Driven by the Industrial Internet of Things (IIoT), the global market for robotics in manufacturing is steadily growing, according to new research from Frost & Sullivan.

Since the “industrial cloud” is in a nascent stage, manufacturing companies are unclear about its benefits, the report said. Still, digitization and human-robot collaboration are set to transform manufacturing business models.

Major contenders in the industry are investing in intuitive large robots for factory operations, and as a result adoption of industrial robots in factories will see a compound annual growth rate (CAGR) of 14.4% between 2016 and 2023.

“Cloud, a major enabler of IoT and data analytics, will disrupt industrial manufacturing as manufacturers turn to software/data-driven services apart from legacy automation systems,” said Sharmila Annaswamy, research analyst, Industrial Automation & Process Control, at Frost & Sullivan.

“The convergence of [IT] and operations technology will drive collaborations between robot manufacturers and communication and software providers,” Annaswamy said. By 2023, the global industrial robotics market is expected to reach 70.26 billion, he said.

Benefits such as better utilization of factory floor space and 25% reduction in installation costs will draw customers to collaborative robots over their traditional counterparts, the report said. Key challenges that leading industrial robotics companies will face include industrial cloud security concerns, low awareness, making cloud implementation seamless and cost effective, and boosting the skill sets of resources to keep pace with the evolving manufacturing technologies.

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