The global smart robot market size reached US$ 10.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.3 Billion by 2028, exhibiting a growth rate (CAGR) of 17.7% during 2023-2028.
Smart robots collaborate with humans and adapt their behavior according to experience for performing cognitive tasks and manual labor work. They are integrated with advanced technologies, such as artificial intelligence (AI), machine learning (ML), sensors, and deep learning (DL). They can digitally connect with a cloud platform to improve operational efficiency and agility of business processes. As a result, they are widely utilized in industrial settings to automate manufacturing processes and warehouse management systems.
Smart Robot Market Trends:
The emergence of the Fourth Industrial Revolution (Industry 4.0) and the growing trend of precision manufacturing are catalyzing the need to modify manufacturing facilities into connected factories. This represents one of the major factors driving the demand for smart robots as they can perform repetitive and less ergonomic tasks, which allows seamless sharing of information and increases product quality and productivity. Moreover, several retail stores are deploying in-store robots to recognize actions in real-time, assist operators, and reduce human errors. Apart from this, service-enabled robotics is gaining traction in the healthcare industry to assist complex surgeries, elderly care, assistive technologies, and patient care at home. This, coupled with the growing prevalence of chronic diseases, is positively influencing the demand for smart robots to aid people with cognitive, sensory, and motor impairments. Furthermore, as smart robotic vacuum cleaners are lightweight, small-in-size, and require low maintenance, they are extensively utilized for mopping, cleaning, and ultraviolet (UV) sterilization of residential and commercial spaces. This, in confluence with the outbreak of the coronavirus disease (COVID-19) and the growing emphasis of individuals on maintaining health and hygiene, is positively influencing the demand for smart robots to prevent the spread of the pandemic and create a safe workplace.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global smart robot market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on component, mobility, application and vertical.
Breakup by Component:
Breakup by Mobility:
Breakup by Application:
Welding and Painting
Assembling and Disassembling
Material Handling and Sorting
Inspection and Security
Breakup by Vertical:
Electrical and Electronics
Food and Beverages
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles 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.
Base Year of the Analysis
Component, Mobility, Application, Vertical, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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
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Key Questions Answered in This Report
The global smart robot market was valued at US$ 10.6 Billion in 2022.
We expect the global smart robot market to exhibit a CAGR of 17.7% during 2023-2028.
The introduction of smart robotic vacuum cleaners for mopping, cleaning, and Ultraviolet (UV) sterilization of residential and commercial spaces, as they are lightweight, small-in-size, and require low maintenance, is primarily driving the global smart robot market.
The sudden outbreak of the COVID-19 pandemic has led to the growing adoption of smart robots to distribute hand sanitizer and measure temperatures to combat the spread of the coronavirus infection upon human interaction.
Based on the component, the global smart robot market has been segmented into hardware, software, and services. Currently, hardware holds the majority of the total market share.
Based on the mobility, the global smart robot market can be divided into stationary and mobile, where mobile currently exhibits a clear dominance in the market.
Based on the application, the global smart robot market has been segregated into welding and painting, assembling and disassembling, material handling and sorting, inspection and security, and others. Currently, assembling and disassembling accounts for the largest market share.
Based on the vertical, the global smart robot market can be categorized into automotive, manufacturing, electrical and electronics, food and beverages, chemical, residential, and others. Among these, automotive currently exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global smart robot market include 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.
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