Enjoy complimentary customisation on priority with our Enterprise License!
The smart robots market size is forecast to increase by USD 20.50 billion at a CAGR of 23.73% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing focus of companies on factory automation and the rise in mergers and acquisitions. The market is witnessing increased adoption in various industries, including surgical applications and rehabilitation, due to the precision and efficiency offered by these robots. Additionally, the use of smart robots in hazardous environments and smart manufacturing is on the rise. A key trend in the market is the development of swarm robotics and multi-robot systems, which enable coordinated robot actions for complex tasks. Despite the advantages, the high cost of smart robots remains a significant challenge for market growth. Overall, the market is expected to continue its upward trajectory, driven by technological advancements and increasing demand for automation in various industries.
Smart robots are transforming various industries, from manufacturing to healthcare, with their advanced capabilities and human-like interaction. According to the World Robotics Report, the global market for smart robots is expected to grow significantly over the next decade. This growth is driven by the increasing adoption of collaborative robots in industries such as automotive and electronics, as well as in domestic settings as domestic servant robots and automated wheelchairs. In the energy and utilities sector, smart robots are being used for inspection and maintenance tasks in hazardous environments. In healthcare, they are being used in surgical applications and rehabilitation, improving patient outcomes and reducing costs.
In manufacturing, smart robots are revolutionizing production processes through smart manufacturing and swarm robotics. Human-robot interaction is a key area of focus, with advancements in natural language processing and machine learning enabling more intuitive and effective collaboration between humans and robots. Other areas of growth include the use of drones and aerial drones for inspection and delivery, and the development of humanoid robots for social applications. The future of smart robots is bright, with potential applications in areas such as fulfillment centers, logistics, and even space exploration. As technology continues to advance, the possibilities for smart robots are endless.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The professional service robots segment is estimated to witness significant growth during the forecast period. The market is segmented into professional service robots, which held the largest market share of approximately 55% in 2023. This segment encompasses robots designed for commercial applications, including cleaning public spaces, product delivery, and food delivery, excluding manufacturing facilities. The professional service robots segment comprises various types of smart robots, such as unmanned ground vehicles (UGVs), automated mobile robots (AMRs), delivery robots, fire-fighting robots, and educational robots. These robots are primarily utilized in industries like warehouses, airports, hotels, postal logistics centers, hospitals, and public buildings. Additionally, they can be employed in challenging environments, such as space and defense and agricultural lands.
Further, the competitive landscape of the market is analyzed using the Ansoff matrix, which includes strategies like Market Penetration, Market Development, and Product Development. The innovation score of key players is also assessed to understand their competitive positioning. Market Development and Product Development are expected to be the primary growth strategies for market participants during the forecast period.
Get a glance at the market share of various segments Request Free Sample
The professional service robots segment accounted for USD 2.99 billion in 2018 and showed a gradual increase during the forecast period.
APAC is estimated to contribute 47% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions Request Free Sample
The market is categorized into Market Penetration, Market Development, Product Development, and Market Growth based on the Ansoff Matrix. The Competitive Quadrant of this market is characterized by key players focusing on both Market Penetration and Product Development strategies. The Asia Pacific (APAC) region holds the largest share in The market, with an Innovation Score driven by the increasing focus on home automation and factory automation in countries such as China, Australia, Japan, India, Singapore, and South Korea. This growth is attributed to the wave in investments in communication network infrastructure, totaling over USD 300 billion for 5G network development in the region. This investment facilitates the implementation of Autonomous Mobile Robots (AMRs), further fueling market expansion during the forecast period.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing focus of companies on factory automation is the key driver of the market. In the current business landscape, there is a growing trend among companies to automate their manufacturing processes using advanced technologies such as AI, machine learning, robotics, and analytics. This macro-economic shift is driven by the need to enhance productivity, improve product quality, and reduce labor costs. To achieve these objectives, decision-makers are increasingly turning to smart robots, such as collaborative robots and professional robots, to automate repetitive tasks and eliminate the need for human labor. The adoption of smart robots is not limited to specific industries; instead, it is gaining traction across various sectors, including automotive, consumer electronics, healthcare, and industrial.
