Smart Robots Market by Component (Hardware, Software), Mobility (Mobile, Stationary), Operating Environment, Application - Global Forecast 2024-2030

Smart Robots Market by Component (Hardware, Software), Mobility (Mobile, Stationary), Operating Environment, Application - Global Forecast 2024-2030

The Smart Robots Market size was estimated at USD 16.28 billion in 2023 and expected to reach USD 20.87 billion in 2024, at a CAGR 34.14% to reach USD 127.32 billion by 2030.

The smart robot market encompasses robotic systems that can perform autonomous tasks, learn from their environments, and work in collaboration with human beings. These robots are integrated with advanced technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT). ​​Smart robots have a diverse range of applications, with end-uses spanning from industrial automation to personal assistance and entertainment. Increased adoption of automation by various industries is expanding the usage of smart robots. The growing elderly population requiring caregiving solutions and increased consumer spending on robots for personal use is expanding the scope of the market. Government initiatives supporting the integration of automation in industries and the investment in IoT technologies also contribute significantly to market growth. High initial costs of deployment, technical complexities associated with the integration of robots, and a lack of skilled workforce to manage and maintain these systems hamper the market growth. The development of collaborative robots (cobots) that work alongside humans and the rising adoption of smart robots in small and medium-sized enterprises (SMEs) are expected to create opportunities for market growth.

Regional Insights

The Americas represents a highly developing landscape for the smart robots market, with high consumer adoption rates due to strong purchasing power and a keen interest in innovative technologies. The region is home to leading tech companies investing heavily in R&D. Recent patents highlight advancements in AI, machine learning, and robotics. Moreover, there is significant government and private sector investment in robotics research, evidenced by initiatives such as the Robotic Industries Association (RIA). In the European Union, the smart robot market is sophisticated, with a focus on innovation and compliance with stringent regulations, including GDPR. EU consumers tend to prioritize ethical considerations and data security in their purchasing decisions. The EU has numerous collaborative research projects and funding opportunities, such as Horizon 2020, to foster advancements in robotics. The Middle East exhibits a fast-growing market for smart robots, particularly in the Gulf Cooperation Council (GCC) countries. The use of robots in service industries, such as hospitality and government services, is increasing. With high disposable incomes, consumers in the Middle East are willing to invest in advanced robotic systems. Africa's market for smart robots has significant potential due to its young demographic and increasing focus on technological education. Asia-Pacific's smart robots market is growing, driven by vast manufacturing capabilities and government incentives for automation. Chinese consumers are rapidly adopting robots for personal and professional use, leading to a surge in domestic production.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Smart Robots Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Rising Integration of IoT in Robots for Predictive Maintenance
    • Collaborative Robot Development Initiatives
    • Growing Adoption of Autonomous Robots for Professional Services
    • Market Restraints
      • High Cost of Smart Robots and Lack of Specialized Robotics Expertise
      • Market Opportunities
        • Expansion of Research & Development Facilities for Smart Robots
        • Emerging Adoption of Smart Robots for Personal and Domestic Use
        • Market Challenges
          • Data Privacy and Security Concerns of Smart Robots
          • Market Segmentation Analysis
            • Component: Growing usage of software to enhance robots' adaptability, efficiency, and functionality
            • Application: Rising potential of smart robots in professional settings to automate repetitive tasks
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Smart Robots Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Smart Robots Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Pudu Robotics Announces Strategic Partnership with SoftBank Robotics
              
              Pudu Robotics announced a significant partnership with SoftBank Robotics, aiming to transform the industry through this collaboration. Leveraging SoftBank Robotics' deep understanding of the Japanese market and Pudu's cutting-edge technology in delivery and cleaning robots, this alliance is set to enhance the capabilities and reach of both companies. As a forward-looking Chinese startup, Pudu Robotics is not only solidifying its dominance in the Chinese market but also broadening its international footprint.
              
              OMRON Robotics and Safety Technologies enters strategic partnership with Lowpad for mobile robots
              
              OMRON has forged a strategic alliance with Lowpad to develop robots boasting profiles as slim as 80 to 130 mm and featuring an integrated lift system; they are adept at managing racks, trollies, and pallets, thereby streamlining manual transport processes across a multitude of industries. Through this collaboration, OMRON would enhance its product lineup, offering customized Lowpad robots under the OMRON banner, all seamlessly integrated with OMRON's cutting-edge FLOW Core software.
              
              KT Launches Two new AI Serving Robots Designed with State-of-the-art Features
              
              South Korea's KT Corp. has recently announced the launch of two cutting-edge AI service robots, marking a significant milestone achieved through their strategic collaboration with Bear Robotics and LG Electronics Inc. These innovative robots are designed with state-of-the-art features, including upgraded driving stability and an innovative weight detection mechanism, enhancing their utility and efficiency. A standout feature of the Bear Robotics robot includes a dynamically adjustable four-level tray system, tailored to modify its height based on the weight of the food it carries.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Smart Robots Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Smart Robots Market, highlighting leading vendors and their innovative profiles. These include ABB Ltd., Amazon.com, Inc., Blue Frog Robotics SAS, Brain Corporation, ECA Group, Epson America Inc., F&P Robotics AG, FANUC Corporation, Fetch Robotics, Inc., Gecko Systems International Corporation, HAHN Group GmbH, Hanson Robotics Limited, Honda Motor Co., Ltd., Honeywell International Inc., Intuitive Surgical, Inc., iRobot Corporation, Kongsberg Gruppen ASA, KUKA AG, Mitsubishi Electric Corporation, Neato Robotics, Inc., Omron Corporation, Panasonic Holdings Corporation, Samsung Electronics Co., Ltd., SharkNinja Operating LLC, Siemens AG, SoftBank Robotics Group Corporation, ST Engineering Aethon, Inc., Universal Robots A/S, Visevi Robotics GmbH, and YASKAWA Electric Corporation.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Smart Robots Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Component
              • Hardware
                • Actuators
                • Control systems
                • Power sources
                • Sensors
                • Software
                • Mobility
                  • Mobile
                  • Stationary
                  • Operating Environment
                    • Ground
                    • Underwater
                    • Application
                      • Personal & Domestic
                      • Professional
                        • Agricultural
                        • Healthcare Assistants
                        • Inspection & Maintenance
                        • Law Enforcement
                        • Logistics Management
                        • Military & Defense
                        • Public Relations
                      • Region
                        • Americas
                          • Argentina
                          • Brazil
                          • Canada
                          • Mexico
                          • United States
                            • California
                            • Florida
                            • Illinois
                            • New York
                            • Ohio
                            • Pennsylvania
                            • Texas
                            • Asia-Pacific
                              • Australia
                              • China
                              • India
                              • Indonesia
                              • Japan
                              • Malaysia
                              • Philippines
                              • Singapore
                              • South Korea
                              • Taiwan
                              • Thailand
                              • Vietnam
                              • Europe, Middle East & Africa
                                • Denmark
                                • Egypt
                                • Finland
                                • France
                                • Germany
                                • Israel
                                • Italy
                                • Netherlands
                                • Nigeria
                                • Norway
                                • Poland
                                • Qatar
                                • Russia
                                • Saudi Arabia
                                • South Africa
                                • Spain
                                • Sweden
                                • Switzerland
                                • Turkey
                                • United Arab Emirates
                                • United Kingdom
                                
                                
                                Please Note: PDF & Excel + Online Access - 1 Year