Austin, July 14, 2024 (GLOBE NEWSWIRE) -- The Smart Robot Market Size was valued at USD 13.39 Billion in 2023. It is expected to reach USD 111.6 Billion by 2032 and grow at a CAGR of 26.63% over the forecast period 2024-2032.
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The smart robot market is rising due to technological advancements and increased use of artificial intelligence and machine learning. The mentioned technologies have allowed the robots to perform functions with increased efficiency and accuracy. Robots have become an essential part of the manufacturing sector that improves the precision of production, reduces the cost of labor, and benefits overall efficiency. In the automotive industry, companies use smart robots for various assembly line processes, quality control, and testing. Manhandling robots in the automotive industry hold a market share of over 47% in 2024 and by 2025, it is going to increase by 50%. In healthcare, different robots are implemented in surgeries, patient screening, care, and testing, which reduces the probability of mistakes and contributes to improved outcomes.
With the development of new trends, the sphere of consumer goods also experiences growth in the implementation of such robots in cleaning, entertainment, and personal needs. Smart robots have become the elements of everyday life together with the increased integration of AI and IoT that accepts their ability to fulfill autonomous functions and interact with humans more naturally.
Smart Robot Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 13.39 billion |
| Market Size by 2032 | USD 111.6 billion |
| CAGR | CAGR of 26.63% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Segment Analysis
By Type
Professional robots hold a major market share of 55% in 2023 as several commercial tasks are being automated. These robots are fully or partly independent and are relatively newer. Professional robots are further segregated into fields of agriculture, construction, defense, logistics, medical, and others. The implementation of these technologies has given added advantage to the market due to artificial intelligence, machine learning, and adaptive vision systems.
Domestic or personal robots would exhibit a promising growth rate of CAGR 27.54% in the forecast period, due to the increasing acceptance from the customers. With the increase in technological research and developments, personal robots are more usable and practical. High labor costs and the increasing population will act as a major driver for the market. High investments are being made in smart infrastructure, which will in turn drive the economy of personal or domestic use robots.
By Mobility
Stationary robots are fixed in one position and are highly demanded for industrial processes like material handling, picking, or sorting, which makes the segment dominate with a market share of 56% in 2023. The availability of stationary robots is high across the manufacturing and the automotive sector and, they are expected to grow at a significant pace in the upcoming years. They are highly used across the stationary assistive robotic systems in the manufacturing industry.
The mobile robot segment has a steady CAGR, making the segment fastest-growing as there is an increased demand for an autonomous and flexible operating robot across the market. Mobility is an Internet of Things tendency, which has its effect growing with the usage of smartphones across the market for the last few years. The mobile robot is highly used across the industry and has gained much popularity due to the effect of the growing penetration of the mobile among the people.
Regional Developments
In 2023, the Asia Pacific continues to dominate the global smart robot market with a market share of over 45%, as robotic technologies develop rapidly across significant areas in China and South Korea. The four leading countries in the production and use of industrial robots are South Korea, Japan, Singapore, and China. The domination is estimated to continue during the forecast period since most developing Asian countries are still at the stage of industrialization.
North America grows at a faster rate due to the demand for smart robots highly increases in the end-use industries, including automotive, manufacturing, healthcare, food and beverages, consumer goods, and others. The rising demand for robotics across the region is due to technical improvements, wage pressures, and trade policies. Currently, the industry provides robotics with a favorable environment as it highlights the automation trend in the North American nations while providing a path for robotics strategic development both domestically and around the globe.
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Recent Developments
- April 2024: Xiaomi to launch new robot vacuum cleaner S10 during Smarter Living event, India. This will be the expansion of the Xiaomi smart home product line robot vacuum cleaner with superior cleaning capabilities and new smart home connectivity.
- April 2024: Apple to enter the robotics market with new robots, iPads, and accessories launch. The new robots to be announced include affordable MacBooks, MacBook Airs, Pros, and ultraportable iPad displays.
- March 2024: Milagrow Humantech launched a new series of robotic floor cleaners iMap 23 Black, iMap 14, and BlackCat23. The robots feature the RT2R software, 2.0 Lidar Navigation, and high-capacity batteries. They are five times more powerful, efficient, and intelligent in navigation than the previous models.
Key Takeaways
- Gain a clear understanding of the market size, growth projections, and segmentation by type, application, and industry.
- Identify the key factors propelling market growth, including technological advancements, rising automation adoption, and government support initiatives.
- Analyze insights into forecast market trends and opportunities in the forthcoming years.
- Understand the competitive landscape, including key players, their products, and recent strategic developments.
- Leverage the report's insights to make informed investment decisions, develop effective business strategies, and capitalize on emerging opportunities within the Smart Robot Market.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Smart Robot Market Segmentation, By Type
8. Smart Robot Market Segmentation, By Mobility
9. Smart Robot Market Segmentation, By Application
10. Smart Robot Market Segmentation, By End-User
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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