NEWS PROVIDED BYTechnavio
Jun 05, 2024, 18:25 ET
NEW YORK, June 5, 2024 /PRNewswire/ — The global smart robots market size is estimated to grow by USD 20.50 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 23.73% during the forecast period.
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| Forecast period | 2024-2028 |
| Base Year | 2023 |
| Historic Data | 2018 – 2022 |
| Segment Covered | Product (Professional service robots, Personal service robots, and Collaborative robots), Solution (Software, Hardware, and Service), and Geography (APAC, Europe, North America, South America, and Middle East and Africa) |
| Region Covered | APAC, Europe, North America, South America, and Middle East and Africa |
| Key companies profiled | ABB Ltd., Amazon.com Inc., Clearpath Robotics Inc., Dyson Technology India Pvt. Ltd., Ecovacs Robotics Co. Ltd., FANUC Corp., Gaussian Robotics Pte Ltd., HANSON ROBOTICS Ltd., Husqvarna AB, Kawasaki Heavy Industries Ltd., L3Harris Technologies Inc., LG Electronics Inc., MIDEA Group Co. Ltd., OMRON Corp., QinetiQ Ltd., Rethink Robotics GmbH, Robert Bosch GmbH, Samsung Electronics Co. Ltd., UBTECH Robotics Inc., and Yaskawa Electric Corp. |
Key Market Trends Fueling Growth
The smart robots market is witnessing a significant growth trend as vendors invest in advanced robot development through strategic mergers and acquisitions. These alliances enable vendors to expand their product offerings, geographic reach, and client base, while leveraging the technological know-how of acquired companies.
For instance, Amazon’s USD1.77 billion acquisition of Rethink Robotics in August 2022 marks their entry into the home robotics market and positions them as competitors to industry leaders like Google, Samsung, and Apple. This M&A activity will drive the development and commercialization of sophisticated smart robots, contributing to market expansion during the forecast period.
The Smart Robots Market is experiencing significant growth with advancements in technology. These robots are designed to perform various tasks, including manufacturing, delivery, and customer service. They are equipped with sensors and artificial intelligence, enabling them to learn and adapt to new environments.
The use of collaborative robots, or cobots, is increasing as they can work alongside humans, increasing productivity and efficiency. Additionally, the development of autonomous robots is revolutionizing industries such as agriculture and logistics. The future of smart robots is bright, with new applications and capabilities continually emerging.
Market Challenges
- The global smart robots market is experiencing significant growth due to increasing automation in various industries, including healthcare, automotive, industrial, and transportation. Companies are investing in advanced technologies like AI, ML, and robotics, leading to the adoption of smart robots.
- However, the high cost of these robots, including components such as sensors, actuators, and controllers, is hindering market expansion. Industrial robots, which can cost around USD39,000, are out of reach for many small and medium-sized enterprises. Personal service robots, while popular among price-sensitive buyers, also come with a high price tag. Vendors must focus on reducing costs to expand market presence and gain a competitive edge.
- The Smart Robots Market is experiencing significant growth, with various applications in sectors such as manufacturing, healthcare, and security. However, challenges persist in the development and implementation of these robots. One major challenge is the high cost of production, making it difficult for small businesses to afford them. Another challenge is the integration of these robots into existing systems and processes, requiring extensive training and resources.
- Additionally, ensuring the safety and reliability of these robots is crucial, as they often operate in sensitive environments. Lastly, the need for continuous innovation to keep up with advancing technology and consumer demands adds to the complexity of the market.
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Segment Overview
- Product
- 1.1 Professional service robots
- 1.2 Personal service robots
- 1.3 Collaborative robots
- Solution
- 2.1 Software
- 2.2 Hardware
- 2.3 Service
- Geography
- 3.1 APAC
- 3.2 Europe
- 3.3 North America
- 3.4 South America
- 3.5 Middle East and Africa
1.1 Professional service robots- The Smart Robots Market is experiencing significant growth due to increasing automation in industries. Businesses are investing in robots for manufacturing, logistics, and customer service to enhance productivity and efficiency. Robots offer flexibility, consistency, and safety benefits, making them valuable assets for companies. This trend is expected to continue as technology advances and costs decrease.
For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report
Research Analysis
The Smart Robots Market encompasses a wide range of robotic technologies, including collaborative robots, domestic servant robots, and automated wheelchairs. These robots are designed to interact seamlessly with humans, offering applications in various sectors such as energy and utilities, surgical and rehabilitation, smart manufacturing, and social robotics.
The market also includes industrial robots, humanoid robots, and swarm robotics. Notable trends include the integration of artificial intelligence and machine learning, leading to advanced human-robot interaction. Applications span from fulfillment centers and drone deliveries to aerial drones and sarcos robotic exoskeletons. The World Robotics Report provides valuable insights into market growth and future developments.
Market Research Overview
The Smart Robots Market encompasses the development, production, and implementation of robotic systems designed to perform tasks autonomously or semi-autonomously. These robots integrate advanced technologies such as artificial intelligence, machine learning, and computer vision to enhance productivity and efficiency in various industries. The market is driven by the increasing demand for automation in manufacturing, logistics, healthcare, and other sectors.
Additionally, the growing trend towards Industry 4.0 and the Internet of Things (IoT) is fueling the adoption of smart robots. The market is segmented based on type, application, and end-user. The future outlook is promising, with continuous advancements in robotics technology and the increasing need for automation expected to drive growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Product
- Professional Service Robots
- Personal Service Robots
- Collaborative Robots
- Solution
- Software
- Hardware
- Service
- Geography
- APAC
- Europe
- North America
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio