The global collaborative robots market accounted for US$ 420.4 Mn in 2017 and is expected to grow at a CAGR of 46.8% during the forecast period 2018 - 2025, to account for US$ 8979.3 Mn by 2025. As per the application segment, the assembly is expected to dominate the market, for the forecasted period. Currently, majority of the collaborative robots deployments are taking place in automotive industry, where their major function is to assist human workers with assembly of automotive parts. Collaborative robots are most preferred by smaller and medium organizations as they are cost efficient and efficiently streamline the hibernating processes. However, larger organizations occupy the majority share in the market as they were the early adopters and invest significantly into the market.
