PUBLISHER: SkyQuest | PRODUCT CODE: 1210242
PUBLISHER: SkyQuest | PRODUCT CODE: 1210242
Global Smart Robot Market was valued at USD 8.94 billion in 2021, and it is expected to reach a value of USD 13.44 million by 2028, at a CAGR of more than 6% over the forecast period (2022-2028).
Systems with artificial intelligence (AI) capabilities are smart robots. They can pick up knowledge from their experiences, environments, and surroundings. Based on the feedback database, they can expand their skills. Without being specifically trained, these machines develop intelligence that is essentially human-like. They have highly sensitive senses that allow them to keep an eye on their surroundings. Additionally, smart robots have capabilities like learning and self-correction utilizing machine learning.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global smart robot market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global Smart Robot Market is segmented based on the component, type, mobility, application, operating environment, end-user, and region. Based on component, the market is segmented into hardware (sensor, actuator, power source, control system), software, and services. Based on type, the market is segmented into personal/domestic robots and professional robots. Based on mobility, the market is categorized into mobile and fixed/stationary. Based on application, the market is segmented into inspection and maintenance, material handling and sorting, security and surveillance, education and entertainment, sanitation and disinfection, and others. Based on operating environment, the market is segmented into ground and underwater. Based on end-user, the market is segmented into manufacturing, healthcare, agriculture, military and defense, logistics and warehouse, education and entertainment, and others. By region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa (MEA).
Driver
The market's main growth drivers are the rising need for AI applications, service robots, and Internet of Things (IoT) adoption. The growth may be constrained, nevertheless, by high implementation costs and poor accuracy. Manufacturing and consumer electronics industries should benefit financially from the adoption of automated appliances. Due to qualities like accuracy and efficiency, smart robotics are adopted much more frequently in end-use industries, including manufacturing, automotive, healthcare, and retail.
Restraint
The expansion of the sector might be constrained by ethical issues about data ownership, especially with the rise of software services for robots. Private information about individuals became accessible on the cloud as domestic robots were used more frequently for household tasks, entertainment, and education. These data could be acquired by unauthorized individuals or outside parties like marketing companies. Robots' collection of private information can occasionally be breached and misused. The military, defense, and healthcare sectors are particularly vulnerable to the negative effects of data breaches. As a result, data security is increasingly a concern when deploying robots and might pose a significant barrier to the growth of the sector.
Market Trends
Due to these systems' ability to function well without human aid, the market for smart robots is predicted to rise significantly. These devices offer a number of advantages, including minimal power consumption, increased effectiveness, and frequent data and instruction transfer. These elements should favorably affect demand in the foreseeable future. The market is therefore anticipated to offer the compelling potential for the application of cutting-edge technology.