Global Collaborative Robot (Cobot) Market – Analysis and Forecast (2025-2030)

Industry Overview

The Collaborative Robot Market, also known as the Cobot Market, is set to reach a valuation of USD 14.5 billion by 2030, showcasing a remarkable compound annual growth rate (CAGR) of 50.0% throughout the forecast period. This market segment is experiencing rapid expansion within the industrial robotics industry. The remarkable growth of cobots can be attributed to the increasing adoption of industrial automation, where the combination of human intelligence and robot assistance greatly enhances task performance, ensuring optimal efficiency and minimal errors. This human-robot collaboration enables various levels of automation, allowing for the partial or complete automation of major repetitive tasks as needed. As a result, the demand for collaborative robots is soaring across multiple industry sectors.

A collaborative robot or cobot is an intelligent assisting robot specifically designed for direct interaction with a human within a defined collaborative workspace. There is a significant growth in adoption of cobot by small and mid-sized enterprises (SMEs) across the globe.

Collaborative Robot (Cobot) Market Segmentation

Insight by Payload Capacity

On the basis of payload capacity, the market is segmented into up to 5 Kg, between 5 and 10 Kg, above 10 Kg. Among the above-mentioned payload capacity, up to 5 kg segment captures the highest market share in 2019 and is expected to grow at the fastest rate, owing to its numerous applications in SMEs due to their ease of deployment, high affordability, and other key features.

Insight by Component

On the basis of component, the market is subdivided into software and hardware. Among these, hardware accounted for the foremost share in the collaborative robot market in 2022 as the hardware segment includes large set of components such as robotics arms, controllers, sensors, motors, drive and so on.

Insight by Application

On the basis of application, the market is subdivided into material handling, parts assembly, molding operations, testing and inspection, processing, packaging and palletizing, dispensing, soldering & welding, and other. Of all these applications, the assembly application segment accounted for a foremost share in the collaborative robot market in 2022, since cobot integration reduces the time of assembly to a large extent, improve accuracy and efficiency and minimize risk of operating large machines manually.

Insight by End-User

On the basis of end-user, the market is segmented as automotive, electrical & electronics, metals & mining, plastics & polymers, food & beverages, pharmaceuticals & healthcare and Others. Automotive segment is expected to account the highest market share in current year and is expected to grow at fastest rate with numerous applications of cobots.

Global Collaborative Robot (Cobot) Market Report Coverage

Industry Dynamics

Collaborative Robot (Cobot) Industry Trends

One of the key trends prevailing in cobot market is gradual decrease in price of cobot to increase the adoption of robot by various industries both large and small. The leading market players in the cobot ecosystem are working on low cost cobot to improve affordability.

Collaborative Robot (Cobot) Market Growth Drivers

The market for collaborative robots, also known as cobots, is experiencing significant growth due to increasing investments in industrial automation and the widespread adoption of robots across various applications. Both the government and private sector are making substantial investments in factory automation to enhance product quality and improve machine efficiency. These factors are expected to have a significant impact on the progress and advancement of collaborative robots in the market in the coming future.

Collaborative Robot (Cobot) Market Challenges

High initial installation cost may obstruct the growth of the collaborative robot in small and medium enterprise division. Along with this, lack of trained labor force to run the cobots may restrict the market growth in certain areas.

Collaborative Robot (Cobot) Market Geographic Overview

Geographically, APAC, is the largest and fastest growing collaborative robot market surpassing Europe in last two years. Industrial revolution in China, Japan, India and other South-East Asian countries has increased robotics integration in various applications. Further, government and private firm investments in these countries will further up surge the growth of the collaborative robot market in years to come.

Further, US and Europe hold the second and third largest collaborative robots market share respectively, being large number of industries in the region and financially prosperous countries.

Collaborative Robot (Cobot) Market Competitive Insight

Collaborative robot market space is highly competitive with large number of players working aggressively in developing new products at comparatively low price. Key players in the in the collaborative robot market includes some of global leading robotic manufacturers and system integrators. Further, new product development and global expansion are key strategies adopted by the OEMs in the market. For instance, in 2018, Universal Robots extended its distribution partnership with Bizit Systems, Servo Dynamics, Multitrade Asiapac, and T. E. M. Engineering to expand its presence in Asian countries.

