EXPLORING THE
GROWTH OF ROBOTICS AND ARTIFICIAL INTELLIGENCE |
Which sectors are being disrupted by these technologies?
How big is the opportunity?
Which types of companies stand to benefit from the robotics and artificial intelligence revolution?
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The global robotics market is expected to expand 10% per year from 2014 to 2020, reaching $83b in total by 2020
The world is ageing as lifespans increase and birth rates plummet. Economists fear that this trend will result in fewer people producing goods and services relative to the number of retirees. Japan's labor force, for instance. is projected to decline to roughly half of its peak level by 2060, as its population becomes increasingly senior.[1] As a consequence of a shrinking labor force, Japan's economy could benefit from the development of robot technologies that can offset declining output from a smaller workforce. |
Labor-intensive businesses, like manufacturing, have high labor costs which continue to rise. Many firms seek to lower these costs by outsourcing labor to cheaper countries. While offshoring jobs to rower.cost sites delivers expected savings of 65% on labor costs, replacing human workers with robots could save even more, with some estimating 90% in savings.• |