The global market for robotics is growing far faster than expected and is projected to reach $87 billion by 2025, according to new research by The Boston Consulting Group (BCG). Updating its previous estimate of $67 billion from three years ago, the BCG recently revised its forecast sharply higher, mostly because of soaring consumer demand. BCG projects an additional $14 billion of growth in the consumer sector to $23 billion, an increase of 156% over its earlier estimate.
Many factors contributed to the need to revamp the estimates. First, in the space of just one year, from 2014 to 2015, private investment in the robotics space tripled, according to BCG. Fueling the surge in interest are falling prices, rapidly advancing capabilities and components usable in a far wider range of industries and applications than many observers had originally envisioned.