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Global Smart Robot Market
Global Smart Robot Market
Dublin, July 26, 2024 (GLOBE NEWSWIRE) — The “Smart Robots Market – Global Industry Size, Share, Trends, Opportunities and Forecast, 2019-2029” report has been added to ResearchAndMarkets.com’s offering.
The global smart robots market is expected to be valued at USD 4.61 billion in 2023, and is expected to grow at a robust CAGR of 28.55% during the forecast period till 2029.
Smart robots powered by artificial intelligence (AI) and machine learning (ML) are redefining efficiency standards across manufacturing, logistics, healthcare, and consumer services.
Driving market expansion
One of the most influential factors accelerating the market growth is the breakthroughs in AI and ML, which dramatically enhance the intelligence and capabilities of smart robots. With exceptional precision and reliability, these robots are increasingly being used in manufacturing industries to handle repetitive tasks and improve both productivity and product quality. The adoption of smart robots will not only transform operational standards but also drive sustainable growth and reshape the competitive landscape of the global market.
Smart Robots – A Solution to Rising Labor Costs
As industries face rising labor costs and increasing demands for efficiency, automation with smart robots is an effective response. The market expects the role of these robots to expand in areas such as logistics and agriculture, tackling repetitive and labor-intensive tasks.
Challenges for market development
Despite the optimistic outlook, the smart robotics market faces several obstacles. High initial deployment costs and long ROI timelines are hindering adoption, especially for small and medium-sized businesses. Additionally, regulatory complexities and ethical dilemmas surrounding AI pose further challenges to widespread adoption.
IoT and Cobot Integration: Latest Market Trends
Key trends shaping the market dynamics include the adoption of Internet of Things (Io4T) which enhances connectivity and data-driven efficiency for smart robots. Additionally, the growing demand for collaborative robots (cobots) will play a key role in facilitating human-robot collaboration for increased productivity and operational flexibility.
Regional Market Trends
North America currently boasts the largest market share, thanks to its robust technology infrastructure and innate culture of innovation. The region has embraced Industry 4.0 principles, with smart robots becoming an integral part of the manufacturing sector. Additionally, the healthcare sector is turning to robotics to overcome labor shortages and enhance medical procedures.
Market composition and outlook
The smart robot market is segmented by component, with the software segment dominating due to the integration of AI and ML. By mobility, the market is categorized into fixed and mobile segments with various applications including automotive, manufacturing, electronics, etc. As the smart robot market continues its upward trend, there is a strong focus on advancing capabilities, ensuring ethical deployment, and overcoming technological limitations.
This recent market analysis highlights a clear message: the global smart robotics market is at the dawn of a new era of automation, poised to deliver unparalleled operational efficiency gains across various industries.
Key attributes:
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Report Attributes
detail
number of pages
183
Forecast Period
2023 – 2029
Estimated market value in 2023 (USD)
$4.61 billion
Market value forecast to 2029 (USD)
$20.99 billion
Compound Annual Growth Rate
28.5%
Target area
global
Competitive Environment
Report Scope:
Smart Robot Market, By Component:
Smart Robot Market, by Mobility:
Smart Robot Market, By Application:
car
Manufacturing
Electrical and Electronics
others
Smart Robot Market by Region:
North America
America
Canada
Mexico
Europe
France
England
Italy
Germany
Spain
Netherlands
Belgium
Asia Pacific
China
India
Japan
Australia
South Korea
Thailand
Malaysia
south america
Brazil
Argentina
Columbia
Chile
Middle East and Africa
South Africa
Saudi Arabia
United Arab Emirates
turkey
For more information on this report, please visit: https://www.researchandmarkets.com/r/m9aby2
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ResearchAndMarkets.com is a leading global source of international market research reports and market data providing the latest information on international markets, regional markets, key industries, top companies, new products and latest trends.
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