Global Robotics Market to Grow at CAGR of 29.11% over 2014-2019

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Research and Markets has announced the addition of the "Global Robotics Market 2015-2019" report to their offering.

The global robotics market to grow at a CAGR of 29.11% over the period 2014-2019.

This report covers the present scenario and growth prospects of the global robotics market for the period 2015-2019. Based on types, the global robotics market can be classified into industrial robots and service robots. To calculate the market size, the report considers the number of robots shipped globally. The report includes a discussion of the key vendors operating in this market.

Robotics deals with the design and development of robots for a variety of purposes. A robot is a machine designed to perform one or more complex tasks with high speed, precision, and accuracy. Since robots tend to reduce the manual labor through complete automation and reduce the possibility of human errors, they are now increasingly adopted worldwide

Industries worldwide are demanding better precision and efficiency in order to meet the growing end-user demand. This has led to high demand for machines that are capable of increasing industrial efficiency by handling multiple tasks while remaining uncompromising on overall accuracy.

Vendors are offering next-generation robotics systems to manufacturing companies to gain a competitive advantage over others. Independent robots developed with the use of artificial intelligence can perform a broad range of tasks independently. The demand for these robots from manufacturing companies has increased, driven by the need to improve productivity and efficiency. Also, vendors are offering collaborative robots that can interact with humans, which is expected to help in achieving better collaboration in production processes.

According to the report, APAC has emerged as the new frontier in the industrial robotics space. The economic boom in this region has paved the way for growth in industrialization and manufacturing. An increase in per capita income and individual purchasing capacity has generated demand for high-quality consumer goods. Industrial robots have assumed the role of the new skilled laborer, driven by their precision in executing functions such as welding, cutting, and assembly.