Smart Robots Market Trends

  • Report ID: 4788
  • Published Date: Nov 28, 2024
  • Report Format: PDF, PPT

Smart Robots Market Trends

Growth Drivers

  • Smart robots gaining traction in healthcare:  The World Economic Forum estimates that the global healthcare sector data generated was 2.3 zettabytes. To manage the vast volume of datasets healthcare facilities are adopting smart robotics. Health management systems for patients, illness archives, and electronic medical records are just a few of the services offered by smart medical robotic solutions such as cloud-based robots. Smart robots also help surgeons perform efficient, real-time surgeries and deliver clinical services to patients, supported by the presence of advanced healthcare infrastructure that connects the healthcare robotic equipment to the medical cloud infrastructure.

    From the first wireless capsule endoscopy (WCE) (M2A) device PillCam ESO receiving FDA approval to the magnetically actuated soft capsule endoscope for fine-needle biopsy, the first AI-assisted ProScan’s FDA certification in 2023, the smart robots in healthcare have hit major milestones in terms of conceptual design and functionality. Furthermore, smart robots are ushering in a transformative era of diagnostics, precision surgeries, and patient care. Thus, the adoption of advanced healthcare infrastructure is expected to fuel the sales of smart robots.
  • Smart agriculture robots: The agriculture sector is estimated to offer lucrative opportunities for smart robot producers in the coming years. The shortage of laborers, coupled with the high costs of manpower is driving the attention of farmers to smart robots.  The advanced robotic systems can also guide farmers in smart farming, from seeding to harvesting. Autonomous tractors, mobile robots, six-axis robots, seeding robots, and weeding robots are some of the types of smart agriculture robots. For instance, the global agriculture robots market is estimated to increase at a CAGR of 22.5% and reach USD 188.0 billion by 2036. This statistic highlights that the use of robotics in agriculture is set to boom in the coming years, benefiting manufacturers to maximize their revenues.

Challenges

  • Data privacy concerns: Data ownership raises ethical concerns, particularly in light of the expansion of software services for robots. Private information about people is accessible on the cloud owing to the rise of domestic robots for entertainment, education, and housework. The privacy of individuals may be violated if third parties, including marketing firms, purchase this data frequently. Robotic technologies such as the humanoid Lynx and the Roomba, capable of voice activation and intelligent reaction, if attacked by cybercriminals, can infringe or abuse these gadgets' voices, hampering the product and manufacturer’s goodwill and profit shares.
  • Expensive smart robots: The production of smart robots requires high capital investment owing to the involvement of complex technologies. Many small companies running on tight budgets often hesitate to invest in smart robots due to their high costs, which limits their adoption rates and hinders the revenue growth of Smart robots market players. Also, some large industries’ resistance to change mindset can lower the sales of smart robots to some extent.

Smart Robots Market: Key Insights

Base Year

2024

Forecast Year

2025-2037

CAGR

33.3%

Base Year Market Size (2024)

USD 19.9 billion

Forecast Year Market Size (2037)

USD 834 billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia Pacific (Japan, China, India, Indonesia, Malaysia, Australia, South Korea, Rest of Asia Pacific)
  • Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Brazil, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Browse Key Market Insights with Data Illustration:


Author Credits:  Abhishek Verma


  • Report ID: 4788
  • Published Date: Nov 28, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The global smart robots market will be valued at USD 26.5 billion in 2025.

Expanding at a CAGR of 33.3%, the global market is expected to increase from USD 19.9 billion in 2024 to USD 834 billion by 2037.

Some leading companies are Brain Corporation, Neato Robotics, Inc., Grey Orange Pte, Ltd., 1X Technologies, and Samsung Electronics, Co., Ltd.

The automotive segment is estimated to capture a high 25.1% of the market share through 2037.

North America is expected to hold 45.5% of the global market share through 2037.
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