Innovation

Humanoid robot market to double by 2023, industrial robotics to hit $72B

Greater interest from manufacturing, medicine, and retail will drive robotics growth for the next five years.

The humanoid robot market will grow from $320.3 million this year to $3.9 billion in 2023, at a CAGR of 52%, according to research from ReportsnReports. This growth will be driven by the introduction of more advanced features in this robots, as well as a number of societal factors, the report found.

By 2023, we will see an increasing use of humanoid robots for education, as well as in the retail industry, to better personalize customer support. The medical and logistics sectors are also interested in integrating more artificial intelligence (AI) via robots, as do industries that run autonomous rescue operations, according to the report.

Leading manufacturers in the humanoid robot market include Soft Bank, Robotis, Kawada Robotics, Honda Motor, Ubtech Robotica, and NASA.

In 2016, North and South America held the largest share of the humanoid robot market. "The Americas is the early adopter of humanoids for all the major applications, such as public relations, personal assistance and caregiving, and education and entertainment, resulting in the maximum demand for robots from this region," according to the report. However, the Asia-Pacific region (APAC) is expected to grow at the highest CAGR between 2017 and 2023, the report found.

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"APAC is likely to adopt humanoids for almost all the major applications during the forecast period," the report stated. "As the elderly population in APAC countries such as China and Japan is on the rise, the region is expected to employ humanoids for the personal assistance and caregiving application."

The industrial robotics market is also predicted to experience massive growth, from $38 billion in 2016 to $72 billion by 2023, at a CAGR of 9.6%, a previous report found. The market for collaborative robots is expected to grow the most during this timeframe.

Leaders in the industrial robot space include ABB Ltd., KUKA AG, Mitsubishi Electric Corporation, and Kawasaki Heavy Industries Ltd.

Manufacturers are increasingly adopting collaborative robots to work alongside humans to increase efficiency, according to a recent report from ABI Research: 13% of manufacturing companies currently have collaborative systems in operation, and another 15% said they plan to have these collaborative robots at work within the next year.

Demand for robots in warehouses and logistics processes is set to majorly impact supply chain operations, according to a report from Tractica: In 2016, there were an estimated 40,000 robotic units shipped worldwide—but by 2021, there will be 620,000.

But fear not for your job just yet: Many experts predict that robots will continue to complement human workers, and free their time to perform higher-level tasks, rather than completely replace them. However, a recent report from Ball State University predicted that half of low-skilled US jobs were at risk of being replaced by automation in the future.

Want to use this data in your next business presentation? Feel free to copy and paste these top takeaways into your next slideshow.

  • The humanoid robot market will grow from $320.3 million in 2017 to $3,962.5 million, or $3.9 billion, in 2023, at a CAGR of 52%. -ReportsnReports, 2017
  • The industrial robotics market will growth from $38 billion in 2016 to $72 billion by 2023, at a CAGR of 9.6%. -ReportsnReports, 2017
  • North and South America held the largest share of the humanoid robot market in 2016, but the Asia Pacific region will see the largest growth from 2017 to 2023. -ReportsnReports, 2017
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Image: iStockphoto/Petmal

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About Alison DeNisco Rayome

Alison DeNisco Rayome is a Staff Writer for TechRepublic. She covers CXO, cybersecurity, and the convergence of tech and the workplace.

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