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Collaborative Robots Market Experiencing Exponential Growth
A collaborative robot, or cobot, is a type of robot intended to physically interact with humans in a shared workspace.
Collaborative robots are experiencing rapid market growth in this sector of the robotics industry. According to Markets and Markets research, the collaborative robots market is expected to reach a value of $4.28 billion by 2023, growing at an astounding 56.94% compound annual growth rate (CAGR)1. The primary driving force behind this growth is a consistently decreasing price. Many collaborative robots are available for under $45K, making them a viable solution in a wide range of applications, inside and outside of the factory setting, for companies big and small.
Advances in edge computing have made collaborative robots more flexible and easier than ever to implement. Often, little to no programming is required to install them, reducing integration costs. Increasing flexibility opens up a wide range of new tasks and applications that collaborative robots can effectively automate.
The collaborative robots market is growing quickly and lucrative opportunities await those who can find success in this dynamic industry.
RIA is the leading global resource for robotics education, industry promotion and business connections. For those seeking to establish themselves in the collaborative robots industry, RIA serves as an essential resource to grow your business.
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