As per the recent market intelligence report by BIS Research titled "Global Mobile Robot Market - Analysis and Forecast 2018-2023", the global mobile robot is expected to reach $9.90 billion by 2023. The market is anticipated to witness a CAGR of 19.67% from 2018-2023.
Owing to the rising labor cost and unavailability of skilled labor, increased need for organizational efficiency and accuracy, and progress in both software, including cognitive technologies, and hardware, particularly sensors, actuators, and batteries, the market is anticipated to register high growth in the coming future.
The improvements in robotics, machine learning, and artificial intelligence are steering the market in a new age of automation, wherein, robots are expected to undertake a range of routine physical work activities. These robots are equipped with sensing emotions, cognitive capabilities along with driving activities. They are also capable of making tactical judgements, which are fairly difficult to automate successfully.
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