Smart Robots Market Analysis APAC, Europe, North America, South America, Middle East and Africa - US, China, Japan, South Korea, Germany - Size and Forecast 2023-2027

Smart Robots Market Forecast 2023-2027

The smart robots market size is forecast to increase by USD 13.22 billion at a CAGR of 19.5% between 2022 and 2027. The market's expansion hinges on various factors, notably the heightened emphasis by companies on factory automation, the continuous strides in smart robot technologies, and the escalating government investments in smart mechanoid. As companies increasingly prioritize efficiency and productivity through factory automation, the adoption of smart machines is witnessing significant advancements, driven by breakthroughs in technological advances. Moreover, the substantial government funding pouring into the development of smart mechanoids further propels the market's growth trajectory. These collective efforts underscore a paradigm shift towards automation and intelligent robotics, revolutionizing industries across sectors and paving the way for a more efficient and technologically-driven future.

What will be the size of the Market During the Forecast Period?

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Market Segmentation

This report extensively covers market segmentation by product (professional service robots, personal service robots, and collaborative robots), solution (software, hardware, and service), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

Market Dynamics and Customer Landscape

The Market encompasses a wide range of robotic technologies, including Collaborative Robots and Domestic Servant Robots, Automated Wheelchairs, and Energy and Utilities applications. These robots exhibit advanced Human-Robot Interaction capabilities, enabling them to work in various industries such as Surgical Applications, Rehabilitation Applications, and Smart Manufacturing. Swarm Robotics and Social Robotics are also gaining popularity in the market. Industrial Robots, such as those from Sarcos Robotics, are being integrated into Fulfillment Centers to increase efficiency and productivity. Drones, specifically Aerial Drones, are being used in various sectors, from delivery services to inspection and surveillance.

Smart Robots are also making significant strides in Surgical Applications, providing precision and accuracy that was previously unattainable. The World Robotics Report highlights the growth and trends in the global robotics market, including the increasing adoption of mechanoid in various industries and applications. The report also covers emerging technologies such as Humanoid Robots and the integration of mechanoids in Energy and Utilities sectors. Overall, the Market is poised for significant growth, driven by advancements in technology and increasing demand for automation and efficiency. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The technological advances in smart robots are notably driving market growth. In the dynamic manufacturing sector, companies are prioritizing the implementation of smart mechanoid to automate their facilities. Macro-economic factors, such as the need to enhance productivity, product quality, and reduce labor costs, are driving this trend. Decision-makers are turning to advanced technologies like AI, ML, robotics, and analytics to eliminate manual tasks and replace human labor with professional service mechanoid, personal service robots, and collaborative robots. Industries, including automotive, consumer electronics, healthcare, and industrial, are adopting smart robots for various applications.

For instance, in healthcare, robots are used for rehabilitation and surgical procedures. In energy and utilities, they are employed in hazardous environments. Last-mile delivery mechanoid and robotic process automation are other areas of application. Key players in the market, such as ABB, are making significant investments in this space. Thus, the integration of technological advances in smart mechanoid can add advanced capabilities such as force sensing, speech recognition, and emotions in them which will drive the growth of the market during the forecast period.

Significant Market Trend

The rise in number of M&A activities is the primary trend in the market. Financial tools, such as mergers and acquisitions (M&A), are being utilized to expand product offerings, geographic presence, and client bases. These alliances enable companies to leverage the technological expertise of acquired companies, particularly in areas like robotics, component manufacturing, and software development. Key market trends include the increasing use of professional service mechanoid in sectors like rehabilitation and surgical procedures, as well as the growing popularity of collaborative mechanoid in industries like energy and utilities and last-mile delivery.

Competitive performance analysis, as represented in the Competitive Quadrant and Innovation Score, plays a crucial role in decision-making for investors and businesses. Market Development, Market Penetration, Product Development, and Diversification strategies, as outlined in the Ansoff matrix, are being employed to capitalize on the opportunities presented by the market. This enables companies to leverage the technological expertise of acquired companies and develop highly efficient and intelligent mechanoid for multiple applications, which will have a positive impact on the growth of the market during the forecast period.

Major Market Challenge

The high cost of smart robots is the major challenge impeding market growth. The high cost of components, including sensors, actuators, power sources, controllers, and software, increases the overall manufacturing cost of smart mechanoid. Key players in the market are undergoing financial performance analysis and utilizing financial tools for risk analysis and investment decisions. The Ansoff matrix is used for strategic planning, with Market Development, Market Penetration, Product Development, and Diversification being the primary strategies. Innovation scores and competitive quadrants are essential for tracking competitors and staying ahead in the market.

Market trends include smart manufacturing, swarm robotics, multi-robot systems, hazardous environments, last-mile delivery mechanoid, and robotic process automation. Human-robot interaction, surgical applications, rehabilitation applications, energy and utilities, and social robotics are other significant areas of growth. The World Robotics Report provides valuable insights into the financial performance and market trends of various industries and applications related to smart robots. Thus, such a high cost of smart mechanoid will hamper the growth of the market during the forecast period.

Key Market Customer Landscape

The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Market Customer Landscape

Who are the Major Market Players?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Galobal ABB - The company offers industrial automation with its range of intelligent robots, including models such as IRB 1010, IRB 1100, IRB 120, IRB 1200, and IRB 1300.

