Robots are here!

The robotics industry is unleashing new possibilities for companies, employees and consumers worldwide.

Let me assure you that my AI-powered humanoid robotic twin did not write this article. It’s me, the real Jeff Wong, and I’m excited to be dedicating our next series of articles to the world of robotics.

The multi-layered robotics landscape represents another remarkable strand of technological innovation that’s transforming the way we live, play, work and learn (and build, store, fulfill, clean and so very much more) worldwide.

Just as we’ve discussed how emerging innovations like the metaverse, web3, blockchain, non-fungible tokens (NFTs) and other technologies are impacting our future, we also find ourselves at the doorstep of the golden age of robotics.

But the fact is, multiple forms of robotics technologies have already been hard at work for a while now, driving change across industries, companies and populations worldwide.

The future of robotics is here and now

For decades, we’ve speculated how robots would someday factor into our lives (cue The Jetsons theme music) in ways that seemed fantastical and light years away. But in recent years, rapid and significant advances in both software and hardware, changing workplace dynamics, an erratic global economy, and even the COVID-19 pandemic have created jet-fueled growth for the robotics industry worldwide. And more groundbreaking applications lie just ahead.

Of course, we can only scratch the surface of this mega topic here in this article. I encourage you and your teams to dive deeper into the world of robotics and its array of real-world applications. For now, here are some compelling facts, figures and trends highlighting the robotics industry’s growing reach and impact worldwide:

§ Asia is home to three of the world’s five major robotics-enabled economies: China, Japan and the Republic of Korea. The United States and Germany round out the top five. (EY Global Innovation Think Tank Report on Robotics - 2022)

§ In 2020, the electronics industry overtook the automotive sector as the largest consumer of automated robotic solutions. Orders for industrial robots also increased substantially year-over-year in several other non-auto industries, including life sciences research, consumer goods production and plastics manufacturing. (Association for Advancing Automation - 2021)

§ As of late 2021, there were approximately three million industrial robots operating in factories around the world. (International Federation of Robotics Report - 2021)

§ The demand for service robots among both businesses and consumers increased significantly during the pandemic — most notably in the cleaning, hospitality and delivery sectors. (International Federation of Robotics Report - 2021)

§ In 2021, US robotics companies received more than US $17 billion from investors across their pre-seed, seed and fundraising rounds. This trend has continued throughout 2022 as investors remain eager to capitalize on the growing demand for robotics. (Crunchbase News - 2022)

§ Supply chain disruptions, workforce instability and record inflation are compelling organizations to turn to robotics as they seek more cost-effective production and distribution solutions. Throughout the pandemic, as social distancing restrictions limited labor in warehouses and factories, the case for automation grew even stronger. (International Federation of Robotics Report - 2021)

§ Instead of a one-time investment, an emerging “Robots as a Service” (RaaS) business model will allow companies to maintain a cutting-edge fleet of robots on a casual, scalable basis. (Forbes - 2019)

§ Robots and other automated solutions offer a cost-effective and reliable way to enhance quality of life among the elderly. Service robots will be able to handle domestic chores and socialize with older people, helping to maintain their wellbeing and combat chronic loneliness. (EU/Horizon Research & Innovation Magazine - 2022)

§ Integrations with AI and machine learning are now enabling robots to navigate novel situations and identify task-appropriate behaviors. Cameras and other sensors feed environmental data into computer vision software that can identify obstacles and boundaries. AI systems are also enabling robots to learn from their mistakes and meet dynamic task demands. (World Economic Forum - 2022)

The wonder of robotics at work: my recent visit to RIOS Intelligent Machines 

I recently visited RIOS Intelligent Machines in Menlo Park, California — a leading provider of full stack AI-powered robotic workcells for factory automation. While there, I got an inspiring first-hand look at how the rise in robotics is spawning new enterprises and expanding established ones. RIOS gave me a tour, and I facilitated a fascinating conversation with its co-founder and CTO, Clinton Smith. We discussed how recent software, hardware and other innovations in the last five years alone have significantly accelerated growth and new applications for robotics across multiple industries — and how continuing advances in robotic automation will help unleash new ways to leverage the unique talents and brain power of today’s workforce. It’s a video interview definitely worth a watch:

A future with limitless applications

It’s amazing how much the robotics landscape has changed in just the past half decade — especially during the pandemic. However, the industry’s true potential has only begun to be realized.

The immense rate of innovation we’re now witnessing is something to behold, as more industries, consumers and even governments are turning to robotics automation to tackle an ever-increasing range of challenges. Able to tackle complex, dangerous or simply unwanted tasks, robots are helping us reimagine the future. From medical researchers exploring how robots can assist in routine surgeries, to manufacturers empowering their employees with cutting-edge robotics-enabled productivity tools, to more consumers bringing robots into their own homes, the real-world applications for robotics seem to have no limits. 

I’m of the mind that robots will enjoy an increasingly symbiotic relationship with humans worldwide in the years to come. They’ll work alongside us and will perform jobs independently that are becoming increasingly hard to fill, allowing employees and consumers to be more creative, strategic and productive, and less task oriented.

Stay tuned, humans: we’ll soon see fresh use cases for robotics never before seen — and I, the real Jeff Wong, could not be more excited.

The views reflected in this article are the views of the author and do not necessarily reflect the views of the global EY organization or its member firms.