase in human labor cost. In 2015, the minimum monthly wage in China was about $140-$650, which has grown at the rate of 20%-25% YoY from 2012 to 2015. This contributed to the wide adoption of robots across manufacturing plants in the country, which made China the biggest market for robotics in 2015. In 2016, Foxconn replaced 50 thousand employees with robots in its manufacturing plant in China. The robots (including collaborative robots) were assigned to perform the repetitive tasks previously done by the human workforce.
Further, the report states that one challenge that could impact market growth is the performance limitation of robots due to battery issues.