Robotics Technology size estimation by company share Analysis

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Robotics technology is the blend of computer application and machine tools designed to perform various tasks such as manufacturing, designing, and other applications of robots. In addition, use of robotic technology helps companies with various advantages such as increase in productivity of the organization, reduction of human errors, automation of the entire process, and enhancement of the quality of work. Robotics technology is used in a wide range of industries including healthcare, defense, aerospace, automotive, and infrastructure. Robots are used for numerous activities encompassing assembling products, detecting & defusing bombs, surgical operations, product inspection, space missions, cleaning, and household chores. Furthermore, various industries across the globe are adopting robotics technology for carrying out repetitive task and time-consuming task efficiently. In addition, manufacturers increasingly prefer process automation owing to the rise in labor costs and the need to increase productivity. This in turn is expected to driving the growth of the market.

Rise in need for automation and safety in organization and availability of affordable, energy efficient robots fuel the growth of the market. In addition, surge in labor & energy costs and increase in usage of robotics technology in different industry vertical fuel the growth of the market. However, high initial cost of the robots and lack of awareness among the SMEs hamper the growth of the market. Furthermore, growth in adoption of robotics technology in emerging economies and increase in use in adverse applications are expected to provide lucrative opportunities for the growth of the market.

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