Some of the key players operating in the collaborative robot market are ABB Ltd., Universal Robots, Rethink Robotics, Kuka AG, Fanuc Corporation, Yaskawa Electric Corporation, Mrk-Systeme GmbH, Precise Automation, Inc., F&P Robotics AG, and Franka Emika GmbH.

Primary Research

VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.

The Collaborative Robot (Cobot) Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.

Segments Covered in the Report

• By Payload Capacity
  • Up to 5 Kg
  • Between 5 and 10 Kg
  • Above 10 Kg
• By Component
  • Hardware
  • Software
• By Application
  • Material Handling
  • Parts Assembly
  • Molding Operations
  • Testing and Inspection
  • Processing
  • Packaging and Palletizing
  • Dispensing
  • Soldering & Welding
  • Others

Region Covered in the Report

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Rest of the World (RoW)
  • Brazil
  • Saudi Arabia
  • South Africa
  • U.A.E.
  • Other Countries

Source: VynZ Research

Source: VynZ Research

1.    Research Overview 
        1.1.    The Report Offers
        1.2.    Market Coverage
                1.2.1.    By Payload Capacity
                1.2.2.    By Component 
                1.2.3.    By Application
                1.2.4.    By End-User Vertical
                1.2.5.    By Region
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Market Methodology
                1.5.1.    Data Sources
                        1.5.1.1.    Primary Research
                        1.5.1.2.    Secondary Research
                1.5.2.    Methodology
                        1.5.2.1.    Data Exploration
                        1.5.2.2.    Forecast Parameters
                        1.5.2.3.    Data Validation
                        1.5.2.4.    Assumptions
                1.5.3.    Study Period & Data Reporting Unit
2.    Executive Summary
3.    Industry Overview
        3.1.    Industry Dynamics
                3.1.1.    Market Growth Drivers
                3.1.2.    Market Restraints
                3.1.3.    Key Market Trends
                3.1.4.    Major Opportunities
        3.2.    Industry Ecosystem
                3.2.1.    Porter’s Five Forces Analysis
                3.2.2.    Recent Development Analysis
                3.2.3.    Value Chain Analysis
        3.3.    Competitive Insight
                3.3.1.    Competitive Position of Industry Players
                3.3.2.    Market Attractive Analysis
                3.3.3.    Market Share Analysis
4.    Global Market Estimate and Forecast
        4.1.    Global Market Overview
        4.2.    Global Market Estimate and Forecast to 2030
5.    Market Segmentation Estimate and Forecast
        5.1.    By Payload Capacity
                5.1.1.    Up to 5 Kg
                        5.1.1.1.    Market Definition
                        5.1.1.2.    Market Estimation and Forecast to 2030
                5.1.2.    Between 5 and 10 Kg
                        5.1.2.1.    Market Definition
                        5.1.2.2.    Market Estimation and Forecast to 2030
                5.1.3.    Above 10 Kg
                        5.1.3.1.    Market Definition
                        5.1.3.2.    Market Estimation and Forecast to 2030
        5.2.    By Component 
                5.2.1.    Hardware
                        5.2.1.1.    Market Definition
                        5.2.1.2.    Market Estimation and Forecast to 2030
                5.2.2.    Software
                        5.2.2.1.    Market Definition
                        5.2.2.2.    Market Estimation and Forecast to 2030
        5.3.    By Application
                5.3.1.    Material Handling
                        5.3.1.1.    Market Definition
                        5.3.1.2.    Market Estimation and Forecast to 2030
                5.3.2.    Parts Assembly
                        5.3.2.1.    Market Definition
                        5.3.2.2.    Market Estimation and Forecast to 2030
                5.3.3.    Molding Operations
                        5.3.3.1.    Market Definition
                        5.3.3.2.    Market Estimation and Forecast to 2030
                5.3.4.    Testing and Inspection
                        5.3.4.1.    Market Definition
                        5.3.4.2.    Market Estimation and Forecast to 2030
                5.3.5.    Processing
                        5.3.5.1.    Market Definition
                        5.3.5.2.    Market Estimation and Forecast to 2030
                5.3.6.    Packaging and Palletizing
                        5.3.6.1.    Market Definition
                        5.3.6.2.    Market Estimation and Forecast to 2030
                5.3.7.    Dispensing
                        5.3.7.1.    Market Definition
                        5.3.7.2.    Market Estimation and Forecast to 2030
                5.3.8.    Soldering & Welding
                        5.3.8.1.    Market Definition
                        5.3.8.2.    Market Estimation and Forecast to 2030
                5.3.9.    Other
                        5.3.9.1.    Market Definition
                        5.3.9.2.    Market Estimation and Forecast to 2030
        5.4.    By End-User Vertical
                5.4.1.    Automotive
                        5.4.1.1.    Market Definition
                        5.4.1.2.    Market Estimation and Forecast to 2030
                5.4.2.    Electrical & Electronics
                        5.4.2.1.    Market Definition
