The rapid growth of robotics is reshaping the global economy post pandemic.
Robotics is a branch of engineering that involves the conception, design, manufacture and operation of robots.
The robotics industry has witnessed tremendous growth during these past couple of years.
In the past, the interaction between machines and humans used to be boring and limited. But, recent development helped robots become much more efficient and entertaining. Today’s robots can verbally interact, provide help and save lives. They are becoming much smarter with every passing day.
Realizing the potential of robotics, many organizations have taken significant steps to bring robotics into application in diverse and unique fields. For instance, MIT has introduced to the world a soft robotic fish called SoFi to help save the ocean, whereas NASA is all set to send a swarm of robots to Mars, similar to a swarm of bees. With sophisticated electronic components and detailed programming, there is a lot more to look out for in the future with robotics.
Growth of the Robots Industry: Towards a Better Future
Robotics has come a long way since its advent in the 1920s. From huge and bulky robots to lightweight RoboBees and from wired to wireless robots, the evolution is commendable. Trends in robotics have changed to the extent where robots can now have a citizenship as well. Furthermore, the contribution of robots in various business and social spheres is continuously expanding. For instance, in the field of industrial automation, Co-bots are seen lending a helping hand today. In the healthcare industry, robots are assisting doctors to carry out delicate surgeries. Besides, witnessing robots taking charge of your entertainment in shopping malls, amusement parks, and trade fairs is also not a rare sight today. Here are five factors supporting such rapid growth of the robotics industry:
Co-bots are collaborative robots that are programmed to interact with humans and work in a shared workspace. For instance, an American manufacturing company has accepted collaborative robots as their employees. When companies start to embrace such work culture, there is an assurance that robotics is moving beyond machinery into the realm of everyday life.
‘Robotics as a Service’ is a business model where robots can be rented or leased on an hourly or monthly basis to offer services such as patient monitoring in the healthcare sector to look after the elderly people in the house. If a news piece was to be believed, RaaS has a significant potential for growth in 2018-2022.
3. Artificial Intelligence Integration
Artificial intelligence (AI) and machine learning (ML) have shown robotics new areas to explore. Machines are given rigorous training and are fed with improved data to make intelligent decisions without any human intervention. For instance, using the combination of AI and ML in robotics, M.I.T has created a robot named Kismet that recognizes the body language and voice of a human and responds appropriately. Artificial intelligence and robotics are together expected to create many job opportunities in the coming times.
4. Mobile Autonomy
The concept of autonomous vehicles has been around for a long time now. Organizations dealing with manufacturing, production, and supply chain businesses are thinking about using mobile autonomy in their businesses. As a result, mobile robots are being used in many such organizations to shift things from one place to another. For instance, a logistic mobile robot named ‘Chuck’ made by a company based in Massachusetts is earning a lot of bucks in the e-commerce and the logistic industry. In the coming times, we will be seeing mobile robots in motion in warehouses, airports, and hospitals as well.
5. Cloud Robotics
Robots can access the information stored on the cloud with the cloud robotics. As a result, robots will not have to carry an extra baggage of memory inside, making them lighter, cheaper and smarter. Therefore, there will be a significant increase in the production of robots, eventually leading to an exponential growth in the robotics market. It seems robotics has a lot to offer in the future. The deeper we dive into the concept, the possibilities become endless. So, get set to explore the possibilities for applying robotics in your area of business, today!
Changing Tides at NAMIC
What a hot and lively week in Dallas! 98F and a huge crowd at the 127th National Association of Mutual Insurance Companies (NAMIC).
Over 1000 senior insurance executives, board members, and service partners, represented 400+ property and casualty insurance and related companies. NAIC officers discussed the insurance trends, regulatory challenges, and barriers to competitive markets. 45 speakers held economy power sessions and education sessions sharing thought leadership on the biggest industry challenges and opportunities.
I had the honor to address the hottest topic – “The Future of Work” – at NAMIC. My session began with a live poll on the top 3 most common reasons given for employees quitting jobs. Here are the most voted reasons among the 181 votes: Lack of workplace flexibility, inadequate compensation, unmeaningful work, and lack of career development.
Here are the results in percentages:
In 2021, 47 million Americans quit their jobs and entered the era of the great resignation. Since January of 2022, over 4 million Americans quit each month. To understand why, McKinsey surveyed 13000 employees in 6 countries from April 21 to April 22. The top reasons for people quitting jobs were lack of career development/advancement, inadequate compensation, uninspiring leaders, and lack of meaningful work. Below is a chart with more details.
The live audience poll and McKinsey’s survey both ranked meaningful work, career growth, and compensation as top reasons for quitting, followed by uninspiring leadership and lack of workforce flexibility.
Moreover, the future workforce demographic is changing from baby boomers to millennials and Gen Z. According to Pew Research, by 2050, 75% of the workforce is expected to be made up of millennials. 44% of millennials say they are more likely to be engaged when their managers hold regular meetings with them. Currently, only 21% meet with their manager on a weekly basis. Gen Z has surpassed millennials as the largest generation, making up 12% of the workforce. 22% of Gen Zs currently have at least one immigrant parent. By 2026, Gen Z will become the largest non-white generation. For Gen Z, community, diversity, and inclusion as well as their sense of passion and purpose hold utmost importance.
My speech covered three main topics: talent management including upskilling, transitioning to a hybrid environment, and outlook for the next 10 years. Registered attendees can get access to the recording through the end of 2022.
During the Q&A, the youngest attendee urged us to look around and notice that there were not enough young people at NAMIC. He called out the importance of understanding the younger generation and giving them more opportunities to network with decision makers at events like NAMIC. That perfectly summed up my presentation. Though NAMIC has certainly evolved with more women representation (15 this year out of 45 speakers and a few CEOs), there is still a need for more diversity in demographic and thought.
I was delighted to reconnect with former colleges, a few CEOs and board members of the mutual insurance companies at NAMIC. My favourite part of NAMIC is that it always feels like a family fair. It is a place we can share best practices and support each other even though our businesses may compete. Where else can you find such an ecosystem?
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