Explore More Than Just This Free Article

This article is a glimpse of the exclusive insights we provide daily to industry leaders. Dive deeper into our industry-specific reports and uncover the strategic information you need.

GlobalData forecasts robotics industry to grow at 14% CAGR to reach US$218B by 2030; humanoid robots hold a lot of potential, but will take a decade to reach mass production, as more advancements in autonomous navigation and communication are required

September 20, 2024 (press release) –

Robots have been around for many years, primarily in industrial settings. However, the recent technological breakthroughs are set to unleash their full potential. Against this backdrop, the robotics industry is projected to grow at a compound annual growth rate (CAGR) of 14% from $76 billion in 2023 to $218 billion in 2030, forecasts GlobalData, a leading data and analytics company.

GlobalData’s latest report, “Thematic Intelligence: Robotics” classifies robots into two categories: industrial and service robots. Industrial robots are typically used in factories to automate parts of the manufacturing process, while service robots assist humans at work in non-industrial settings or the home. The report looks into the robotics value chain, the main players in the industry, and recent technological, macroeconomic, and regulatory developments impacting the robotics industry.

AI and cloud computing

Cloud computing and artificial intelligence (AI) are integral to the development of intelligent industrial and service robots, which can anticipate and adapt to situations based on the interpretation of data derived from an array of sensors (e.g., 3D cameras, lidar scanners, ultrasound transmitters, force sensors, and obstacle detectors). Using AI, robots can make decisions independently, move autonomously, and navigate, albeit with restrictions.

Carolina Pinto, Thematic Intelligence Analyst at GlobalData, comments: “Today, service robots are more of a novelty toy than a useful tool. Care robots that are designed to alleviate staff shortages in hospitals and care homes tend to create more (rather than less) work for staff who must move, clean, and monitor the robots. AI and cloud technologies will help unlock the full potential of robots, turning these robots into autonomous machines.”

Humanoid robots: From fiction to investment and practical use

Science fiction often speculates about robots that are virtually indistinguishable from humans. Humanoid robots resemble the human body, with a torso, a head, two arms, and two legs. They are multi-purpose robots that can perform tasks in ways that mimic human actions. Humanoid enthusiasts emphasize the necessity of these robots to address growing labor shortages in developed economies and replace human labor in dangerous environments.

Humanoid robot startups, including Figure AI, UBtech Robotics, and 1X Technologies, received over $1 billion in private investment in 2024. Yet, the most popular consumer robot is still a vacuum cleaner shaped like a disc.

Pinto concludes: “Humanoid robots hold a lot of potential, but it will take a decade to reach mass production. More advancements in autonomous navigation and communication are required and the hardware must become significantly cheaper if the purpose of humanoids is to replace human labor.

“In factories and warehouses, human staff already work alongside robots that are incredibly good at performing repetitive and dangerous tasks but do not look or behave like humans. It is unclear whether humanoids will be a better fit than existing non-humanoid robots in manufacturing, healthcare, hospitality, and foodservice settings.”

* All content is copyrighted by Industry Intelligence, or the original respective author or source. You may not recirculate, redistrubte or publish the analysis and presentation included in the service without Industry Intelligence's prior written consent. Please review our terms of use.

See our dashboard in action - schedule an demo with Chelsey
Chelsey Quick
Chelsey Quick
- VP Client Success -

We offer built-to-order housing & economy coverage for our clients. Contact us for a free consultation.

About Us

We deliver market news & information relevant to your business.

We monitor all your market drivers.

We aggregate, curate, filter and map your specific needs.

We deliver the right information to the right person at the right time.

Our Contacts

1990 S Bundy Dr. Suite #380,
Los Angeles, CA 90025

+1 (310) 553 0008

About Cookies On This Site

This website stores cookies on your computer. These cookies are used to improve your website experience and provide more personalized services to you, both on this website and through other media. To find out more about the cookies we use, see our Privacy Policy. We won't track your information when you visit our site. But in order to comply with your preferences, we'll have to use just one tiny cookie so that you're not asked to make this choice again.