The size of the smart robots market was estimated at $17.22 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 11.50% to reach $36.9 billion by 2030.
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"The Global Smart Robot Market 2020-2030 (USD Billion)")
The factors such as evolving technological developments in the field of robotics, increasing adoption of the self-governing robot for professional services, increasing government initiatives for R&D of AI-enabled robot, and growing investments within industrial automation, are responsible for the growth of the smart robot market globally. Moreover, the introduction of the innovative smart robot for personal applications that include robotic pets, elderly assistance, vacuum cleaning, pool cleaning, among others by the industry players has paved a way for smart robot demand in the last few years.
The penetration of technologies such as big data, mobility, and cloud computing within the machines is accelerating market growth. Growth in demand for a service robot, AI applications, and the popularity of IoT are the prominent growth drivers for the industry. However, heavy implementation costs and the requirement of skilled personnel is likely to hinder the smart robot market growth. The adoption of the smart robot is substantially higher in the industry domains such as automotive, manufacturing, retail, and healthcare due to the features such as efficiency and accuracy.
Smart Robot Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 36.9 Billion |
| Growth Rate | CAGR of 11.50 % during 2020-2030 |
| Segment Covered | By Component, Application, End User, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Irobot Corporation, Honda Motors Ltd, Adept Technology, Inc., Lely Group, Google, Inc., Amazon.com, Inc., Northrop Grumman Corporation, Bluefin Robotics Corporation, ABB Ltd. and Yaskawa Electric Corporation, among others. |
Key Segments of the Global Smart Robot Market
Component Overview, (USD Billion)
- Hardware
- Software
- Services
Applications Overview,(USD Billion)
- Professional Service Robot
- Personal Service Robot
- Collaborative Robot
End-Use Overview, (USD Billion)
- Automotive
- Manufacturing
- Healthcare
- Defense
- Energy & Utilities
- Food & Beverages
- Others
Regional Overview, (USD Billion)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
- South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global smart robot solution market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global smart robot solution market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the smart robot solution industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on component, product, and end-use. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global smart robot solution market. The report will benefit:
- Every stakeholder is involved in the smart robot solution market.
- Managers within the Tech companies looking to publish recent and forecasted statistics about the global smart robot solution market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global smart robot solution market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The market value of smart robots market in 2030 was USD 36.9 Billion by 2030
Asia Pacific dominated the market for smart robots market and accounted for the largest revenue share.
The base year for the report is 2023 in smart robots market
Cloud robotics is gaining popularity across the industries. Key players allocating significant resources and investment to keep up with the fierce market corporations with continuous product development. The recent development of Artificial Intelligence (AI), cloud computing, and the Internet of Things (IoT) and its implementation across various business segments also paved the way for greater development of cloud robotics.
Over the past years, there has been an upsurge in several robotics technology trends in the fields of medical informatics, gene sequencing, big data analytics, 3D printing, and self-driving cars. The industries such as healthcare, retail/logistics, defense, and manufacturing services that utilize fixed as well as a mobile robot on a large scale exhibit high growth potential for cloud robotics. The advent of sophisticated technologies, such as big data, machine learning, and automated reasoning has long held the promise of providing more flexible customer experiences.
Component Segment
The global smart robot solution market contains hardware, software, and service segment. In 2019, the hardware segment is likely to hold a significant market share due to the growing requirements of hardware components such as sensors, actuators, power systems, control systems, and communication systems. However, the solutions segment is anticipated to grow at a significant rate over the forecast period. Most of the industry participants within the smart robot market deliver professional services for managing the smart robot deployment. Also, these services ensure smoother and faster implementation, which enhances the value of business investments.
Product Segment
Based on the technology segment, the market is bifurcated into professional service robot, personal service robot, collaborative robot. In 2019, the professional service robot segment gathered the largest market revenue and it is anticipated to dominate the market throughout the forecast period. However, personal service robot is poised to grow at a considerable rate over the forecast period.
Application Segment
Based on the application, the market is segmented into automotive, manufacturing, healthcare, defense, energy & utilities, food & beverages, and others. The market manufacturing sector is anticipated to possess the largest market share in 2019 since smart robot are used for planning and designing the stages of manufacturing procedures, hence, creating huge growth prospects. On the other hand, growing investments in industrial automation is expected to fuel industry growth in the next five years.
The global smart robot solution industry is a wide range to North America, Asia Pacific, Europe, South America, and the Middle East & Africa. The Asia Pacific region is expected to be the prominent region with India as the largest smart robot market. Countries such as Japan, China, and South Korea are anticipated to be at the forefront in the adoption of smart robot owing to increased technological investment in the countries. Moreover, the rising trend of a cloud-based solution in medium and large industries propels the demand for smart robot in the region.
The major players of the global smart robot solution market are SoftBank, iRobot, KUKA, Hanson Robotics, Amazon, ABB, FANUC, YASKAWA ELECTRIC, Universal Robot, Blue Frog Robotics, Rethink Robotics, and more. The smart robot solution market is fragmented with the existence of well-known global and domestic players across the globe.