Global Smart Robot Market

Smart Robot Market Size, Share, Growth Analysis, By Component(Hardware (Sensor, Actuator, Power Source, Control System)), By Type(Industrial Robotics (Automotive Industry Robotics, Chemical Industry Robotics, Electric/Electronic Industry Robotics, Food Industry Robotics), By Purpose(Domestic Purpose (Education & Entertainment, Companionship, and Others), Professional Purpose (Military & Defence), By End-User(Automotive, Logistics & Transportation, Agriculture, Chemical), By Region - Industry Forecast 2024-2031


Report ID: SQMIG45I2129 | Region: Global | Published Date: July, 2024
Pages: 234 | Tables: 134 | Figures: 77

Smart Robot Market Dynamics

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.
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Global Smart Robots Market size was valued at USD 10.3 Billion in 2022 and is poised to grow from USD 13.5 Billion in 2023 to USD 51.2 Billion by 2031, at a CAGR of 16.4% during the forecast period (2024-2031).

Key players are developing application-oriented and industry-specific robots to help the industry. The manufacturers in the global market are always working on producing purpose-built robots that can solve a certain problem or have a specific market application. Industry-specific application-oriented robot development assists important firms in maintaining market dominance. Successful businesses are forming strategic alliances and relationships with vendors that have already built the essential technology solutions. Several significant players are developing their robotics business network throughout developed economies. Businesses are introducing feature- and application-specific goods in order to diversify their product portfolio and increase their competitiveness. 'ABB Ltd.', 'Amazon Robotics', 'Blue River Technology', 'Boston Dynamics', 'Fanuc Corporation', 'Hanson Robotics', 'Honda Motor Co. Ltd.', 'iRobot Corporation', 'Kuka AG', 'LG Electronics Inc.', 'Nachi-Fujikoshi Corporation', 'Omron Corporation', 'Rethink Robotics', 'Samsung Electronics Co. Ltd.', 'SoftBank Robotics Group Corp.', 'Sony Corporation', 'Universal Robots A/S', 'Yaskawa Electric Corporation', 'Yamaha Corporation', 'ZMP Inc.'

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.

Service-Enabled Robotics to Gain Traction: One of the key reasons for the need for smart robots is that they can do repetitive and less ergonomic tasks, allowing for easy information sharing and enhancing product quality and efficiency.

In terms of revenue, Asia Pacific was leading the global market in 2022. China and South Korea are the world's leaders in robot adoption and production. The enormous development of robotic technology in China and South Korea is a major driver driving significant market growth in the Asia-Pacific.

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Global Smart Robot Market

Product ID: SQMIG45I2129

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