As the name implies, Collaborative robots are machines that operate alongside humans in a specific workspace. Unlike regular robots, these engage in close human interaction rather than being housed in enclosed safety zones. Even if this is the case, suitable precautions are taken to ensure human safety when developing these robots. These robots are accustomed to changing with the times and receiving regular updates. They have the flexibility to complete difficult jobs. These qualities make them a valuable asset in the industrial industry. Cobots have been a part of the industry for several years now. Thus, this is the ideal moment to examine the different production uses of cobots. The paper begins with a brief introduction and a detailed literature review that was organized after examining 70 research papers and articles that came after the introduction. It draws a few crucial conclusions at the end. This paper explores the benefits and various uses of cobots in the industrial industry. It also emphasizes the future of cobots and how advantageous they will be in a technologically advanced environment.