                        5.4.2.2.    Market Estimation and Forecast to 2030
                5.4.3.    Metals & Mining
                        5.4.3.1.    Market Definition
                        5.4.3.2.    Market Estimation and Forecast to 2030
                5.4.4.    Plastics & Polymers
                        5.4.4.1.    Market Definition
                        5.4.4.2.    Market Estimation and Forecast to 2030
                5.4.5.    Food & Beverages
                        5.4.5.1.    Market Definition
                        5.4.5.2.    Market Estimation and Forecast to 2030
                5.4.6.    Pharmaceuticals & Healthcare
                        5.4.6.1.    Market Definition
                        5.4.6.2.    Market Estimation and Forecast to 2030
                5.4.7.    Others
                        5.4.7.1.    Market Definition
                        5.4.7.2.    Market Estimation and Forecast to 2030
6.    North America Market Estimate and Forecast
        6.1.    By Payload Capacity
        6.2.    By Component 
        6.3.    By Application
        6.4.    By End-User Vertical
        6.5.    By Country
                6.5.1.    U.S. Market Estimate and Forecast
                6.5.2.    Canada Market Estimate and Forecast
                6.5.3.    Mexico Market Estimate and Forecast
7.    Europe Market Estimate and Forecast
        7.1.    By Payload Capacity
        7.2.    By Component 
        7.3.    By Application
        7.4.    By End-User Vertical
        7.5.    By Country
                7.5.1.    Germany Market Estimate and Forecast
                7.5.2.    France Market Estimate and Forecast
                7.5.3.    U.K. Market Estimate and Forecast
                7.5.4.    Italy Market Estimate and Forecast
                7.5.5.    Spain Market Estimate and Forecast
                7.5.6.    Rest of Europe Market Estimate and Forecast
8.    Asia-Pacific Market Estimate and Forecast
        8.1.    By Payload Capacity
        8.2.    By Component 
        8.3.    By Application
        8.4.    By End-User Vertical
        8.5.    By Country 
                8.5.1.    China Market Estimate and Forecast
                8.5.2.    Japan Market Estimate and Forecast
                8.5.3.    India Market Estimate and Forecast
                8.5.4.    South Korea Market Estimate and Forecast
                8.5.5.    Singapore Market Estimate and Forecast
                8.5.6.    Rest of Asia-Pacific Market Estimate and Forecast
9.    Rest of the World (RoW) Market Estimate and Forecast
        9.1.    By Payload Capacity
        9.2.    By Component 
        9.3.    By Application
        9.4.    By End-User Vertical
        9.5.    By Country
                9.5.1.    Brazil Market Estimate and Forecast
                9.5.2.    Saudi Arabia Market Estimate and Forecast
                9.5.3.    South Africa Market Estimate and Forecast
                9.5.4.    Other Countries Market Estimate and Forecast
10.    Company Profiles
        10.1.    ABB Ltd.
                10.1.1.    Snapshot
                10.1.2.    Overview
                10.1.3.    Offerings
                10.1.4.    Financial Insight
                10.1.5.    Recent Developments
        10.2.    Universal Robots
                10.2.1.    Snapshot
                10.2.2.    Overview
                10.2.3.    Offerings
                10.2.4.    Financial Insight
                10.2.5.    Recent Developments
        10.3.    Rethink Robotics
                10.3.1.    Snapshot
                10.3.2.    Overview
                10.3.3.    Offerings
                10.3.4.    Financial Insight
                10.3.5.    Recent Developments
        10.4.    Kuka AG
                10.4.1.    Snapshot
                10.4.2.    Overview
                10.4.3.    Offerings
                10.4.4.    Financial Insight
                10.4.5.    Recent Developments
        10.5.    Fanuc Corporation
                10.5.1.    Snapshot
                10.5.2.    Overview
                10.5.3.    Offerings
                10.5.4.    Financial Insight
                10.5.5.    Recent Developments
        10.6.    Yaskawa Electric Corporation
                10.6.1.    Snapshot
                10.6.2.    Overview
                10.6.3.    Offerings
                10.6.4.    Financial Insight
                10.6.5.    Recent Developments
        10.7.    Mrk-Systeme GmbH
                10.7.1.    Snapshot
                10.7.2.    Overview
                10.7.3.    Offerings
                10.7.4.    Financial Insight
                10.7.5.    Recent Developments
        10.8.    Precise Automation, Inc.
                10.8.1.    Snapshot
                10.8.2.    Overview
                10.8.3.    Offerings
                10.8.4.    Financial Insight
                10.8.5.    Recent Developments
        10.9.    F&P Robotics AG
                10.9.1.    Snapshot
                10.9.2.    Overview
                10.9.3.    Offerings
                10.9.4.    Financial Insight
                10.9.5.    Recent Developments
        10.10.    Franka Emika GmbH
                10.10.1.    Snapshot
                10.10.2.    Overview
                10.10.3.    Offerings
                10.10.4.    Financial Insight
                10.10.5.    Recent Developments
11.    Appendix
        11.1.    Exchange Rates
        11.2.    Abbreviations
Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.

