Market Insights : The Global Robotics market is valued at USD XX . XX billion in 2016 and is expected to reach a value of USD XX . XX billion by the end of 2022 , growing at a projected CAGR of 10.54 % during the forecast period of 2017 – 2022 . Traditionally robotics was used in the automotive industry , and there has been adoption into sectors like electronics , retail , healthcare , logistics , agriculture , services , education and government . By recent advancements , conventional robots have been replaced by collaborative robots , which have optimized investments by companies . Previously conventional robots , which were pre-programmed to work autonomously , cost about USD 125,000 while their collaborative counterparts , which are designed to assist humans to perform a specific task , are in the range of USD 20,000-25,000 . Artificial intelligence has been one of the major innovations in the field of robotics in the past decade .
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Market Dynamics : The growth of robotics market is being driven by a rise in labor cost , shortage in skilled labor and growing emphasis on quality . Increasing investment in robot development is driving competition , thereby reducing prices of robotic equipment . When it comes to designing machines for this emerging industry , most entrepreneurs and investors are following a similar formula . One element is to build low-cost machines that tackle specific tasks , rather than attempt to create general-purpose machines , let alone fully humanoid robots that try to take on too much .
Market Segmentation : The global robotics market can be segmented by end-user ( agriculture , automobile , construction , entertainment , healthcare , laboratories , law enforcement , manufacturing , military , mining ( excavation and exploration ), transportation , utilities { gas , water , electricity }, warehouses etc .), by robot type ( stationary robots cartesian / gantry , cylindrical , spherical , SCARA , articulated ( robotic arms ), parallel ; wheeled robots , legged , swimming , flying , mobile spherical ( robotic balls ); swarm etc .) and by geography .
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