Robotics to revolutionize the global economy

Article Excerpt

Robots are machines designed to perform operations without human intervention. New software developments in artificial intelligence (AI) continue to increase the learning and problem-solving capabilities of machines. Together, these technologies are set to revolutionize the way we complete tasks, analyze data and make decisions. The McKinsey Global Institute estimates that robots and automation will replace 800 million workers by 2030. Commercial interest in the space is intense: Last year, 50 robotics companies were sold globally for more than $19 billion. In that time, 128 robotics-related startups received $2.0 billion in funding. That interest is reflected in ballooning investments for related ETFs. For example, the total assets held by ROBO and BOTZ ETFs (see pages 1, 2) have shot up more than 1,000% over the past year. Application of Robotics and AI will spread Demographics will drive the growth of robotics and automation. The World Health Organization predicts that the number of people over 65 worldwide will triple by 2050 while birth rates will…