Smart Robots Market Growth, Trends And Forecast To 2031

(MENAFN- Straits Research) Smart robots are machines equipped with artificial intelligence to complement and aid people in a variety of tasks. Robots have evolved and become more capable as a result of AI development. Collaborating with humans and learning from their behavior, smart robots work alongside humans. The quantity and types of operations that can be automated or upgraded with the assistance of smart robots and other intelligent machines are growing quickly. Smart robots have found uses across the supply chain, from picking and packing to sorting and transportation. Several businesses are drawn to smart robots due to the cost reductions they provide.
Market Dynamics
Development in Robotic Technology Drives the Global Market
Due to the rapid convergence of technology developments in engineering, automation, artificial intelligence, and machine learning, the robotics industry is aggressively promoting the smart robots market. The rise of intelligent robots has altered humans' ability to accomplish tasks. The International Federation of Robotics (IFR) predicts that the number of robots will expand by a factor of three during the last two decades. In addition, the trends in robotics predict that the global stock of robots will expand more rapidly over the next twenty years. Likewise, numerous governments and corporate entities are investing extensively in R&D to enhance robotics and artificial intelligence. The National Research Foundation of Singapore is expected to invest USD 150 million in a new national AI program. It is projected that these advances in the robotics industry will boost the growth of the smart robots market.
Technological Progress in Automation Creates Tremendous Opportunities
Artificial intelligence's (AI) game-changing potential and automation's superiority have ripened the worldwide smart robotics market. In the past ten years, smart robots have come a long way, from executing sophisticated logistics to facilitating the unmanning of defense vehicles. In addition, the technical ability to automate a variety of tasks with varying degrees of complexity has stimulated an exponential increase in the demand for smart robots in a variety of industries, including agriculture, defense, healthcare, infrastructure, aerospace, logistics, entertainment, and research and development, among others. Therefore, the expanding applications of smart robots in various industries may soon render these goods indispensable.
Regional Analysis
North America is the most substantial shareholder in the global smart robots market and is anticipated to grow at a CAGR of 16.99% during the forecast period. As a result of the early acceptance of technologically advanced goods in end-user industries, North America's smart robot market is anticipated to expand over the forecast period. Increasing demand from the medical field for rehabilitation in the region, favorable funding for assistive technologies for research, the adoption of surgical robots by numerous hospitals, and the availability of technologically advanced robots are all factors driving the service robotics market in the region. The market for smart robots is driven by rapid commercialization and the development of its manufacturing sector. In addition, the early adoption of technology in this region has spurred the rapid growth of the intelligent robot market.
Europe is estimated to grow at a CAGR of 17.84% over the forecast period. Smart robots are becoming increasingly useful and can greatly assist people in their homes and professional life. Europe is a leader in this industry, and to capitalize on this, the European Commission is determined to collaborate on all levels, from the regional to the European. As a result of the government's increased emphasis on the energy economy and pollution control rules, the European car industry has seen a proliferation of gas sensors. The expansion of end-user industries and gas sensor applications are also anticipated to be significant growth factors in this region. In addition, ABB, KUKA, BLUE FROG ROBOTICS, Kongsberg Maritime, and Universal Robots are some of the leading competitors in the smart robot business. These businesses are operating on multiple fronts of emerging and disruptive ICT technologies and are supplying the market with substantial products and services.
Key Highlights

The global smart robots market was valued at USD 12,089.23 million in 2022. It is estimated to reach USD 56,252.52 million by 2031, growing at a CAGR of 18.63% during the forecast period (2023–2031).
Based on component, the global smart robots market is divided into hardware and software.
The software segment is responsible for the largest market share and is anticipated to grow at a CAGR of 18.31% over the forecast period.
Based on application, the global smart robots market is segmented into industrial and service.
The industrial segment owns the highest market share and is estimated to grow at a CAGR of 17.72% during the forecast period.
North America is the most substantial shareholder in the global smart robots market and is anticipated to grow at a CAGR of 16.99% during the forecast period.

Competitive Players
The key players in the global smart robots market are DeLaval, ABB Ltd, Blue Frog Robotics, Samsung Electronics Co Ltd., Intuitive Surgical, iRobot Corporation, SoftBank Robotics Co Ltd., Hanson Robotics, Sanbot Innovation Technology, and Intelitek Inc.
Market News

In February 2023, Xiaomi plans to launch the CyberOne and CyberDog robots apart from the smartphone at MWC 2023 (Mobile World Congress 2023). CyberOne is a bipedal robot, whereas CyberDog robot is a quadrupedal robot.
In February 2023, AAEON, a leader in IoT solutions, is collaborating with PlayRobot to produce an educational robot development kit. The academic community is eager to include the kit in their curriculum after the team demonstrated the gear at National Central University.

Global Smart Robots Market: Segmentation
By Component

Hardware
Software

By Applications

Industrial
Service

By Regions

North America
Europe
Asia-Pacific
RoW

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