Starting A Business In Robotics Market: Here’s What You Need To Know

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Industrial robots are not a thing of the future as they have always been used in high-tech production facilities. However, they are now being integrated into smart technology and AI for enhanced performance and efficiency. Modern robots are equipped with better sensors and programs that can take on almost any type of dangerous or repetitive tasks. Collaborative robots or Cobots have started sharing the workspace with humans and they are becoming a common sight in many industries such as electronics, food production, services, and administrative jobs.

Both software and hardware developers are trying their best to break the limits of the robots market and the fast emerging growth trends in the industry make the potential evidently clear. The global robotics market is expected to grow at a Compound Annual Growth Rate (CAGR) of 14 percent and it is likely to attain a market value of approximately $68 billion by 2020. The reason for such high growth is the high industrial demands as businesses are trying to automate their production facilities to for improved product quality and productivity. In addition, robots are smart enough that they can deal with issues such as scheduling and prioritizing tasks, thanks to the AI that enables them to have human-like intelligence, flexibility, objective recognition, and many similar abilities.  South Korea, Japan, the U.S., and China are considered mature markets in the industry as they contribute 75 percent of the global sales volume. The industry is expected to sell 4.30 lakh units of smart robots by the end of 2019.

Things to Know Before Starting a Business in the Robotics Market:

China leads the manufacturing segment in the robotics industry which shows its hardware developing capabilities. In terms of market share, China holds 27 percent of the global robotics market share followed by South Korea and Japan. Emerging entrepreneurs can focus on specific segments in the robotics market before starting a business. Here, the study of growth drivers and market constraints can be vital to attain a thorough understanding of the global market.

• Demand from Specific Industries: The use of robotics was only limited to the highly complex, lengthy and accident-prone product manufacturing processes till recent past. However, the need for modernizing production facilities is kicking in from multiple industries and the industry leaders are also eliminating redundant and manual tasks for increased efficiency and better product quality. This is driving significant demand for producing intelligent robots or cobots in a short amount of time. Therefore, the industry is shifting towards mass customization and automation that are sure to change the dynamics in a positive way in the near future. Entrepreneurs should study such trends in detail to develop better know-how of the processes and tactics in the industry.
• Collaborative Robots: Cobots are going to be the next big thing in the next 5-10 years as human-robot collaboration at the workplace is rapidly turning into reality. This was not the trend until the last 5 years but critical decision-making and safety requirements at the workplace are pushing the need for such a trend. Many job responsibilities come with potential dangers such as tough working conditions or hazardous environments. Here, cobots can partner with human workers and accomplish impossible jobs with virtually no harm coming to humans. Entrepreneurs can also consider this a profitable business opportunity where they can produce tough robots that can sustain harsh working conditions or they can also aid robots with additional tech and hardware that may protect them and humans in such situations.
• IoT is Becoming IoRT: Companies are adopting robotic automation more aggressively and this is affecting emerging technologies such as the Internet of Things (IoT). IoT is now changing into Internet of Robotic Things (IoRT). It can collect the data in a better way and use competent robots equipped with smart sensors to integrate the data and determine the course of action intelligently. The robotics and automation industry, known as industry 4.0, is sure to play an important role in the global manufacturing scenario. Entrepreneurs can capitalize on this trend and enter the industry while it is seeing more demand from end-use segments.
• High Cost of Robotics: Despite being a virtual one-stop solution to contemporary and future production requirements, robotics is not cheap and this can be considered the biggest constraint in the robotics market. Companies will most probably get the maximum bang for their buck but they must be ready for spending a considerable chunk of their revenue or capital to opt for the solution. This one of the factors that is hampering the current growth in the global market but this will not be an ever-hindering characteristic as well.

Robotics and automation have many benefits to offer. These are going to be the next big step in the technological evolution in the history of mankind and the future industries and markets are going to revolve around it. New entrepreneurs and businesses can focus on emerging trends and industry demands for establishing themselves and become a part of the transformation.

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