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Global Business Robots Market Report 2022-2027 Featuring ABB, FANUC, Mitsubishi, Nachi Robotic Systems, Yaskawa Electric, DENSO, KUKA Robotics, Kawasaki Robotics, EPSON Robots, & OmronDUBLIN, May 27, 2022 /PRNewswire/ -- The "Business Robots Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering. The business robot market is expected to grow at a compound annual growth rate of 13.27% over the forecast period to reach a market size of US$19.369 billion in 2027, from US$8.098 billion in 2020. Business Robots are used in various industries like food and beverage, electrical, chemical, manufacturing, pharmaceuticals, etc. for various purposes like inspection, assembling, disassembling, processing, and welding. The business robotics market is widely segmented based on its type, which usually depends upon the end purpose of the robot. For instance, Polar Robots are generally used for welding, die casting, and injection molding, while SCARA Robots are widely used for assembling operations due to their accuracy and high speed. Cartesian robots are used for 3D printing purposes. For instance, Cyberselves has introduced a technology through which humans can teleport into robots, allowing them to complete tasks in a hazardous environment, which can serve as a great example of the innovations taking place in this sector. Besides that, Amazon has recently launched a new robotic service, AWS IoT Robo Runner, to develop applications and software to ensure the coordinated function of robots in business. Employment patterns: There has always been a general concern in the market about the rate of employment being slugged down by the increasing use of business robots in various industries. But opposing these views, a report published by the World Economic Forum predicted otherwise. As per the report, automation will result in a net increase of 58 million jobs, with two-thirds of the jobs being high-skilled and one-third being low-skilled. What needs to be highlighted is that, between the two views, the major action should be concentrated on the even distribution of robotics and the training of workers to help them understand and adopt the technology. High development and maintenance costs: The major concern behind the developing business robotics industry is the high development and maintenance costs involved in the production and post-production stages. The initial stages of research, production, development, programming, maintenance, etc. require heavy capital expenditures from the market players, which makes it difficult for small and medium-sized firms to easily enter into this market. Impact of COVID-19 Pandemic on the Business Robots Market: The COVID pandemic severely impacted markets worldwide due to stringent lockdown regulations, curfews, labour shortages, transportation barriers, disrupted supply chains, etc.,. which directly and indirectly affected the business robotics market as well. Major manufacturing units were completely shut down, which hindered the supply and demand chain of the business robot market. Trends suggest that the business robot market is recovering at a healthy rate after the pandemic due to the continued operations of industries and economies. A report published by CNN Business gave an insight into the rapidly increasing rate of robots being used in America after the COVID pandemic to meet the assembly lines due to the increasing demand. American Industries ordered 29,000 robots worth $1.48 billion in the first nine months of the year, 37% more than in the same period the previous year. Companies covered
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