Robotics Market Set to Reach $165 Billion by 2029

The global robotics market is on a trajectory to expand significantly, with projections indicating growth from $67.9 billion in 2023 to $165.2 billion by 2029. This expansion is driven by advancements in artificial intelligence (AI), machine learning, and automation, which are transforming industries at an unprecedented pace. In a press release by BCC Research, it is noted that the market is expected to grow at a compound annual growth rate (CAGR) of 16.1%.

Robotics is revolutionizing sectors such as manufacturing, logistics, and healthcare by enhancing process speed and precision. The medical robotics and computer-assisted surgery market, in particular, is projected to grow from $11.5 billion in 2023 to $19.5 billion by 2028, with a CAGR of 11.0%. These technologies are improving surgical precision and patient outcomes, especially in specialties like urology, gynecology, and orthopedics.

Countries like Japan and South Korea are leading the charge in integrating robotics into industrial and commercial applications, supported by national strategies that emphasize AI-driven innovation. As robots become more autonomous, there is a growing focus on ensuring transparency and ethical decision-making in their operations.