For instance, in February 2021, Ola, a leading mobility company, announced the implementation of ABB robotics and automation solutions at its electric scooter manufacturing facility in India. This move is expected to streamline production processes and improve overall financial performance.
The rise in number of M&A activities is the upcoming trend in the market. The macro-economic trend of increasing operational efficiency in various industries, such as healthcare, automotive, and manufacturing, has led to a significant rise in the adoption of smart robots. In response, companies in the market have intensified their efforts to innovate and introduce advanced robotic solutions. Strategic alliances, including mergers and acquisitions (M&A), have become a popular approach for companies to expand their technological capabilities. By acquiring companies specializing in technology provision, robot manufacturing, and component supply, companies can enhance their product offerings, broaden their geographic reach, and expand their clientele. This M&A strategy not only enables companies to leverage the acquired companies' expertise but also allows them to provide decision-makers with sophisticated financial tools for financial performance analysis, helping them to make informed choices in the competitive market.
The high cost of smart robots is a key challenge affecting the market growth. In the current macro-economic landscape, there is a significant trend towards automation across various industries, with a particular focus on advanced technologies such as Artificial Intelligence (AI), Machine Learning (ML), and robotics. Companies in sectors including healthcare, automotive, industrial, and transportation are investing substantially to implement smart robots, such as collaborative robots and professional service robots, to automate processes and enhance productivity. Smart robots are sophisticated machines equipped with hardware components, including sensors, actuators, power sources, controllers, and software, that enable them to perform complex tasks. The integration of multiple sensors and control systems further enhances their capabilities.
However, the high cost of these components contributes to the overall manufacturing expense of smart robots. Decision-makers in businesses are utilizing financial tools to analyze the financial performance of these investments. Despite the high initial investment, the long-term benefits of implementing smart robots, such as increased productivity, improved quality, and cost savings, make them an attractive proposition for businesses.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is experiencing significant growth due to the increasing adoption of robots in various industries, including manufacturing, healthcare, and logistics. Macro-economic factors such as the need for automation and labor cost savings are driving this trend. Professional service robots, such as those used in surgical procedures and rehabilitation applications, are expected to dominate the market due to their ability to improve accuracy and efficiency. Personal service robots, including domestic servant robots and automated wheelchairs, are also gaining popularity for their ability to enhance human life and provide assistance in daily tasks. Smart robots are being used in industries like energy and utilities for inspection and maintenance, in smart manufacturing for automation and quality control, and in swarm robotics and multi-robot systems for complex tasks. The market is also witnessing the emergence of last-mile delivery robots and drones for efficient and cost-effective delivery solutions.
Further, human-robot interaction and social robotics are becoming increasingly important as robots are being designed to work alongside humans and provide assistance in a more intuitive and natural way. The market is expected to continue its growth trajectory, with the World Robotics Report projecting a compound annual growth rate of over 10% between 2021 and 2025. Robotic process automation, edge computing, and sarcos robotics are some of the emerging technologies that are expected to disrupt the market in the coming years. The market is also witnessing a shift towards the use of humanoid robots and aerial drones for various applications. Risk analysis is a critical factor in the adoption of smart robots, with decision-makers carefully considering the financial performance analysis and competitive positioning of various solutions.
Additionally, the use of financial tools and the Ansoff matrix are common methods for evaluating market penetration, product development, market development, and diversification strategies. Innovation is a key driver of growth in the market, with companies investing heavily in research and development to create new and advanced robotic solutions. The competitive landscape is dynamic, with new players entering the market regularly and established players expanding their offerings. The use of smart robots is transforming industries and improving productivity and efficiency. From surgical applications and rehabilitation to smart manufacturing and logistics, the potential applications of smart robots are vast and growing. The future of the market is bright, with new technologies and applications set to disrupt and transform the way we live and work.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
178 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 23.73% |
|
Market growth 2024-2028 |
USD 20.50 billion |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
18.86 |
|
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
|
Performing market contribution |
APAC at 47% |
|
Key countries |
US, China, Japan, Germany, and South Korea |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
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. |
|
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
|
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Solution
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
