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Would You Hire a Robot?

Written by Monica Savaglia
Posted January 11, 2022

Robots are going to take over the world.

That sentence sounds like something out of a thriller or sci-fi book or movie. Something that was probably said to incite fear.

I remember just a few years ago when I first started writing for Wealth Daily, concerns were increasing about robots taking over. The fear wasn’t necessarily about robots dominating Earth, but more about them stealing precious jobs. As I look at the topic now, I think robots could provide a vital service that could benefit humans.

I know that there’s a lot to be developed and ironed out when it comes to robotics and the best use for this type of technology. A lot has developed in the industry since my early days at Wealth Daily, though, which leads me to believe that the future of robots and their potential to be useful is very bright and something you might want to start paying attention to if you haven’t been already.

We can already see this bright future coming into view. A report by Mordor Intelligence indicates that the global robotics market was valued at $27.7 billion in 2020 and is expected to increase to $74 billion by 2026 — representing a CAGR of about 17%. Looking at that CAGR percentage puts it all into perspective — robotics is set to experience strong growth in the next six years and most likely even past that.

The term robotics refers to the design, construction, operation, and use of robots. It’s where computer science, engineering, and technology intertwine to create robots most likely with the goal of helping out humans.

And that’s exactly what robots did during the beginning of the pandemic. Robots were a solution to many problems. They were being used to disinfect areas like hospitals and public transportation, for home deliveries, and for logistics in factories and warehouses as workers were out because of COVID-19 infections.

The COVID-19 pandemic created a high demand for professional service robots, and that demand is spreading into more job areas. At the very least, there might be a greater need for robots to help fulfill certain jobs as Americans move away from these jobs and look for newer opportunities.

The "Great Resignation"

You’ve probably seen a headline or two involving this new trend being called the “Great Resignation.” 

People are leaving their jobs quickly. The pandemic showed a lot of people that constantly overworking yourself doesn't always pave the way to new or better opportunities, and that having a better work-life balance is crucial to a better life and maintaining one's sanity.

The Labor Department announced that the U.S. economy added 199,000 jobs in December, which was the lowest number of jobs added in any month in 2021.

President Biden quickly argued that fewer jobs added was a sign of economic recovery. Biden stated that Americans are quitting their jobs because they are “moving up to better jobs with better pay, with better benefits.” 

He went on further to say:

This isn’t about workers walking away and refusing to work. It’s about workers [being] able to take a step up to provide for themselves and their families. 

I’m in favor of better working opportunities. However, it still puts the country in a position of having to fill the jobs that people are leaving, or maybe to even make the work less time-consuming and tedious to appeal to future employees. If these jobs aren’t attracting potential employees, then who will do them? 

Are you thinking what I’m thinking?... Robots?!

Could Robots Save the Day?

Professional service robots could become extremely beneficial when it comes to filling these empty roles as people gravitate toward jobs that are a little more fulfilling or offer more opportunities for career advancement and growth. 

Boston Consulting Group (BCG) took a deep dive and created a report on the robotics industry outlook into 2030. Inside that report, BCG found that professional services robots are set to dominate the sector. 

BCG expects that sales of professional services robots could double those of conventional and logistics robots. The firm is forecasting that professional services robots could hit $170 billion in sales in the next decade.

Professional service robots are used for commercial tasks and are usually operated by a properly trained operator. Some examples of professional service robots are cleaning robots for public places, delivery robots in offices or hospitals, firefighting robots, rehabilitation robots, and surgery robots in hospitals. The possibilities could be endless and extremely useful.

Incorporating professional service robots into businesses could also provide people with a new career option — becoming one of the robot operators. While I don’t think robots will solve all our problems involving the “Great Resignation,” I think they could play a significant role in addressing this issue. 

We know that there have been multiple market forecasts expecting that the next decade in robotics will be profitable and show strong growth, so I thought this would be a good time to get you thinking about the future of robots and how their growth could benefit you.

Until next time,

Monica Savaglia Signature Park Avenue Digest

Monica Savaglia

Monica Savaglia is Wealth Daily’s IPO specialist. With passion and knowledge, she wants to open up the world of IPOs and their long-term potential to everyday investors. She does this through her newsletter IPO Authority, a one-stop resource for everything IPO. She also contributes regularly to the Wealth Daily e-letter. To learn more about Monica, click here.

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