Press release
Global Smart Robot Market Size, Share, Price, Trends, Growth, Analysis, Report, Forecast 2024-2032
A smart robot refers to a system of artificial intelligence (AI), fully capable of learning various useful skills from the environment. On the basis of its experience, this machine can expand its capabilities and collaborate with humans to execute different types of tasks. Smart robots are useful machines which are designed to lay foundation for future activities, as well as support unforeseen conditions.
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The industrial sector is generating a steady smart robot market demand. These robots improve the processes related to manufacturing and logistics which boost the overall productivity. Smart robots also reduce the need for human labour which can enable significant cost-savings for any industrial firm. Moreover, the technological advancements in industry 4.0 are expected to expand the opportunities for the smart robot market growth.
High speed data transmission is playing an important role in the market. With the advent of 5G technology and wireless connection facility, smart robots are able to work more efficiently and reliably. Over the forecast period, both wired and wireless technologies in smart robots are likely to enable real-time communication along with secure connection, leading to enhanced productivity.
According to the smart robot market analysis, rapid advancements in robotic technology are the crucial market trends. These advancements include the development of self-healing, customisable, and cloud robots. These types of smart robots are expected to handle wide range of operations across various sectors including automotive, manufacturing, and energy and utility, among others.
In the service sector, smart robots are gaining popularity for their roles in customer service, cleaning, and personal assistance. They are being deployed in hospitals, hotels, public spaces, and homes, providing services ranging from disinfection and surveillance to companionship and support for the elderly or individuals with disabilities.
Logistics and supply chain management have also witnessed a significant transformation with a heightened smart robot market demand. They are employed in warehouses and distribution centres for inventory management, sorting, and transportation of goods. This automation reduces human error, increases efficiency, and lowers operational costs.
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Market Segmentation
The market can be divided based on component, application, end use, vertical, and region.
Market Breakup by Component
Hardware
Software
Services
Market Breakup by Application
Industrial Robots
Service Robots
Market Breakup by End Use
Industrial
Commercial
Residential
Market Breakup by Vertical
Automotive
Healthcare
Manufacturing
Food and Beverages
Retail
Energy and Utility
Others
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global smart robot market. Some of the major players explored in the report by Expert Market Research are as follows:
ABB Ltd.
iRobot Corporation
Fanuc Corporation
Yaskawa Electric Corporation
Kuka AG
Others
Frequently Asked Questions (FAQs) about the Global Smart Robot Market
1. What was the global smart robot market size in 2023?
The global smart robot market attained a value of more than USD 9.51 billion in 2023.
2. What is the expected growth rate of the smart robot market?
The smart robot market is expected to grow at a Compound Annual Growth Rate (CAGR) of 27.2% during the forecast period of 2024-2032.
3. What is the projected market size of the smart robot industry by 2032?
The market is anticipated to reach over USD 82.76 billion by 2032.
4. What are smart robots?
Smart robots are autonomous robots equipped with advanced technologies like artificial intelligence (AI), machine learning, and sensors, enabling them to perform tasks with a high degree of autonomy and adaptability.
5. What are the key applications of smart robots?
Key applications include manufacturing, healthcare, logistics and transportation, domestic tasks, entertainment, and security and surveillance.
6. What are the main drivers of growth in the smart robot market?
Drivers include advancements in AI and robotics technology, increasing demand for automation in various industries, and the rising need for efficient and cost-effective solutions for complex tasks.
7. What are the challenges faced by the smart robot market?
Challenges include high initial investment costs, technical complexities, ethical and safety concerns, and the need for skilled professionals to develop and maintain smart robots.
8. How are smart robots impacting the workforce?
While smart robots are automating repetitive and hazardous tasks, they are also creating new job opportunities in robotics development, maintenance, and AI integration. However, there are concerns about job displacement in certain sectors.
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