Global Smart Robot Market to Reach US$ 47.7 Billion by 2032, Impelled by Increasing Adoption in Healthcare Industry

July 22, 2022 | Technology & Media

According to the latest report by IMARC Group, titled “Smart Robot Market Report by Component (Hardware, Software, Services), Mobility (Stationary, Mobile), Application (Welding and Painting, Assembling and Disassembling, Material Handling and Sorting, Inspection and Security, and Others), Vertical (Automotive, Manufacturing, Electrical and Electronics, Food and Beverages, Chemical, Residential, and Others), and Region 2024-2032," the global smart robot market reached a value of US$ 12.4 Billion in 2023. Smart robots are machines that are designed to assist humans with laborious and complex tasks. They are integrated with advanced technologies, such as machine learning (ML), artificial intelligence (AI), and deep learning (DL). They consist of electric motors, controllers, sensors, effectors, and actuators. Smart robots are widely used for assembling, welding, painting, material handling, inspection, sorting, and security applications. As compared to traditionally used robots, smart robots collaborate with human beings, learn from their environment, and experience and refine or modify their actions accordingly. As a result, they are widely used in the chemical, automotive, electrical and electronics, and food and beverage (F&B) industries.

Global Smart Robot Market Trends-

The significant growth in the healthcare industry across the globe is creating a positive outlook for the market. Smart robots are widely used for minor invasive surgeries in urology or gynecology. In line with this, the increasing prevalence of chronic diseases, such as cognitive, sensory, and motor impairments, and rising demand for elderly care are favoring the market growth. Apart from this, the widespread product utilization to distribute hand sanitizer and measure temperatures to avoid human contact due to the outbreak of COVID-19 is providing a considerable boost to the market growth. Additionally, the increasing demand for smart robots equipped with advanced digital technologies, such as the Internet of Things (IoT) and artificial intelligence (AI) that assist in speeding up the production process, reducing human errors, and improving accuracy, are positively impacting the market growth. Other factors, including the rising demand for lightweight and miniaturized smart robots, widespread product adoption due to the increasing security concerns, and extensive research and development (R&D) activities, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$ 47.7 Billion by 2032, exhibiting a CAGR of 15.6% during 2024-2032.

Market Summary:

  • On the basis of the component, the market has been classified into hardware, software and services.
  • Based on mobility, the market has been bifurcated into stationary and mobile.
  • On the basis of the application, the market has been divided in welding and painting, assembling and disassembling, material handling and sorting, inspection and security and others.
  • Based on the vertical, the market has been categorized into automotive, manufacturing, electrical and electronics, food and beverages, chemical, residential and others.
  • On the basis of region, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and Others) Latin America (Brazil, Mexico and Others), and Middle East and Africa.
  • The competitive landscape of the industry has also been examined, with some of the key players being ABB Ltd., F&P Robotics AG, Fanuc Corporation, Hanson Robotics Limited, Honda Motor Co. Ltd, iRobot Corporation, KUKA AG (Midea Group), Neato Robotics Inc. (Vorwerk), Rethink Robotics GmbH, Samsung Electronics Co. Ltd., Seiko Epson Corporation, SoftBank Robotics Corp and Yaskawa Electric Corporation.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Component, Mobility, Application, Vertical, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered ABB Ltd., F&P Robotics AG, Fanuc Corporation, Hanson Robotics Limited, Honda Motor Co. Ltd, iRobot Corporation, KUKA AG (Midea Group), Neato Robotics Inc. (Vorwerk), Rethink Robotics GmbH, Samsung Electronics Co. Ltd., Seiko Epson Corporation, SoftBank Robotics Corp and Yaskawa Electric Corporation
Customization Scope 10% Free Customization
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Global Smart Robot Market to Reach US$ 47.7 Billion by 2032, Impelled by Increasing Adoption in Healthcare Industry
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