Robotics technology is a combination of machine, tools and computer applications used for various activities including designing, manufacturing and other applications of robots. Use of robotics technology allows consumers to automate processes, increase productivity, enhance quality and reduce human errors. Robotics technology is used in wide range of industries including healthcare, defense, aerospace, automotive and infrastructure.
A dynamic rise in the number of smartphones and tablets supplements the process of robot development and contributes to the growth of the global market. With the growth of robotics technology, there would be a significant increase in the number of jobs available for the human workforce. The market is expected to reach $82.7 billion by 2020, registering a CAGR of 10.11% during 2016 to 2020.
Rising demand for automation in industries has revolutionized the adoption of robotics technology especially in the automotive industry. With advancement of technologies like modular robotics, nano-robotics and cloud robotics, the global robotics market would receive a boost. The major players in the market are developing affordable, small, compact and energy efficient robotics solutions to reach a wider customer base.