Soon, robots could be doing much more than just vacuuming your house or assembling your next car—they could also invade your investment portfolio.
That’s the gist of a slew of recent reports on the industry’s rapid growth. Here’s some insight from a recent one by the Boston Consulting Group:
- Today, robots perform roughly 10% of all manufacturing tasks, but BCG sees that jumping to about 25% by 2025.
- By the same year, automation will cut manufacturing labor costs by 18% to 33% in countries like South Korea, China, the U.S., Japan and Germany, while boosting productivity by up to 30%.
- It’s not only cheaper labor that’s driving the automation trend, it’s cheaper robots: the cost of an advanced robotic spot welder, for example, has dropped 27% since 2005, according to BCG, from an average of $182,000 to $133,000. The consulting firm sees that price tag slipping a further 22% by 2025.