Robot Market Size

Robot Market Size

Robot Market size valued at USD 4 billion in 2022 and is predicted to exhibit a CAGR of over 15% between 2023 and 2032.

Robotic technologies are being used on a large scale across several industry domains, including healthcare. UVC disinfection robots, particularly, are experiencing high demand from the healthcare sector. These robots are emerging as a quick & effective solution for the instant disinfection of all rooms and spaces in hospitals and healthcare centers. Companies are also launching technologically advanced robots to improve the quality of patient care. For example, in June 2021, a group of Hong Kong-based technicians launched a healthcare robot named Grace, designed to use artificial intelligence (AI) to diagnose a patient’s underlying medical condition

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Robots are also being used for building surveillance and security purposes as they are equipped with innovative technologies that can prevent security breaches. Countries including the U.S., the UK, Canada, France, and Germany, are facing a scarcity of skilled & semi-skilled labor to carry out routine tasks, such as patrolling and security surveillance. This has prompted organizations to fulfill this need by manufacturing state-of-the-art security robots that use autonomous technologies. For instance, in June 2021, Westland Real Estate Group installed an autonomous security robot developed by Knightscope at Liberty Village, a 1,000-unit apartment complex in Las Vegas, U.S.
 

However, while robots play a vital role in finishing routine as well as complex tasks, they incur high installation and operating expenses, which may impede market progress. These high costs make product development challenging for enterprises that run on small budgets. While these robots have the potential to introduce innovations in businesses by offering many advantages, their high price can prohibit their deployment in small- & medium-scale organizations.