Collaborative robots market set for 56.94%

Collaborative robots market is forecast to reach $4,284.4 million by 2023 from $176.7 million in 2016 at a CAGR of 56.94% during (2017-2023) driven by high ROI rates and low price of collaborative robots leading to growing attraction from SMEs, and increasing investments in automation by industries to support Industry 4.0 evolution Says a latest report available at ReportsnReports.com.

The Asia Pacific (APAC) holds major share of collaborative robots market between 2017 and 2023. Europe held the largest share of the collaborative robots market in 2016 and is expected to be surpassed by the APAC region by 2023. This high growth of the market in APAC is expected to be led by the increasing demand for collaborative robots in China, Japan, South Korea, and India, especially for industries such as electronics, automotive, and metals and machining.