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

The smart robot market is projected to be volatile due to mergers and acquisitions, intense rivalry, and the involvement of both new and existing players. The introduction of smart collaborative robots and AI-enabled systems with enhanced reliability and accuracy is likely to drive growth in the smart robot market in the forecast period. They can connect to a cloud platform digitally to boost operational efficiency and business process agility. As a result, they are commonly used to automate manufacturing processes and warehouse management systems in industrial settings.

Key players are developing application-oriented and industry-specific robots to help the industry. The manufacturers in the 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 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.