Smart Robot Market Size, Share, Growth Analysis, By Component(Hardware (Sensor, Actuator), By Type(Personal/Domestic Robots, Professional Robots), By Mobility(Mobile, Fixed/Stationary), By Application(Inspection, Maintenance), By Operating Environment(Ground, Underwater), By End-User(Manufacturing, Healthcare) - Industry Forecast 2024-2031

Smart Robot Market Driver

Growing Adoption of Smart Robots Across Industry Verticals

• Non-industrial robots have the potential to be market catalysts when developers and engineers adapt robotics technology to new application areas. Healthcare is expected to be the fastest expanding industry, with robots already playing an important part in less invasive surgery.
  Robots are now used in the healthcare industry for minor operations such as urology and gynaecology, but may be used for more difficult medical procedures in the near future. Agriculture is another emerging field for robotics use, owing to a manpower scarcity and rising expenses.
• Crop harvesting robots are performing admirably. Picking vegetables and fruits without hurting them has become standard practise for robots. Intelligent robotic harvesters can be outfitted with cutting-edge graphic processing units (GPUs) to determine the ripeness of the fruit. As developers begin to construct application-centric robots, robotic technologies are quickly extending their application field. Thus, the rapid spread of automated technology use cases outside of industrial applications justifies the market's large growth.

Smart Robot Market Restraint

Rising Security Concerns to Hamper Market Growth

• Ethical concerns around data ownership, particularly with the rise of software services for robots may limit industry expansion. Individuals' private data became available on the cloud as domestic robots were more widely used for education, entertainment, and household tasks.
• Unauthorized users or outside parties such as marketing firms may acquire this data. Confidential data acquired by robots can sometimes be violated and abused. Data breaches have serious ramifications in the military, defence, and healthcare industries. As a result, data security is becoming a primary concern when using robots, and it may become a major impediment to industry expansion.