The ‘Global Smart Robot Market Size, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global smart robot market, assessing the market on the basis of its segments like components, application, end-uses, verticals, and major regions.
Smart Robot Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2021): USD 5.9 billion
• Forecast CAGR (2023-2028): 26.95%
• Forecast Market Size (2027): USD 25.1 billion
The rising investments and interest in smart robotics are expected to drive the smart robot market growth across the globe. This is due to the increase in adoption of the Internet of Things and Artificial Intelligence and the development of sensor technology. These aspects are compelling organisations to progressively look at smart robots or intelligent machines to improve productivity, customise the user experience, and ramp up efficiency. This is likely to positively influence the market outlook over the coming years.
There is an increase in industrial automation along with robust government funding for automation solutions and advancement of robotics for the digital as well as the connected world. This is expected to propel the growth of the smart robot market across the globe. The rise in concern for workplace safety and the increase in the development of smart homes is expected to boost growth opportunities for the market globally.
However, the high cost of manufacturing coupled with insecure connections with robots is likely to hamper the market growth. Smart robots make jobs and life, in general, easier for humans and are considered much more accurate as compared to humans and much more efficient. This is expected to propel the demand for smart robots among consumers over the coming years.
Smart Robot Industry Definition and Major Segments
A smart robot is defined as an artificial intelligence system that learns from its experiences and its environment and shapes its abilities based on that understanding. Smart robots collaborate with human beings, learn from their behaviour and work with them. They are no longer limited to conventional sectors such as manufacturing and automation.
The market can be broadly categorised on the basis of its component into:
On the basis of its application, the market can be divided into:
• Industrial Robots
• Service Robots
The market, based on end use, can be segmented into:
Categorisation of the market on the basis of vertical is into:
• Food and Beverages
• Energy and Utility
Based on region, the market is divided into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Smart Robot Market Trends
Technological proliferation and innovations are expected to bolster the smart robot market growth across the world over the forecast period. The emergence of smart vacuum cleaner robots that incorporate floor sensing, battery sensing technologies, and filter sensing has fuelled the demand for smart robots in the residential sector which is further expected to augment market growth.
Going further, the increasing ageing population and surging demand for remote technology coupled with other advanced gadgets combined with robotics are expected to enhance the demand for smart robots in the upcoming years. The employment of smart robots in retail stores and hotels for customer service is likely to save a lot of time which is expected to escalate the demand for the smart robot market.
Moreover, robots work all the time which further speeds up production. They offer consistency in their work and they are not dependent on other humans which is likely to increase the demand for smart robots across the world. Due to the surging requirement for sorting procedures and streamlining, the manufacturing, material handling, and packaging industries have escalated smart robots’ adoption in industrial automation which is further driving the market growth.
Geographically, North America is holding substantial market growth due to the increasing developments and innovations in robotic technology along with high investments. Meanwhile, the Asia Pacific is expected to gain momentum in the smart robot market share on account of the high production of robots, especially in countries like South Korea and China.
Key Market Players
The major players in the global smart robot market report are:
- ABB Ltd
- iRobot Corporation
- Fanuc Corporation
- Yaskawa Electric Corporation
- Kuka AG
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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