Dublin, July 26, 2024 (GLOBE NEWSWIRE) -- The "Smart Robots Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
Global Smart Robots Market was valued at USD 4.61 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 28.55% through 2029.
Enhanced by artificial intelligence (AI) and machine learning (ML), smart robots are redefining efficiency standards across manufacturing, logistics, healthcare, and consumer services.
Driving Forces Behind Market Expansion
One of the most influential factors fueling market growth is breakthroughs in AI and ML, which dramatically augment the intelligence and capabilities of smart robots. With exceptional precision and reliability, these robots are increasingly present in manufacturing, handling repetitive tasks and boosting both productivity and product quality. The deployment of smart robots is not only altering operational standards but also nurturing sustainable growth that is reshaping the competitive landscape of the global market.
Smart Robots - A Solution to Rising Labor Costs
As industries confront rising labor costs and heightened demand for efficiency, automation through smart robots presents an effective countermeasure. The market sees an expanding role for these robots in sectors like logistics and agriculture, where they tackle repetitive and labor-intensive work.
Challenges to Market Progression
Despite the optimistic outlook, the smart robots market encounters several obstacles. The substantial initial implementation costs and extended ROI timelines deter prospective adopters, specifically small and medium enterprises. Moreover, regulatory complexities and ethical dilemmas surrounding AI contribute additional layers of challenge for widespread deployment.
Integration of IoT and Cobots: Latest Market Trends
Significant trends shaping market dynamics include the incorporation of the Internet of Things (Io4T), which bolsters the connectivity and data-driven efficiency of smart robots. Additionally, the escalating demand for collaborative robots (cobots) is instrumental in fostering human-robot collaborations that boost productivity and operational flexibility.
Regional Market Dynamics
North America currently leads with the largest share of the market, thanks to robust technological infrastructure and an innate culture of innovation. The region’s embrace of Industry 4.0 principles has seen smart robots becoming integral components of the manufacturing sector. Furthermore, the healthcare sector is turning to robotics to overcome labor shortages and enhance medical procedures.
Market Composition and Prospects
The smart robots market is segmented by component, with the software sector achieving dominance due to the integration of AI and ML. By mobility, the market is categorized into stationary and mobile segments, with diverse applications spanning automotive, manufacturing, and electronics. As the smart robots market continues its upward trajectory, the focus remains steadfast on progressing capabilities, ensuring ethical deployment, and overcoming technological limitations.
This recent market analysis underscores a clear message: the global smart robots market stands at the cusp of a new era in automation, poised to effectuate unparalleled advancements in operational efficiency across diverse industries.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 183 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $4.61 Billion |
| Forecasted Market Value (USD) by 2029 | $20.99 Billion |
| Compound Annual Growth Rate | 28.5% |
| Regions Covered | Global |
Competitive Landscape
- ABB Ltd
- iRobot Corporation
- Kuka Aktiengesellschaft
- Fanuc Corporation
- Yaskawa Electric Corporation
- Omron Electronics, LLC
- SGBI Inc.
Report Scope:
Smart Robots Market, By Component:
- Hardware
- Software
Smart Robots Market, By Mobility:
- Stationary
- Mobile
Smart Robots Market, By Application:
- Automotive
- Manufacturing
- Electrical & Electronics
- Others
Smart Robots Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Netherlands
- Belgium
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Thailand
- Malaysia
- South America
- Brazil
- Argentina
- Colombia
- Chile
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
For more information about this report visit https://www.researchandmarkets.com/r/m9aby2
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