The first industrial robot was developed by George Devol in 1954 and sold to General Motors, who used it on their production line. Today, robotics is big business. Goldman Sachs has stated that by 2035, the global humanoid robot market will reach USD 38 billion, while Elon Musk predicts it will eventually become a USD 10 trillion business. Musk’s argument is simple: ‘Everybody will need them, like automobiles, like cell phones, and the potential market volume will be huge.’
Several large companies are involved in robotics, including Tesla, Boston Dynamics and Qihan Technology – but we’re also seeing newer startups like Agility Robotics and Promobot start to make a real impact. It seems we are moving ever closer to a reality where billions of robots might be running households globally, as well as managing factories. But is this a future to fear, or an opportunity for entrepreneurs to embrace?
Opportunities in robot manufacturing
The robotics industry is on the cusp of explosive growth. We’re not just talking about assembly-line robots, we’re looking at fully autonomous humanoid machines capable of complex decision-making and physical dexterity. The vision is clear: robots could soon become as common as smartphones, integrated into daily life to perform manual labour, household chores, customer service roles, and even caregiving.
So, let’s start with the basics of how a robot is created and then look at the opportunities the industry presents. There are several areas for anyone entering the market:
- Hardware development: From advanced sensors to efficient actuators, there’s great opportunity in creating the physical components that will power humanoid robots.
- AI and software engineering: Robots need cutting-edge AI to navigate the world, interact with humans, and learn from their surroundings.
- Energy solutions: Battery life and sustainable power sources will be crucial in making robots economically viable at scale.
- Maintenance and repair: Just as car mechanics emerged alongside the automobile industry, a network of robot service providers will be essential.
The hidden opportunities for entrepreneurs
The rise of robots undoubtedly raises concerns – from job displacement to ethical dilemmas around automation. However, history has shown that technological advancements create new industries even as they disrupt old ones. The entrepreneurs who look beyond the fear and focus on adaptation will be the ones who thrive in this robotic revolution.
The actual manufacture of robots is not something most small companies will be able to do – at least not yet. But there are countless secondary markets that will likely emerge, and this is where so many entrepreneurial opportunities lie.
Let’s first look at those which don’t involve the creation of robots:
- Ethical AI governance: As robots become more integrated into society, ensuring responsible AI behaviour and compliance with regulations will be a significant niche. Companies specialising in auditing, policy development, and AI ethics consulting will be in high demand. Businesses and governments alike will seek expertise to navigate the complex legal and moral landscape of autonomous systems.
- Robot training and customisation: Businesses that offer personalised software or behaviour models for robots will thrive. As industries adopt automation, demand will grow for robots tailored to specific tasks, from customer service to medical assistance. Companies specialising in adaptive learning algorithms and user-friendly programming interfaces will gain a competitive edge.
- Integration services: Companies that help businesses and households seamlessly incorporate robots into their workflows will be in high demand. Many organisations will require guidance on selecting and optimising the right robotic solutions for maximum efficiency. Service providers that offer training, troubleshooting, and ongoing support will become essential partners in automation adoption.
- Cybersecurity for robots: Protecting these autonomous machines from hacking or misuse will be crucial. As robots handle sensitive data and critical operations, cyber threats will pose significant risks to businesses and individuals. Firms specialising in encrypted communication, intrusion detection, and AI-driven security solutions will see immense growth opportunities.
- Educational platforms: Robotics learning is becoming ever-more popular, and entrepreneurs can make use of this market by developing learning platforms and tools. Interactive robot kits, robotics coding courses, and virtual reality-based learning programs can allow people to get into the field of robotics at an early age.
- Consulting: As companies increasingly seek to streamline operations, robotic process automation (software programs that automate repetitive, rule-based tasks within digital systems – also known as RPA) is gaining traction. Business owners can offer services to firms that wish to automate repetitive tasks and implement robotics solutions tailored to their needs.
Let’s widen it out to look at opportunities for entrepreneurs that involve manufacturing the actual robots. While some of these would require massive investment, there are other areas where a new, niche player could flourish:
- Low-cost robotics: Most small businesses cannot afford to purchase large robotics systems. Entrepreneurs can bridge the gap by developing low-cost and customisable robot platforms for the specific requirements of small businesses, such as inventory robots, cleaning robots, or customer service robots.
- Farming: There is a growing demand for efficient and sustainable farming techniques. Entrepreneurs and business people can harness the potential of agricultural robotics through the development of drones, autonomous tractors, and autonomous harvesters. These can be utilised to maximise yield, reduce wastage of resources, and assist in sustainable agriculture methods.
- Medical: As the healthcare sector keeps evolving, medical robotics presents an excellent business opportunity for entrepreneurs. Improvements in surgical robotics, rehabilitation assistance, and telemedicine devices can enhance patient care and optimise medical procedures.
- Construction: The construction industry is ready for automation, and here entrepreneurs could focus on developing robotics solutions for tasks such as bricklaying and site inspection. Construction robots can increase efficiency, reduce labour costs, and boost safety.
- Elderly care: With the ageing of the world population, there is a natural growing need for new solutions in the care of older individuals. Entrepreneurs can consider developing robotic companions, assistive devices, and healthcare monitoring robots.
Entrepreneurs and the future of robotics
Goldman Sachs estimates that in five years, 250,000 industrial-use humanoid units will be shipped, while consumers will buy about one million units a year a decade from now. So, the robots are coming, there’s little doubt about that. But whether they displace industries or unlock new opportunities depends on how we respond.
History has shown that every major technological shift, from the Industrial Revolution to the rise of the Internet, has brought both disruption and immense potential. But as we have seen, there is no shortage of ways to carve out a space – from AI governance, customisation services, cybersecurity, or niche robot manufacturing. In the end, entrepreneurs who embrace robotics not as a threat but as a frontier for business will find themselves ready for this next economic transformation.