The ringing in of the New Year brings new market intelligence and predictions for robotics from the research conducted by the International Data Corporation (IDC). The IDC FutureScape document reflects a set of predictions after reviewing the previous market and then estimates logical changes that are expected in the market for the next 3 years.
The research that IDC brings to the robotic world holds very exciting and promising information; it reassures the well known fact that the robotics world has grown considerably over the past several years and will continue to do so. The market is showing an estimated 17% compound annual growth rate and a value that will reach around $135 billion by 2019. This is from the new industrial revolution, of sorts, that is spanning the globe, building up the promise of improving the manufacturing process through digital and automation technology. It is not only the industrial environment that sees rocketing robot sales, but also commercial services and applications outside of the manufacturing environment, such as hospitals, fulfillment centers, and even space. Even small manufacturing companies can also expect positive changes as the technology and prices are making robotics no longer a tool just for large industrial processes. The robotics market is quickly becoming more affordable, easier to use, and less complex.
To help the IDC accurately predict the robotics market forecasts, they looked at 6 areas: robotic systems, aftermarket robotics hardware, services related to robotics, system hardware, and software. The factors that are fueling the growth for the robotics market consist of a mixture between market awareness and acceptance and the quickly advancing technology and ultimately, affordability. Furthermore, the investments into the robotics market from Venture Capital and private equity have become more significant. It was also found that multiple non-traditional robotics companies are compiling ideas and work areas for robots and robotic software.
Technology’s rapid advancements, such as the Internet of Things, are also helping the robotics market progress at a fast pace. The IoT helps tie everything together through advanced sensors and networking and produces capabilities to capture, share, and act on real-time data that is constantly being generated and immediately available. Overall, all of these traits combine, with the additional options of A.I. and cognitive computing, to produce an incredibly efficient system.
The above data and thought processes have created two camps for people in the world today; (1) robots are job makers and (2) robots are job takers. After further investigation from the IDC, predictions were made in two similar areas to the areas above; one being the talent race in the field of robotics and the other was the potential for government intervention.
(1) Rising technologies are able to create new jobs and new skills that are necessary to fill those jobs that emerge as new technology becomes more widely adopted. There will be a demand for people with these skills in order to properly maintain, build, develop, deploy, manage, and service robots for the years to come. Overall, the IDC said that there is great potential for robotics to be a job maker with these necessary new skills across a wide range of areas. Additionally, the report predicts that future years will create a larger talent gap around robotics skills. and “by 2020, robotics growth will accelerate the talent race, leaving 35% of robotics related jobs vacant while the average salary increases by at least 60%.”
(2) In regards to the potential for government intervention, the IDC thinks that “by 2019, governments will begin implementing robotics-specific regulations to preserve jobs and to address concerns of security, safety, and privacy.” This is to incentivize the use of human labor in order to maintain jobs. The IDC purposefully left the prediction slightly vague because at the intersection of governments, business, technology, and society there are still a multitude of challenges to tackle.
Overall, it cannot go unnoticed that robots are making a big move into our everyday life, whether it is large business or small ones, they are helping to increase the level of automation and better drive efficiencies. The robotics market is truly advancing at rapid levels, in pretty much every corner possible.
RobotWorx is proud to be along for the ride as technology continues to develop and reshape the way the world conquers automation manufacturing at all levels. For any questions about automation, please feel free to contact our team of experts at RobotWorx. We are ready to provide you with more information, contact us online or at 740-251-4312 today!
Information source: All data for this article was obtained from Robotics Tomorrow.