Increasing funding for research on robots is one of the major drivers contributing to the growth of the market. Funding for research on robotics has increased significantly over the past few years. Governments of multiple countries are undertaking initiatives for the development of robotics technology. For instance, with a total budget of USD 314 million (EUR 235), the European Commission has funded research, innovation, and development activities for smart service robots in assisted living environments, such as rehabilitation centers, under the Active and Assisted Living (AAL) joint program for the period of 2018 to 2020. The increasing demand for smart robots is due to the rising integration of IoT in robots for cost-efficient predictive maintenance. Predictive maintenance is forecasting potential issues before they happen.
We analyzed which jobs are most -- and least -- at risk, given factors including tasks involved, the current commercial deployment of technology, patent activity, regulations, and more. Meanwhile, several big corporations have open sourced their AI software libraries in recent years -- another major accelerant for AI. Our time frame was the next 5-10 years, and the relative risk of automation was based on factors including tasks involved, current commercial deployment of technology, patent activity, investment activity, technological challenges, and regulations. Google Ventures and Khosla Ventures recently funded burger-flipping robot Mometum Machines (funding and patents below).
Automation is coming after jobs, from fast food workers to accountants. We analyzed which jobs are most -- and least -- at risk, given factors including tasks involved, the current commercial deployment of technology, patent activity, regulations, and more. The shift from traditional manufacturing to computer-enabled industry took nearly a century. But the shift from personal computing to billions of smartphones, massive networks, and the IoT has taken just a couple of decades. And the next phase of technological evolution is already underway: advanced neural networks that learn, adapt, and respond to situations. With AI and automation advancing at a breakneck pace, society's capacity to respond is being stretched to the limit. Cities are seeing front-end automated restaurants like Eatsa gaining popularity, while in factories automation has already arguably been a part of life for years (if not decades) in the form of heavy industrial and agricultural robots. Analyzing the automation landscape, we found that 10 million service and warehouse jobs are at high risk of displacement within the next 5 – 10 years in the US alone. Meanwhile, nearly 5 million retail workers are at a medium risk of automation within 10 years. To put these numbers into perspective, estimates are that over a few years the Great Recession of 2007 – 2010 destroyed 8.7 million jobs in the US.
EagleEye says its tech gives drones military-grade security and the possibility of flying autonomous missions. In 2014, three software engineers decided to create a drone company in Wavre, Belgium, just outside Brussels. All were licensed pilots and trained in NATO security techniques. But rather than build drones themselves, they decided they would upgrade existing radio-controlled civilian drones with an ultra-secure software layer to allow the devices to fly autonomously. Their company, EagleEye Systems, would manufacture the onboard computer and design the software, while existing manufacturers would provide the drone body and sensors.
Old (existing) robotics is growing. In fact, it is arguably in the midst of a growth supercycle. As we recently wrote, this is largely thanks to demand in China. Indeed, China is already the leading purchaser of robots despite still having a below average robotic density and thus extensive room for future growth. In parallel to this, the world of robotics is being fundamentally transformed along three primary axes: increased collaboration, increased autonomous mobility and increased intelligence.