Robotics is a fast-growing market. According to GlobalData forecasts, the industry was worth $76 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 14% to $218 billion by 2030.

GlobalData expects the exoskeleton market to record the highest growth rate, followed by consumer robots, logistics robots, and drones.

Robots have existed for a long time but have mainly been used in industrial environments. Recent technological advancements will help unlock the full potential of robotics, with particular benefits for service robots, which assist humans at work in non-industrial settings or the home.

Data processing

Cloud computing and artificial intelligence (AI) enable robots to collaborate and access huge amounts of data uninterruptedly. Using AI, robots can make decisions independently, move autonomously, and navigate, albeit with restrictions. AI will help reduce the burden robots place on staff who must move, clean, and monitor the robots on top of their other daily tasks.

Science fiction often speculates about robots that are virtually indistinguishable from humans. Yet, the most popular consumer robot is still a vacuum cleaner shaped like a disc. In factories and warehouses, human staff work alongside robots that are incredibly good at performing repetitive and dangerous tasks but do not look or behave like humans.

In 2024, significant investments have been made in companies developing humanoid robots, including Figure AI and 1X Technologies. AI is helping companies build autonomous humanoid robots, but it is unclear if there is a definite use case for them and whether they will be financially viable for mass production.