Smart Robots Market Forecasts to 2030 - Global Analysis By Type, Component, Mobility, Operating Environment, Application, End User and By Geography

According to Stratistics MRC, the Global Smart Robots Market is accounted for $14.6 billion in 2023 and is expected to reach $70.2 billion by 2030 growing at a CAGR of 25.1% during the forecast period. A smart robot is a particular kind of artificial intelligence (AI) system that can learn from its surroundings and circumstances, as well as from its knowledge, and develop new skills as a result of this extensive learning. They are widely employed in science, industry, and even for personal usage and are furthermore created specifically to tackle industrial applications. There are a growing number and variety of activities that can be automated or improved by software robots, and other intelligent technologies. The smart robots are capable of doing cognitive as well as manual activities. Hence, technical advancements have brought about a cultural inflection point that is comparable to the Industrial Revolution.

According to the International Federation of Robotics (IFR), in 2017, Korea was the global leader in adopting industrial robots with an average use of 710 robots per 10,000 laborers.

Market Dynamics:

Driver:

Increasing usage of industrial robots to reduce labour costs

The increasing demand for help in manufacturing and production plants is what gave rise to the usage of robots. Robots can efficiently and with fewer risks carry out dangerous human tasks or manual tasks. Manufacturing businesses from many nations are rapidly using robotics to cut labour costs by substituting intelligent robots for human workers. Industrial robot adoption has shown continuous rise since 2015, when industrialised countries like the United States reported 200 industrial robots for every 10,000 workers. This development supports the growing need for industrial robots. Based on the cost reductions associated with workers' compensation levels, this growth was anticipated to increase throughout the projection period. By substituting intelligent industrial robots for human labour, several firms hope to save costs. Therefore, the use of industrial robots would become popular on a global scale.

Restraint:

Growing privacy concerns

The expansion of the industry may be constrained by ethical concerns over data ownership, particularly given the rise of software services for robots. Individuals' private data became available on the cloud as domestic robots were more widely used for entertainment, education, and household tasks. Unauthorised users or other parties, including marketing firms, may acquire this data. Robots' access to private information can occasionally be violated and abused. In the military, defence, and healthcare sectors, data breaches have serious repercussions. Data security is therefore becoming a top worry when using robots, and it may become a significant industry development inhibitor.

Opportunity:

Advanced robots with artificial intelligence

By giving robots sufficient intellect similar to that of a human, artificial intelligence (AI)'s entry into the area of robotics has completely changed the environment. Robots with AI capabilities can adapt to ever-more complicated settings or circumstances and learn from them. AI simulators are improving in accuracy and can now efficiently power real-world applications. These simulators can quickly execute hundreds of repeated processes, producing enormous amounts of useful data. The robot might benefit from this information by becoming more clever and capable. Therefore, there is a rising need for AI technology in intelligent robotics every day. Therefore, the expansion of the intelligent robot market in the upcoming years is projected to be driven by robots with artificial intelligence.

Threat:

Unreliable outcomes in critical operations

Robots are employed in a number of crucial tasks, including medical procedures, bomb dispersion, and the protection and care of elderly people however robots presents a unique set of challenges. Robots may also have technological problems while carrying out a crucial task, such as viruses infecting programmes or a loss of Internet access. Therefore, for robots to function more accurately, more precise programming that takes into account all potential outcomes and the availability of a backup for internet connectivity and electricity are crucial. A robot's output depends on a number of factors, and any parameter that is off might affect how accurate the robot is thus hindering the growth of the market.

COVID-19 Impact:

The worldwide COVID-19 epidemic has significantly altered human interaction styles and society. As a result of the government's and health experts' social segregation policies, intelligent robots have taken the place of human labour. The epidemic has expanded the use of intelligent robots beyond the manufacturing sector to include domestic and business settings. Intelligent robots are increasingly being used in homes and businesses to carry out household tasks. Robots are used by "Walmart," the largest retailer in America, to clean the floors. To prevent human interaction during the worldwide epidemic, South Korea has started utilising robots to deliver hand sanitizer and assess temperatures which have driven the market growth during the COVID-19 pandemic.