The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:

• HANSON ROBOTICS Ltd.
• Husqvarna AB
• Kawasaki Heavy Industries Ltd.
• L3Harris Technologies Inc.
• MIDEA Group
• OMRON Corp.
• QinetiQ Ltd.
• Rethink Robotics GmbH
• Robert Bosch GmbH
• Samsung Electronics Co. Ltd.
• Yaskawa Electric Corp.
• Amazon.com Inc.
• Dyson Technology India Pvt. Ltd.
• LG Electronics Inc.
• Ubtech Robotics Inc

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Fastest-Growing Segments in the Market?

The market share growth of the professional service robots segment will be significant during the forecast period. Macro-economic factors, human emotions, and financial tools influence decision-makers to invest in these advanced technologies. Competitive performance analysis, as depicted in the Competitive Quadrant, and innovation scores are crucial indicators for investors. Market trends include the use of smart robots in various sectors, such as rehabilitation, surgical procedures, energy and utilities, and last-mile delivery. Human-robot interaction, surgical applications, and rehabilitation applications are key areas of focus. Market development strategies, such as Ansoff matrix's Market Penetration and Product Development, and diversification, are employed by competitors.

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The professional service robots segment was valued at USD 2.58 billion in 2017 and continued to grow until 2021. Risk analysis is essential in the context of harsh environments, including space and defense, agricultural lands, and hazardous industries. The World Robotics Report highlights the financial performance of key players in the market. Additionally, smart manufacturing, swarm robotics, multi-robot systems, edge computing, social robotics, and robotic process automation are emerging trends. Thus, the increasing deployment of mechanoid in warehouses will drive the growth of the professional services mechanoid segment during the forecast period.

Which are the Key Regions for the Market?

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APAC is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

APAC is the largest geographical segment of the global market and will continue to remain the largest segment during the forecast period. TThe APAC region dominates the global market, driven by the increasing adoption of automation in various sectors. Notably, this trend is observed in home automation and factory automation. Key contributors to this growth include China, Australia, Japan, India, Singapore, and South Korea. Furthermore, investments in communication network infrastructure totaling over USD300 billion for 5G network development are fostering the proliferation of connected devices, enabling the deployment of Autonomous Mobile Robots (AMRs). This market encompasses various types of robots, such as drones and aerial drones, as well as humanoid robots from companies like Sarcos Robotics. As the demand for personal service mechanoid is increasing in APAC, major companies have increased their focus on expanding their operations in the region.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides a market research report analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Product Outlook 
  • Professional service robots
  • Personal service robots
  • Collaborative robots

• Solution Outlook 
  • Software
  • Hardware
  • Service

• Region Outlook 
  • APAC
    • China
    • India
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • North America
    • The U.S.
    • Canada
  • South America
    • Brazil
    • Argentina
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

Market Analyst Overview

In the modern business landscape, the use of smart robots has become a game-changer in various industries. The Macroeconomics of Markets, Decisions, and Macroeconomic Policymaking, Humans and Emotions in Organizations, and Domestic and International Macroeconomics text discusses the role of robots in production processes and their impact on economies. Smart robots, such as those with artificial intelligence (AI), are particularly noteworthy. These robots can perform complex tasks, learn from experience, and adapt to new environments. Financials and Analytics, for instance, use robots for data analysis and processing, while Components and Procurement teams rely on them for manufacturing and assembly. Analyzing smart robots market statistics reveals diverse segments and substantial size growth, notably in last-mile delivery robots. This sector witnesses accelerated expansion driven by e-commerce demands, enhancing efficiency and speed in urban logistics. As technology advances, the smart robots market continues to evolve, promising transformative solutions across industries.

Moreover, robots can improve efficiency, reduce labor costs, and enhance product quality. For instance, in the Surge Capacity and Robotics section, we learn about robots' role in increasing production capacity during peak demand periods. Additionally, mechanoid can perform repetitive tasks, freeing up human workers for more complex tasks. The market is influenced by Delivering items, Personal mobility assist robots, market statistics, market segments, market size growth, Adoption of collaborative robots, Adoption of robots in healthcare, International Federation of Robotics However, the implementation of smart robots also comes with challenges, such as high initial investment costs, the need for skilled labor to operate and maintain them, and the potential for job displacement. Divers and Versatility in Economics and Business discusses these issues and their implications for businesses and economies. In conclusion, the smart robot market is a significant trend in the business world, offering numerous benefits but also posing challenges. Companies must carefully consider the costs and benefits of implementing smart robots and adapt to this technological shift to remain competitive.

Market Scope
Report Coverage	Details
Page number	179
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 19.5%
Market growth 2023-2027	USD 13.22 billion
Market structure	Fragmented
YoY growth 2022-2023(%)	17.23
Regional analysis	APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution	APAC at 46%
Key countries	US, China, Japan, South Korea, and Germany
Competitive landscape	Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks
Key companies profiled	ABB Ltd., Clearpath Robotics Inc., Ecovacs Robotics Co. Ltd, FANUC Corp., HANSON ROBOTICS Ltd., Husqvarna AB, Kawasaki Heavy Industries Ltd., L3Harris Technologies Inc., MIDEA Group, OMRON Corp., QinetiQ Ltd., Rethink Robotics GmbH, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Yaskawa Electric Corp., Amazon.com Inc., Dyson Technology India Pvt. Ltd., Gaussian Robotics Pte Ltd., LG Electronics Inc., and Ubtech Robotics Inc
Market dynamics	Parent market analysis, market research and growth, Market forecasting, market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, market trends and analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behavior
• Growth of the industry across APAC, Europe, North America, South America, and Middle East and Africa
• Thorough market growth and forecasting analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report analysis of factors that will challenge the growth of market companies

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