List of Tables

Table 1 Sources
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Collaborative Robot or Cobot Market Size, by Payload Capacity, 2018 - 2023 (USD Billion)
Table 5 Global Collaborative Robot or Cobot Market Size, by Payload Capacity,2025 - 2030(USD Billion)
Table 6 Global Collaborative Robot or Cobot Market Size, by Component, 2018 - 2023 (USD Billion)
Table 7 Global Collaborative Robot or Cobot Market Size, by Component,2025 - 2030(USD Billion)
Table 8 Global Collaborative Robot or Cobot Market Size, by Application, 2018 - 2023 (USD Billion)
Table 9 Global Collaborative Robot or Cobot Market Size, by Application,2025 - 2030(USD Billion)
Table 10 Global Collaborative Robot or Cobot Market Size, by End-User, 2018 - 2023 (USD Billion)
Table 11 Global Collaborative Robot or Cobot Market Size, by End-User,2025 - 2030(USD Billion)
Table 12 Global Collaborative Robot or Cobot Market Size, by Region, 2018 - 2023 (USD Billion)
Table 13 Global Collaborative Robot or Cobot Market Size, by Region,2025 - 2030(USD Billion)
Table 14 North America Collaborative Robot or Cobot Market Size, by Payload Capacity, 2018 - 2023 (USD Billion)
Table 15 North America Collaborative Robot or Cobot Market Size, by Payload Capacity,2025 - 2030(USD Billion)
Table 16 North America Collaborative Robot or Cobot Market Size, by Component, 2018 - 2023 (USD Billion)
Table 17 North America Collaborative Robot or Cobot Market Size, by Component,2025 - 2030(USD Billion)
Table 18 North America Collaborative Robot or Cobot Market Size, by Application, 2018 - 2023 (USD Billion)
Table 19 North America Collaborative Robot or Cobot Market Size, by Application,2025 - 2030(USD Billion)
Table 20 North America Collaborative Robot or Cobot Market Size, by End-User, 2018 - 2023 (USD Billion)
Table 21 North America Collaborative Robot or Cobot Market Size, by End-User,2025 - 2030(USD Billion)
Table 22 North America Collaborative Robot or Cobot Market Size, by Country, 2018 - 2023 (USD Billion)
Table 23 North America Collaborative Robot or Cobot Market Size, by Country,2025 - 2030(USD Billion)
Table 24 Europe Collaborative Robot or Cobot Market Size, by Payload Capacity, 2018 - 2023 (USD Billion)
Table 25 Europe Collaborative Robot or Cobot Market Size, by Payload Capacity,2025 - 2030(USD Billion)
Table 26 Europe Collaborative Robot or Cobot Market Size, by Component, 2018 - 2023 (USD Billion)
Table 27 Europe Collaborative Robot or Cobot Market Size, by Component,2025 - 2030(USD Billion)
Table 28 Europe Collaborative Robot or Cobot Market Size, by Application, 2018 - 2023 (USD Billion)
Table 29 Europe Collaborative Robot or Cobot Market Size, by Application,2025 - 2030(USD Billion)
Table 30 Europe Collaborative Robot or Cobot Market Size, by End-User, 2018 - 2023 (USD Billion)
Table 31 Europe Collaborative Robot or Cobot Market Size, by End-User,2025 - 2030(USD Billion)
