Robotics Technology Market Scenario Highlighting Growth Drivers and Industry Forecast by 2032

Robotics Technology Market by Component (Hardware, Software, and Service), Robot Type (Industrial Robots, Service Robots, and Mobile Robots) and Application (Healthcare, Defense and Security, Automotive, Aerospace, Infrastructure, Industrial, and Residential): Global Opportunity Analysis and Industry Forecast, 2022-2032."

According to the report, the robotics technology industry generated $87.4 Billion in 2022 and is anticipated to generate $ 349.8 Billion by 2032, witnessing a CAGR of 15.2% from 2023 to 2032.

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Robotics technology is an interdisciplinary field that involves the integration of engineering, computer science and other fields of science to design, develop, and deploy robots. A robot is a programmable machine that can perform various tasks independently or with minimal human involvement. Robotics technology includes the design, building, operation, and utilization of robots in a variety of industries, including manufacturing, health care, agriculture, and logistics.

The rise in the need for automation and safety in organizations, the rise in availability of cost and energy-efficient robots, the increase in integration of robots in several industries, and the rise in labor and energy costs are the major factors that drive the growth of the global robotics technology market. However, high initial and maintenance costs and lack of awareness among SMEs are the major factors that impede the growth of the global market. Furthermore, growth in the adoption of robotics technology in emerging countries and the proliferation of artificial intelligence (AI) and machine learning (ML) technologies are anticipated to provide lucrative growth opportunities for the market in the upcoming years.

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COVID-19 Scenario:

The COVID-19 pandemic had a significant impact on the global robotics technology industry. This was attributed to the fact that there was a sudden increase in demand for healthcare services, as businesses were moving to capitalize on the increased automation and robotics in the healthcare sector.

Moreover, the rise in the number of COVID-19 cases influenced governments and local authorities to enforce strict measures such as social distancing and self-isolation policies to the closing of physical shops and businesses. This was intended to help slow the spread of COVID-19 cases, which further caused a growing number of businesses to depend on automation technologies in industries. These factors have propelled the growth of robotics technology solutions among industries.

Based on region, the Asia-Pacific region held the highest market share in 2022, contributing to more than two-fifths of the global robotics technology market revenue, and is expected to maintain its dominance during the forecast period. However, the same region is expected to witness the fastest CAGR of 18.5% during the forecast period. The region's robust industrial sector, including manufacturing, automotive, and logistics, has been an early adopter of robotics technology that is anticipated to propel the growth of the robotics technology market, which is further anticipated to propel the growth of the market in this region.

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The software segment is expected to witness the highest growth during the forecast period, as robotics software enables service providers to automate various tasks, leading to increased productivity.

Leading Market Players: -

Amazon Web Services, Inc.

HCL Technologies Limited

IBM Corporation

Microsoft Corporation

MicroStrategy Incorporated

Oracle Corporation

Salesforce.com Inc.

SAP SE

SAS Institute Inc.

Teradata Corporation

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