Robot economics is the study of the market for
robot
A robot is a machine—especially one programmable by a computer—capable of carrying out a complex series of actions automatically. A robot can be guided by an external control device, or the control may be embedded within. Robots may be c ...
s. Robot markets function through the interaction of robot makers and robot users. As (in part) a factor of production, robots are complements and/or substitutes for other factors, such as labor and (non-robot) capital goods. Another part of robot economics considers the effects of the introduction of robots on the markets for those other factors and on the products that robots help produce.
Robots are spreading throughout the economy, in fields such as agriculture, medicine and retail.
Markets
Agriculture
The use of robots in agriculture began with automated milking systems.
More recently, agricultural robots have begun to be used in harvesting, pruning, seeding, spraying and materials handling.
Medicine
Medical robots can be categorized in five segments: surgery, rehabilitation, non-invasive radiosurgery, hospital and pharmacy and others. Robot-assisted surgery can improve accuracy. However, medical robots can increase costs.
The market was valued at $1,781 million in 2013. Hospital and pharmacy robots segment grew fastest.
Retail
Robots can be used in retail for helping customers find items, keep track of product inventory on shelves, and even interact with customers.
Manufacturers
Major participants operating in the global robotic market include
Samsung Electronics
Samsung Electronics Co., Ltd. (, sometimes shortened to SEC and stylized as SΛMSUNG) is a South Korean multinational corporation, multinational electronics corporation headquartered in Yeongtong-gu, Suwon, South Korea. It is the pinnacle of ...
,
iRobot,
Toyota Motor Corporation,
AB Electrolux, Hanool Robotics, Fujitsu Frontech Limited,
LG Electronics
LG Electronics Inc. () is a South Korean multinational electronics company headquartered in Yeouido-dong, Seoul, South Korea. LG Electronics is a part of LG Corporation, the fourth largest '' chaebol'' in South Korea, and often considered a ...
,
Fujitsu
is a Japanese multinational information and communications technology equipment and services corporation, established in 1935 and headquartered in Tokyo. Fujitsu is the world's sixth-largest IT services provider by annual revenue, and the la ...
,
Sony Corporation
, commonly stylized as SONY, is a Japanese multinational conglomerate corporation headquartered in Minato, Tokyo, Japan. As a major technology company, it operates as one of the world's largest manufacturers of consumer and professional ...
, Yujin Robot and GeckoSystems.
References
External links
Economic of Collaborative Robotics
A Roadmap for US Robotics From Internet to Robotics*
*
* {{cite journal, title=On the Behavioral Foundations of the Law of Supply and Demand: Human Convergence and Robot Randomness, first1=Paul J., last1=Brewer, first2=Maria, last2=Huang, first3=Brad, last3=Nelson, first4=Charles R., last4=Plott, date=1 December 2002, journal=Experimental Economics, volume=5, issue=3, pages=179–208, doi=10.1023/A:1020871917917, s2cid=13066888
Technological change
Robotics