BCG: global robotics market will grow faster than forecasts

© RIA Novosti / Sergey Mamontovaya in photobacteria the latest technology. Archival photoBCG: global robotics market will grow faster than forecasts© RIA Novosti / Sergey Mamontovaya the image Bank

The global robotics market by 2025, may reach 87 billion $ 15.1 billion in 2010, predicts the Boston Consulting Group (BCG).

In 2014, BCG predicted the growth of this market in 2025 to 67 billion dollars, but raised the forecast — mainly due to the rapid increase in consumer demand.

«Previous estimates 2014, 67 billion, has been revised and considerably enlarged, mainly due to the rapid growth in consumer demand. BCG has improved its Outlook in the consumer sector for $ 14 billion to 23 billion, that is 156% compared with the previous assessment», — stated in the message of BCG.

In 2010, the volume in the consumer sector totaled $ 1 billion (data from studies of BCG, 2014).

According to BCG partner Vlad Lukic, that are reported, most of the growth in the consumer sector by 2025 will be in areas such as self-driving cars and home appliances.

In addition, BCG has raised the forecast on market size of robotics in the commercial sector – to 22.8 billion dollars with 17 billion (in 2010 $ 3.2 billion).

Consumer growth

As noted by BCG, forward-looking indicators had to be revised owing to several factors. First, according to the company, during the year — 2014 to 2015 — private investments in the field of robotics has tripled.

«Declining prices contribute to the rapid growth of demand, which greatly accelerates the process of improving the functional features and components that can be used in many more industries and applications than originally expected by many observers,» explains BCG.

In 2016, the field of robotics has changed dramatically over the refocus on the consumer sector, which sharply increased the number of manufacturers of robotics, says the company. «Today, robots can vacuum and wash the floors, clean the gutters, to teach children, to provide surveillance for home and security, and also to serve as companions and assistants to care for sick relatives» say the consultants.

As found by BCG, 2012 40% of all new producers of robotics have appeared in the consumer sector is outperforming the growth in military, commercial, and industrial sectors. According to a BCG analysis, the military sector accounts for 26% of new companies on a commercial — 24% and industrial 10%.

Demand will grow

BCG analysts predict an increase in consumer demand for robotics, and consequently investment growth.

«With the expansion of the use of robotics in everyday life — from robotic vacuum cleaners to the technology of remote presence in the office — among consumers will increase the demand for an increase in such products. This will help to attract more investment and further development of the functionality of robotics», believes Alison sander, head of BCG’s Center for Sensing & Mining the Future.

The company also believe that the use of robotics in business is a strategic decision, not just investment.

BCG: global robotics market will grow faster than forecasts© Photo : provided by the Foundation for advanced issledovaniyu Russia has developed polymers to print robots on a 3D printer»Challenge progressive companies to understand how to use the robotics for the acquisition of competitive advantages. It may be necessary to identify the most promising direction in which the optimal combination of human labour and machinery will provide the highest payback or you will need to create a completely new business model. Leadership must act now to develop a consensus testing and trial operation of robotics in different fields of application and investment in infrastructure, including the establishment of a framework for digital supply system in the production,» the analysts write.