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The global mobile robot market is expected to witness a high growth rate owing to the increased need for organizational efficiency and accuracy, rising labor cost, unavailability of skilled labor, and progress in both software, including cognitive technologies, and hardware, particularly sensors, actuators, and batteries.
Moreover, the increase in demand for mobile robots across sectors, such as healthcare, food and beverage, banking, and retail is another major factor behind the growth of the global mobile robot market. The increased adoption rate can be attributed to the rapid technological advancements taking place in the field of mobile robotics.
According to this analysis, the global mobile robot market generated $4.03 billion in 2018 and is estimated to grow at a CAGR of 19.67% during the forecast period, 2018-2023. Asia-Pacific is expected to showcase the highest growth rate during the forecast period.