A robot explosion is coming… what do businesses need to know? |
Posted: February 7, 2023 |
A robot explosion is coming… what do businesses need to know? Industrial robots and process automation are already widely used, but the robotics industry is still only gathering momentum and, according to industry experts, the next decade will see a Cambrian explosion of robots within every facet of people’s lives.To get more news about Robots as a Service, you can visit glprobotics.com official website. Foreseeing this trend could be lucrative for many companies and may spell disaster for those who do not. Robotics technology will not only improve business efficiency and cost, but it is also an emerging industry ecosystem that will create a whole new slew of companies, as well as prompting existing companies to integrate robotics technology into their core business. The financial case for adoption speaks for itself: the robotics industry was valued at $45.3bn in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 29% to $568bn by 2030, according to GlobalData research. What exactly qualifies as a robot? The Covid-19 pandemic accelerated the business need for automation, particularly to maintain continuity of business functions amid the global disruption of lockdowns. According to GlobalData thematic research it may already be too late for some companies. “The time for investing in RPA was yesterday,” the company says. Companies ahead of the curve will now be looking at the natural progression from RPA, which is the wholesale adoption of fully automated robots to replace human activity in the workplace – but are the robots coming for our jobs or will they provide a much-needed boost to productivity to combat slow economic growth and changing demographics in the Western world? Global macroeconomic managing director at analyst TS Lombard, Dario Perkins, notes that the 2010s was a decade of slow growth, low wages and zero interest rates in the West. “But post-Covid we are looking at massive labour shortages, mainly because lots of older workers dropped out,” he adds. In the 2020s, demographic changes could make this secular, according to Perkins, who adds: “Secular [would mean inherent] labour shortages. So companies will be pushed to making larger investments in modern digital technologies.” A Cambrian explosion of robots – why now? GlobalData analyst Michael Orme notes that the robot explosion needs to be viewed in the context of an unfolding demographic megatrend that is accelerating its way across the northern hemisphere and east Asia. “Shrinking, ageing populations in a world that is moving towards slower growth as well as de-globalising, [all of this is a problem],” he says. “So looking ahead it will be pretty tough for many countries in the northern hemisphere and in east Asia to maintain their standard of living.” Orme asserts that “without a doubt” there will be Cambrian explosion in robots by the end of this decade. “Given the demographic trends, given that economic growth is slowing, we are going to need all the help we can get from robots to keep our productivity up,” he says. “This is absolutely indisputable.”
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