Humanoid robot sales set to explode

A recent report by Technavio forecasts that the humanoid robot market will increase by $59.18 billion within the next few years. The report suggests a Compound Annual Growth Rate (CAGR) of 70.4% by 2029.

Their detailed report breaks down specific applications, components (hardware & software), and Geography.

It appears that the fastest growing segment is in personal assistance and caregiving. One might be forgiven for bringing up Isaac Asimov or the not too distant Will Smith film, “I, Robot.” The rapid advancement of Artificial Intelligence along with smart industrial technologies are making personal assistant robots more than just a dream. Focusing on activities of daily living (ADL), humanoid robots can help with performing routine tasks, companionship, therapy.

Technavio’s report also touches upon robot ethics and human interaction with humanoid robots. The report makes one aware of the probable loss of human workers in industry and how some companies, particularly the automotive industry is quickly turning to humanoid robots to address labor shortages.

Included with the report is a list of top companies diving headfirst into the development of these engineering marvels.