The professional robots segment is expected to be the largest during the forecast period:

The professional robots segment is estimated to have a lucrative growth, due to the increasing automation of business processes. These more contemporary robots are completely or mostly autonomous. Professional robots are in great demand across a variety of industries, including agriculture, construction, defence, logistics, and medicine. The adoption of intelligent robots has been further aided by the development of cutting-edge technology such as artificial intelligence, machine learning, and adaptive vision systems. The adoption of professional robots is anticipated to be aided by the emergence of the robotics-as-a-service (RaaS) model.

The material handling & sorting segment is expected to have the highest CAGR during the forecast period:

The material handling & sorting segment is anticipated to witness the highest CAGR growth during the forecast period, due to the increased need for an intelligent material handling system in the production processes, the adoption of smart robots is primarily driven by the application in material handling and sorting. Due to the significant need for robotic inspection and maintenance technology in the oil, gas, and petrochemical sectors, inspection and maintenance applications would occupy the second-largest share globally. Aside from that, this industry is also extending its application space quickly, creating new growth prospects.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the growing need for robots in the region has been driven by technology advancements, trade regulations, and wage constraints. The movement towards automation in North American countries provides a way for local and international robotics strategy development. In order to assist the expansion of the industry in the U.S., venture capital companies throughout the country are increasingly investing in businesses that are developing robotics technology. Therefore, it is probable that the significant expenditures in robotics technology advances will propel market expansion in North America.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period; owing to the two nations that lead the world in both robot adoption and production are China and South Korea. The crucial element driving considerable market expansion across the Asia-Pacific region is the huge development of robotic technology in China and South Korea. China shipped 115,000 industrial robots in 2017, according to the PWC research "Robot-ready: adopting a new generation of industrial robots" released in June 2018. China, Japan, Singapore, and South Korea are the top countries for manufacturing and using industrial robots. During the predicted period, the dominance is anticipated to continue because to the ongoing industrialisation of the emerging Asian nations.

Key players in the market

Some of the key players profiled in the Smart Robots Market include iRobot Corporation, Gecko Systems International Corporation, Brain Corporation, SoftBank Group, KUKA AG, ABB Ltd, Blue Frog Robotics, FANUC, Kongsberg Maritime, Delaval, Inc, Cyberdyne, Honda Motor Co., Ltd, Yaskawa Electric Corporation, Intuitive Surgical, Inc, ST Engineering Aethon, Inc, Rethink Robotics, Neato Robotics, Hanson Robotics Limited, Ganymed Robotics and Bluefin Robotics

Key Developments:

In January 2023, Brain Corp Partners with Google Cloud to Introduce 'BrainOS® Inventory Insights', an Analytics Solution for Retailers, a true end-to-end solution for analyzing the inventory data collected by its BrainOS® powered inventory scanning robots.

In September 2022, iRobot introduces World's Most Advanced 2-in-1 Robot Vacuum and Mop with Thoughtful iRobot OS 5.0 Updates, offering even more thoughtful updates for pet owners, busy families and those looking for more control over how they clean.

In August 2022, Amazon and iRobot Sign an Agreement for Amazon to Acquire iRobot, Completion of the transaction is subject to customary closing conditions, including approval by iRobot's shareholders and regulatory approvals.

Types Covered:

• Professional Robots
• Personal/Domestic Robots

Components Covered:

• Hardware
• Software
• Service
• Other Components

Mobilities Covered:

• Mobile
• Fixed/Stationary

Operating Environments Covered:

• Air
• Ground
• Underwater

Applications Covered:

• Healthcare Assistance
• Law Enforcement & Justice
• Education & Entertainment
• Inspection & Maintenance
• Logistics Management
• Sanitation & Disinfection
• Companionship
• Domestic
• Material Handling & Sorting
• Security & Surveillance
• Other Applications

End Users Covered:

• Residential
• Commercial
• Energy & Utilities
• Industrial
• Agriculture
• Healthcare
• Military & Defense
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances