From self-driving cars to the delivery bot that Uber Eats is already using and another similar project that FedEx is working on and planning on delivering to Pizza Hut and Walmart, robotics has become a trend that is justifiably catching on.
Another growing trend that was noted in the last several years related to the robotics industry is the reducing workforce on behalf of finding suitable machines that would replace the number of human workforces previously working on these positions.
This trend is no wonder as replacing the workforce by the machines that could provide increased efficiency and don’t require pensions, health insurance or a break for that matter, instead needing only the starting investments and an occasional maintenance session, which reduces the cost for different types of companies.
In Japan, there is already a hotel where all workforce has been replaced with machines, at the same time reducing the number of working positions with reducing the costs for companies.
Robotics Has a Multi-billion-dollars Potential, Analysts Claim
According to the report by Bank of America Merrill Lynch, the industry of robotics recorded 10.7 billion dollars even back in 2014, based on which was expected to see the industry being valued at 83 billion dollars by 2020.
Robots and machines are already becoming cheaper, while the companies are able to save more money on the workforce, which further increases the demand for products from this sector.
We already have cleaning robots that don’t need our assistance, self-driving cars, and virtual assistants such as Alexa, which brought billions in profit to Amazon during 2018 and substantially during the first quarter of 2019.
Even the industries which have financial troubles such as the oil industry, are turning to automated operations, which additionally cut the costs for the companies that are already suffering from declining prices in the market.
Investing in robotics appear to be even more tempting with the expansion of technology and the evolution of Artificial Intelligence.