Robots replacing human workers at increasing pace

Cheaper, better robots will replace human workers in the world's factories at a faster pace over the next decade, pushing labor costs down 16 percent, a report said on Tuesday.

The Boston Consulting Group predicts that investment in industrial robots will grow 10 percent a year in the world's 25-biggest export nations through 2025, up from 2 percent to 3 percent a year now. The investment will pay off in lower costs and increased efficiency.

Robots will cut labor costs by 33 percent in South Korea, 25 percent in Japan, 24 percent in Canada and 22 percent in the United States. Only 10 percent of jobs that can be automated have already been taken by robots. By 2025, the machines will have more than 23 percent, Boston Consulting forecasts.