Smart Robots Market Trends

Growth Drivers

• Increased usage in the healthcare industry: Robots are widely used in medical science for surgery, diagnostic assistance, drug delivery, etc. According to the National Institutes of Health in 2023, over 10 million robotic surgeries have been performed. Other than this, the burgeoning trend of personalized medicine is positively influencing the smart robot market. The private sector and governments are investing in advanced healthcare technologies, including medical robots to enhance services and healthcare infrastructure.
• Rising deployment of robots in agriculture: 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. A few examples of agricultural robots include green seeker sensors, flying robots, robotic drone tractors, robots for picking fruit, and automated milking. According to the American Society of Mechanical Engineers in May 2023, there are currently 220 Oz bots in 48 countries that have done 36,000 hours of work. This statistic highlights that the use of robotics in agriculture is set to boom in the coming years, benefiting manufacturers to maximize their revenues.
• Emergence of Artificial Intelligence: The amalgamation of AI with robotics has been in huge demand in the market across various fields. AI allows articulated robots to perform tasks accurately and at a faster speed. For instance, AI-enabled robotics in education is a growing field where robots educate students on subjects while engaging with them.

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 robot market players.