Table 32 Europe Collaborative Robot or Cobot Market Size, by Country, 2018 - 2023 (USD Billion)
Table 33 Europe Collaborative Robot or Cobot Market Size, by Country,2025 - 2030(USD Billion)
Table 34 Asia-Pacific Collaborative Robot or Cobot Market Size, by Payload Capacity, 2018 - 2023 (USD Billion)
Table 35 Asia-Pacific Collaborative Robot or Cobot Market Size, by Payload Capacity,2025 - 2030(USD Billion)
Table 36 Asia-Pacific Collaborative Robot or Cobot Market Size, by Component, 2018 - 2023 (USD Billion)
Table 37 Asia-Pacific Collaborative Robot or Cobot Market Size, by Component,2025 - 2030(USD Billion)
Table 38 Asia-Pacific Collaborative Robot or Cobot Market Size, by Application, 2018 - 2023 (USD Billion)
Table 39 Asia-Pacific Collaborative Robot or Cobot Market Size, by Application,2025 - 2030(USD Billion)
Table 40 Asia-Pacific Collaborative Robot or Cobot Market Size, by End-User, 2018 - 2023 (USD Billion)
Table 41 Asia-Pacific Collaborative Robot or Cobot Market Size, by End-User,2025 - 2030(USD Billion)
Table 42 Asia-Pacific Collaborative Robot or Cobot Market Size, by Country, 2018 - 2023 (USD Billion)
Table 43 Asia-Pacific Collaborative Robot or Cobot Market Size, by Country,2025 - 2030(USD Billion)
Table 44 RoW Collaborative Robot or Cobot Market Size, by Payload Capacity, 2018 - 2023 (USD Billion)
Table 45 RoW Collaborative Robot or Cobot Market Size, by Payload Capacity,2025 - 2030(USD Billion)
Table 46 RoW Collaborative Robot or Cobot Market Size, by Component, 2018 - 2023 (USD Billion)
Table 47 RoW Collaborative Robot or Cobot Market Size, by Component,2025 - 2030(USD Billion)
Table 48 RoW Collaborative Robot or Cobot Market Size, by Application, 2018 - 2023 (USD Billion)
Table 49 RoW Collaborative Robot or Cobot Market Size, by Application,2025 - 2030(USD Billion)
Table 50 RoW Collaborative Robot or Cobot Market Size, by End-User, 2018 - 2023 (USD Billion)
Table 51 RoW Collaborative Robot or Cobot Market Size, by End-User,2025 - 2030(USD Billion)
Table 52 RoW Collaborative Robot or Cobot Market Size, by Country, 2018 - 2023 (USD Billion)
Table 53 RoW Collaborative Robot or Cobot Market Size, by Country,2025 - 2030(USD Billion)
Table 54 Snapshot – Harman International
Table 55 Snapshot – Continental AG
Table 56 Snapshot – ABB Ltd.
Table 57 Snapshot – Universal Robots
Table 58 Snapshot – Rethink Robotics
Table 59 Snapshot – Kuka AG
Table 60 Snapshot – Fanuc Corporation
Table 61 Snapshot – Yaskawa Electric Corporation
Table 62 Snapshot – Mrk-Systeme GmbH
Table 63 Snapshot – Precise Automation, Inc.
Table 64 Snapshot – F&P Robotics AG
Table 65 Snapshot – Franka Emika GmbH
List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Sources for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7  Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9 Global Collaborative Robot or Cobot Market - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Collaborative Robot or Cobot Market Highlight
