Spending on robotics systems and drones will increase 17.1 percent to reach $128.7 billion in 2020, according to a report from the International Data Corporation (IDC).
IDC expects this spending on robotics systems and drones will reach $241.4 billion by 2023 with a compound annual growth rate (CAGR) of 19.8 percent.
Robotics spending will be $112.4 billion in 2020. Spending on drones will total $16.3 billion in 2020. Spending on drones will grow at 33.3 percent CAGR. Spending on robotics systems will be at 17.8 percent CAGR.
Hardware purchases will dominate the robotics market with 60 percent of all spending going toward robotic systems, after-market robotics hardware, and system hardware. Enterprises will spend more than $30 billion on industrial robots and service robots in 2020.
Robotics-related software spending will mostly go toward purchases of command and control applications and robotics-specific applications. Services spending will be spread across several segments, including systems integration, application management, and hardware deployment and support.
Software developments are the most important trend currently shaping the robotics industry. Solution providers are progressively integrating additional software-based, often cloud-based, functionalities into robotics systems, said Remy Glaisner, research director, Worldwide Robotics: Commercial Service Robots.
Enterprises in discrete manufacturing business will be spending $53.8 billion on robotics systems in 2020.
Process manufacturing, resource industries, healthcare, and retail are the next largest industries, which will be spending on robotics systems.