When you first start a company the first thing you get asked a lot is, “Is there a market for it?” You get asked that question a lot because people are curious as to whether or not people are actually going to buy from the market that you have targeted. Two years ago we often would say, “Not heavily, but they will be very soon. Want to get in on the ground floor?”
As is often the case a few brave souls threw in with us on the chance that people really would embrace the robotics space and our specific beachhead (agricultural robotics) but there were mostly nay sayers – this is fairly typical and not at all uncommon.
A new report from Genesis Market Insights today shows us some very interesting things. (Here is a LINK if you want to buy it or take a look.)
- The 2017 Global Agricultural Robotics Market was valued at $4.77 Billion (that’s with a B people).
- This market will grow at a CAGR (compound annual growth rate) of 19.93% until it reaches $14.2 Billion in 2023
- North America currently holds the highest market share and will continue to grow during that period
- The ‘key’ players in the market is still extremely small
So I would like to take this opportunity to thank those investors of ours that have faith in us. There is so much opportunity on the horizon. It’s going to continue to be a great ride!