As of October 2023, the global population of industrial robots exceeds 4 million and is expected to surpass 6 million within the next three years, according to a report by the International Federation of Robotics (IFR). This surge is driven by factors including onshoring of manufacturing, advancements in artificial intelligence, and the growing accessibility of robotics-as-a-service (RaaS) models.
The global robotics market is projected to grow from $74 billion to $287 billion by 2032, reflecting a compound annual growth rate of 18.4%. Additionally, a Morgan Stanley report anticipates that the market for humanoid robots alone could reach $5 trillion by 2050, primarily in commercial settings.
CEO of Nvidia, Jensen Huang, highlights that a “ChatGPT moment” for robotics is approaching, signaling the transition from science fiction to practical applications in diverse sectors such as healthcare, logistics, and automated manufacturing.
