The global market for robotics is growing far faster than anticipated and is forecast to hit $87 billion by 2025, according The Boston Consulting Group. The latest estimate is a revision of the firm’s $67 billion estimate from three years ago, with the spike due largely to soaring consumer demand.
“Much of the accelerated growth will come from the consumer market because of applications such as self-driving cars and devices for the home,” explains Vlad Lukic, BCG partner and co-author of the robotics paper.
Last year, the robotics field experienced a dramatic shift towards consumer-focused apps and a sharp increase in robotics companies in the consumer space, says BCG. “Today, robots can vacuum and mop floors, clean gutters, tutor children, provide home surveillance and security, and act as companions and home health aides for loved ones.”