Technavio has published a new report on the global collaborative robots market, which is expected to grow at a CAGR of nearly 51% from 2015-2019.

According to the latest report by Technavio, organizations are enhancing their organizational productivity by implementing the latest automation solutions, such as the introduction of collaborative robots, and optimizing their operational costs to survive in the modern competitive business environment.

“Collaborative robots are simple, safe, and easy to program. They can multitask and have a high degree of flexibility and precision. Therefore, the need for such robots is likely to gain popularity and further contribute to the market growth during the forecast period,” says Faisal Ghaus, Vice President of Technavio.

The latest report by Technavio also emphasizes the increased investment in robotics technology, considering the advantages of robots and to meet the growing demand for light and safe collaborative robots.

“The need to cater the growing demand of population has pushed industries such as pharmaceutical and automotive to accommodate robotics in order to improve operational cycles,” adds Ghaus.

Market Scope and Calculation of Market Size

The new Technavio report covers the present scenario and growth prospects of the global collaborative robots market from 2015-2019. To calculate the market size, the report considered revenue generated from the sales of collaborative robots, excluding the cost of software licensing and services.

Key Information Covered in the Report:

  • Key Vendors:
    • ABB
    • Kuka
    • Universal Robots
    • Rethink Robotics
  • Market Growth Drivers:
    • Need for high productivity and flexibility
    • For a full detailed list, view our report.
  • Market Challenges:
    • Need for lighter and more powerful batteries
    • For a full detailed list, view our report.
  • Market Trends:
    • Popularity of AI and IoT
    • For a full detailed list, view our report.