Global Cobots Market Could be Worth $9 Billion by 2025
DUBLIN—The global collaborative robots market is expected to be worth almost $9 billion by 2025, demonstrating a compound annual growth rate of nearly 47 percent between the forecast period of 2018–25, according to a report by Research and Markets. The forecast pointed to vast growth from 2017, when the market accounted for little more than $420 million.
The report noted that, currently, the majority of applications for collaborative robots are in the automotive industry, where their key function is to assist human workers on the assembly line. Research and Markets also found that, due to early adoption, larger organizations occupy the biggest share of the market. However, collaborative robotics are preferred by small- and medium-size organizations due to their ability to efficiently streamline hibernating processes and increase cost-effectiveness.