Figure 12 Global Collaborative Robot or Cobot Market Size, by Payload Capacity, 2018 - 2030(USD Billion)
Figure 13 Global Collaborative Robot or Cobot Market Size, by Component, 2018 - 2030(USD Billion)
Figure 14 Global Collaborative Robot or Cobot Market Size, by Application, 2018 - 2030(USD Billion)
Figure 15 Global Collaborative Robot or Cobot Market Size, by End-User, 2018 - 2030(USD Billion)
Figure 16 Global Collaborative Robot or Cobot Market Size, by Region, 2018 - 2030(USD Billion)
Figure 17 North America Collaborative Robot or Cobot Market Highlight
Figure 18 North America Collaborative Robot or Cobot Market Size, by Payload Capacity, 2018 - 2030(USD Billion)
Figure 19 North America Collaborative Robot or Cobot Market Size, by Component, 2018 - 2030(USD Billion)
Figure 20 North America Collaborative Robot or Cobot Market Size, by Application, 2018 - 2030(USD Billion)
Figure 21 North America Collaborative Robot or Cobot Market Size, by End-User, 2018 - 2030(USD Billion)
Figure 22 North America Collaborative Robot or Cobot Market Size, by Country, 2018 - 2030(USD Billion)
Figure 23 Europe Collaborative Robot or Cobot Market Highlight
Figure 24 Europe Collaborative Robot or Cobot Market Size, by Payload Capacity, 2018 - 2030(USD Billion)
Figure 25 Europe Collaborative Robot or Cobot Market Size, by Component, 2018 - 2030(USD Billion)
Figure 26 Europe Collaborative Robot or Cobot Market Size, by Application, 2018 - 2030(USD Billion)
Figure 27 Europe Collaborative Robot or Cobot Market Size, by End-User, 2018 - 2030(USD Billion)
Figure 28 Europe Collaborative Robot or Cobot Market Size, by Country, 2018 - 2030(USD Billion)
Figure 29 Asia-Pacific Collaborative Robot or Cobot Market Highlight
Figure 30 Asia-Pacific Collaborative Robot or Cobot Market Size, by Payload Capacity, 2018 - 2030(USD Billion)
Figure 31 Asia-Pacific Collaborative Robot or Cobot Market Size, by Component, 2018 - 2030(USD Billion)
Figure 32 Asia-Pacific Collaborative Robot or Cobot Market Size, by Application, 2018 - 2030(USD Billion)
Figure 33 Asia-Pacific Collaborative Robot or Cobot Market Size, by End-User, 2018 - 2030(USD Billion)
Figure 34 Asia-Pacific Collaborative Robot or Cobot Market Size, by Country, 2018 - 2030(USD Billion)
Figure 35 RoW Collaborative Robot or Cobot Market Highlight
Figure 36 RoW Collaborative Robot or Cobot Market Size, by Payload Capacity, 2018 - 2030(USD Billion)
Figure 37 RoW Collaborative Robot or Cobot Market Size, by Component, 2018 - 2030(USD Billion)
Figure 38 RoW Collaborative Robot or Cobot Market Size, by Application, 2018 - 2030 (USD Billion)
Figure 39 RoW Collaborative Robot or Cobot Market Size, by End-User, 2018 - 2030(USD Billion)
Figure 40 RoW Collaborative Robot or Cobot Market Size, by Country, 2018 - 2030(USD Billion)