Research and analysis firm IDC updated its forecast for global spending on robotics systems and drones, forecasting $128.7 billion for 2020, with spending expected to reach $241.4 billion by 2023.
IDC said the 2020 forecast on spending is an increase of 17.1 percent over 2019, with spending on average reaching a compound annual growth rate (CAGR) of 19.8 percent through 2023. The forecast is part of an update to the company’s Worldwide Robotics and Drones Spending Guide.
Like its 2019 forecast, IDC said robotics systems will be the larger of the two categories through the five-year forecast period. Robotics spending is expected to reach $112.4 billion this year, while spending on drones will reach $16.3 billion in 2020, IDC says. However, the growth rate for drones through 2023 is expected to be faster (33.3 percent CAGR) for the drones space than robotics (17.8 percent CAGR).