Smart Robot Market to Hit USD 84.95 Billion by 2030 as a Result of Advancements in Artificial Intelligence (AI) and Machine Learning (ML) Coupled with Industry 4.0 Revolution | By SNS Insider
According to SNS Insider, the smart robot market is poised for remarkable expansion, fueled by a convergence of cutting-edge technologies and a pressing need for enhanced efficiency across various sectors.
Pune, Aug. 11, 2023 (GLOBE NEWSWIRE) -- The SNS Insider report states that, “The Smart Robot Market had a valuation of USD 10.35 billion in 2022 and is projected to reach USD 84.95 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 30.1% during the forecast span from 2023 to 2030”.
Market Report Scope
A smart robot is an advanced and autonomous mechanical device equipped with artificial intelligence (AI) and sophisticated sensory systems that enable it to perceive, learn, adapt, and interact with its environment in an intelligent and efficient manner. Unlike traditional robots that perform pre-programmed tasks, smart robots have the ability to make decisions, analyze complex data, and even improve their performance over time through continuous learning. At the heart of a smart robot is its AI-driven brain, which processes vast amounts of information from various sensors such as cameras, lasers, and touch sensors.
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Market Analysis
Smart robots are redefining automation by seamlessly integrating AI and ML capabilities. These robots can learn from their experiences, adapt to dynamic environments, and make real-time decisions. As AI and ML technologies continue to advance, smart robots become more sophisticated, precise, and efficient, thus expanding their range of applications across industries such as manufacturing, healthcare, agriculture, and logistics. In regions where labor costs are high and workforce shortages prevail, industries are turning to smart robots to bridge the gap. These robots can perform repetitive tasks with utmost precision and consistency, reducing the dependency on manual labor. From assembly lines to warehouses, smart robots contribute to enhanced productivity, reduced errors, and improved overall output. All these factors to propel growth of the smart robot market.
Smart Robot Market Overview & Scope:
Report Attributes | Details |
Market Size in 2022 | USD 10.35 billion |
Market Size by 2030 | USD 84.95 billion by 2030 |
CAGR | CAGR of 30.1% from 2023-2030 |
Key Segments | By Component (Hardware, Software, and Service) |
Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands,Rest of Europe), Asia-Pacific (Japan, South Korea,China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
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Impact of Recession
The impact of a recession on the smart robot market is complex and multifaceted. While economic downturns can introduce challenges such as reduced investment and adoption hurdles, they can also spur innovation, adaptation, and government support. The true extent of the impact depends on various factors, including the severity and duration of the recession, the industries involved, and the overall business landscape. Companies in the smart robot sector must remain agile, strategic, and prepared to weather the storm while continuing to harness the potential of these intelligent machines.
Impact of Russia-Ukraine War
While the Russia-Ukraine war's impact on the smart robot market is multifaceted, it is essential to recognize that geopolitical events can have far-reaching consequences on various industries, including emerging technologies. The extent of these effects will depend on factors such as the duration of the conflict, the international response, and the ability of businesses and governments to adapt to the evolving landscape.
Key Regional Development
North America stands as a technological innovation hub, with the United States and Canada at the forefront of smart robot development. The region benefits from a robust ecosystem of research institutions, tech companies, and venture capital, fostering the creation of cutting-edge smart robot technologies. In Europe, collaborative robotics takes the lead, with the region emphasizing safe and efficient human-robot interaction. Germany, in particular, has a strong manufacturing base and is a key driver of industrial automation. Asia-Pacific emerges as a manufacturing powerhouse, with countries like China, Japan, and South Korea playing pivotal roles in the smart robot market.
Key Takeaway from Smart Robot Market Study
The dominance of the healthcare and software segments in the market hinges on a few key factors. Collaborative efforts between robotics engineers, software developers, and domain experts will be instrumental in unlocking the full potential of smart robots. Interdisciplinary research will lead to innovations that drive advancements in robot autonomy, perception, and decision-making capabilities.
Moreover, regulatory frameworks and standards must evolve to ensure the safe and ethical deployment of smart robots in various contexts. This will instill confidence among users, healthcare providers, and industries, fostering a conducive environment for market growth.
Recent Developments Related to Smart Robot Market
In a strategic move towards enhancing the landscape of smart factories, Doosan Robotics, a trailblazer in the field of collaborative robotics (cobots), has announced its ambitious plans for a significant expansion of its cobot deployment.
In a groundbreaking move that could revolutionize the consumer robotics industry, Amazon has received approval from UK regulators to acquire a leading consumer robot company. The acquisition signals Amazon's commitment to advancing technological innovation and expanding its presence in the rapidly evolving field of robotics.
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Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia- Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Smart Robot Market Segmentation, By Component
8.1 Hardware
8.1.1 Sensor
8.1.2 Power Sources
8.1.3 Actuator
8.1.4 Control Systems
8.1.5 Others
8.2 Software
8.3 Service
9. Smart Robot Market Segmentation, By Mobility
9.1 Mobile
9.2 Fixed/Stationary
10. Smart Robot Market Segmentation, By Operating Environment
10.1 Ground
10.2 Underwater
11. Smart Robot Market Segmentation, By Vertical
11.1 Healthcare
11.2 Automotive
11.3 Food and Beverages
11.4 Manufacturing
11.5 Energy & Utility
11.6 Retail
11.7 Others
12. Smart Robot Market Segmentation, By Application
12.1 Professional
12.1.1 Industrial
12.1.2 Healthcare Assistance
12.1.3 Military & Defense
12.1.4 Field/Agricultural
12.1.5 Logistics Management
12.1.6 Packaging & palletizing
12.1.7 Construction
12.1.8 Others
12.2 Personal & Domestic
12.2.1 Education
12.2.2 Entertainment
12.2.3 Companionship
12.2.4 Home Security
12.2.5 Early Assistance
12.2.6 Others
13. Regional Analysis
13.1 Introduction
13.2 North America
13.3 Europe
13.4 Asia-Pacific
13.5 Middle East & Africa
13.6. Latin America
14 Company Profile
14.1 Hanson Robotics Ltd.
14.1.1 Company Overview
14.1.2 Financials
14.1.3 Product/ Services Offered
14.1.4 SWOT Analysis
14.1.5 The SNS View
14.2 KUKA AG
14.3 Amazon Inc.
14.4 SoftBank Corporation
14.5 ABB
14.6 Honda Motor Company Ltd.
14.7 OMRON Adept Technology Inc.
14.8 YASKAWA Electric Corporation
14.9 Blue Frog Robotics
14.10 DeLaval
14.11 Intuitive Surgical
14.12 Samsung Electronics Co. Ltd.
15. Competitive Landscape
15.1 Competitive Benchmarking
15.2 Market Share Analysis
15.3 Recent Developments
15.3.1 Industry News
15.3.2 Company News
15.3.3 Mergers & Acquisitions
16. USE Cases and Best Practices
17. Conclusion
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