The global robotics market is growing faster than expected and is expected to reach US$ 87 billion by 2025, according to new projections from The Boston Consulting Group (BCG).
Updating its previous estimate, made three years ago, which projected a reach of US$67 billion, BCG revised its calculations mainly due to the high growth in demand from end consumers. In its new Gaining Robotics Advantage survey, the consultancy projects additional growth of US$ 14 billion, reaching US$ 23 billion in the consumer sector alone, an evolution of 156%.
"A lot of the accelerated growth will come from the consumer market because of applications like autonomous vehicles and home devices," explains Vlad Lukic, partner at BCG and co-author of the article. “Projected growth in the commercial sector explains the rest of the adjustment – an increase from 34% to 22.8 billion.”
Many factors contributed to the need to revise the estimates. First, in the space of just one year, from 2014 to 2015, private investment in the robotics space has tripled, according to BCG. The reduction in interest rates, which intensifies the fall in prices, increased the advance and development of components in the sector, in a much greater way than initially observed.
In 2016, the robotics area experienced a shift in consumer-focused services, with a large increase in companies in the sector focused on this audience. Today, robots can vacuum and mop floors, clean gutters, help children, provide home surveillance and security, and act as escorts and health aides.
Since 2012, 40% of new robotics companies have emerged in the consumer sector, outpacing growth in the military, commercial and industrial sectors. The military sector accounted for 26% of new robotics companies, the commercial sector 24% and the industrial sector only 10%, according to BCG analysis.
Alison Sander, leader of BCG's Center for Sensing & Mining the Future and co-author of the article, says all industries will feel the effects once consumers start buying robots. “As people become more receptive to robots in their lives – embracing everything from robot vacuum cleaners to remote office workers – they are starting to demand more of these products. robotics capabilities".
Mel Wolfgang, a partner at BCG and co-author of the article, notes that adding robotics to a company is a strategic decision and not just an investment of capital. This requires fundamentally rethinking and changing employee levels, product mix, manufacturing footprint and other aspects of the business model.
"The challenge for future-focused companies is figuring out how to use robotics to gain a competitive advantage. This could mean identifying the ideal combination of human workers and machines, or it could involve creating an entirely new business model." Wolfgang.
The full study can be found at http://on.bcg.com/2uJO4Gf.
Updating its previous estimate, made three years ago, which projected a reach of US$67 billion, BCG revised its calculations mainly due to the high growth in demand from end consumers. In its new Gaining Robotics Advantage survey, the consultancy projects additional growth of US$ 14 billion, reaching US$ 23 billion in the consumer sector alone, an evolution of 156%.
"A lot of the accelerated growth will come from the consumer market because of applications like autonomous vehicles and home devices," explains Vlad Lukic, partner at BCG and co-author of the article. “Projected growth in the commercial sector explains the rest of the adjustment – an increase from 34% to 22.8 billion.”
Many factors contributed to the need to revise the estimates. First, in the space of just one year, from 2014 to 2015, private investment in the robotics space has tripled, according to BCG. The reduction in interest rates, which intensifies the fall in prices, increased the advance and development of components in the sector, in a much greater way than initially observed.
In 2016, the robotics area experienced a shift in consumer-focused services, with a large increase in companies in the sector focused on this audience. Today, robots can vacuum and mop floors, clean gutters, help children, provide home surveillance and security, and act as escorts and health aides.
Since 2012, 40% of new robotics companies have emerged in the consumer sector, outpacing growth in the military, commercial and industrial sectors. The military sector accounted for 26% of new robotics companies, the commercial sector 24% and the industrial sector only 10%, according to BCG analysis.
Alison Sander, leader of BCG's Center for Sensing & Mining the Future and co-author of the article, says all industries will feel the effects once consumers start buying robots. “As people become more receptive to robots in their lives – embracing everything from robot vacuum cleaners to remote office workers – they are starting to demand more of these products. robotics capabilities".
Mel Wolfgang, a partner at BCG and co-author of the article, notes that adding robotics to a company is a strategic decision and not just an investment of capital. This requires fundamentally rethinking and changing employee levels, product mix, manufacturing footprint and other aspects of the business model.
"The challenge for future-focused companies is figuring out how to use robotics to gain a competitive advantage. This could mean identifying the ideal combination of human workers and machines, or it could involve creating an entirely new business model." Wolfgang.
The full study can be found at http://on.bcg.com/2uJO4Gf.
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