Smart Robots Market Trends

Growth Drivers

• Growing Production for Automobiles - Around 79 million automobiles were produced globally in 2021. Comparing this number to the prior year, a rise of about 2% may be calculated. Hence, robotics are used in automobile production processes to achieve extremely high levels of repeatability and precision, which optimizes the process and boosts efficiency. This is how manufacturers are able to meet the increasingly high industry standards they expect.
• Rising Use of Smart Robots in Hospitals - The healthcare sector is responsible for over 29% of the total volume of data worldwide. The healthcare data industry would experience an approximately 35% compound annual growth rate by 2025. Hence, the demand for smart robots is growing. Health management systems for patients, illness archives, and electronic medical records are just a few of the services offered by the medical smart robots. Moreover, to help surgeons perform real-time surgeries and deliver clinical services to patients, the healthcare robotic equipment, for instance, connects to the medical cloud infrastructure. Therefore, growing demand for surgeries is also estimated to boost the smart robots market growth.
• Surge in Construction Activities - From 2002 and 2021, the value of public residential construction investments increased significantly in the US. In residential development projects in 2021, the public sector made an estimated 10 billion USD in investments. Construction uses intelligent robotics to boost productivity, cut costs, and enhance safety. They could be employed for jobs such as building inspection and operating large machinery.
• Growth in Demand for Transportation - A daily average of roughly 54 million tons of goods worth more than USD 53 billion was transported via the U.S. transportation system in 2019 in US. Hence, the demand for smart robots is estimated to increase, as they could be employed for activities such as container loading and unloading goods.
• Upsurge in Agricultural Activities - Around five billion hectares, or 38% of the world's land surface, were used for agriculture in 2020.  The use of robotics in agriculture increases productivity and lowers labor expenses. They may be employed in activities including planting, harvesting, and maintaining a check on agricultural development.

Challenges

• Concern Regarding Data Privacy - 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. For instance, Google (US) and Amazon (US) have made a number of robots, including the humanoid Lynx and the Roomba, capable of voice activation and intelligent reaction (vacuum cleaner). These gadgets' voice could be abused and infringed upon.
• High Cost of Robots
• Stringent Government Regulations