Smart Robots Global Market Report 2024

A smart robot is an artificial intelligence (AI) device equipped with the ability to perceive its environment and context, utilizing comprehensive learning processes to enhance its capabilities. These robots find applications in research, manufacturing, and various human-oriented tasks.

The primary types of smart robots are professional service robots, personal service robots, and collaborative robots. Professional service robots are employed for commercial purposes, including tasks such as cleaning public places, delivering items in offices or hospitals, firefighting, rehabilitation, and surgical procedures in healthcare settings. Personal service robots, on the other hand, are utilized for non-commercial tasks and encompass domestic servant robots, automated wheelchairs, personal mobility assist robots, and pet-exercising robots. Smart robots play crucial roles in industries such as manufacturing, healthcare, defense, energy and utilities, and others.

The smart robots market research report is one of a series of new reports that provides smart robots market statistics, including smart robots industry, global smart robots market size, regional shares, competitors with a smart robots market share, detailed smart robots market segments, market trends and opportunities, and any further data you may need to thrive in the smart robots industry. This smart robots market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The smart robots market size has grown exponentially in recent years. It will grow from $13.79 billion in 2023 to $17.46 billion in 2024 at a compound annual growth rate (CAGR) of 26.6%. The growth observed during the historical period can be attributed to various factors, including an increased demand for automation and the subsequent reduction in labor costs. Industries such as manufacturing, healthcare, and logistics experienced expansion, driving the need for robotic automation. The period also saw a rise in the adoption of collaborative robots (cobots) designed for human-robot interaction, reflecting a focus on safety and efficiency in manufacturing and industrial processes.

The smart robots market size is expected to see exponential growth in the next few years. It will grow to $39.49 billion in 2028 at a compound annual growth rate (CAGR) of 22.6%. The anticipated growth in the forecast period can be attributed to several key factors, including the increased adoption of robots in healthcare for surgical and rehabilitation applications. The expansion of smart manufacturing and initiatives related to Industry 4.0 is expected to play a significant role in driving growth. Additionally, there is ongoing research and development in swarm robotics and multi-robot systems. The need for robots in hazardous environments, such as in nuclear, oil & gas industries, is also a contributing factor. Emphasis on smart agriculture and the adoption of autonomous farming practices are further expected to fuel growth, along with a rising demand for last-mile delivery robots in the e-commerce sector. Major trends projected for the forecast period include the integration of AI-powered adaptive learning, advancements in natural language processing (NLP) and voice recognition, the application of robotic process automation (RPA) in business processes, the utilization of edge computing for real-time decision-making, the development of emotional AI and social robotics, and the integration of augmented reality (AR) and mixed reality (MR).

The anticipated growth in the smart robot market is closely tied to the increasing adoption of industrial robots. Industrial robots, automated and programmable machines designed for tasks in manufacturing and assembly, are integral to various sectors such as manufacturing, logistics, and healthcare due to their precision and adaptability. According to the International Federation of Robotics, a non-profit organization based in Germany, the most recent World Robotics Report showed that 517,385 new industrial robots were installed globally in 2021. In the same year, Asia accounted for 74% of newly deployed robots, with China leading the region with a significant 51% growth, reaching 268,195 units. This surge in industrial robot adoption is a key driver propelling the growth of the smart robot market.

The flourishing e-commerce industry is expected to contribute significantly to the expansion of the smart robot market. With the rise of electronic commerce, smart robots play a crucial role in automating tasks like order picking, packing, and sorting in warehouses and fulfillment centers. A report by the International Trade Administration, a US-based agency, anticipates that e-commerce for consumer goods will constitute around 22% of global retail sales by 2024, growing at an average rate of over 1%. The projection also indicates a consistent long-term increase of 8% in global retail e-commerce sales through 2024. Consequently, the growing prominence of the e-commerce sector is a driving force behind the growth of the smart robot market.

Key players in the smart robot market are focusing on advanced product development, exemplified by the introduction of small industrial robots. These compact robotic systems are tailored for precise and specialized tasks in industrial settings. ABB, a Switzerland-based provider of automation technologies, unveiled the IRB 1010 in October 2022, marking the smallest industrial robot with a reach of 370 mm (14.5 inches) and a footprint of 135 by 250 mm (5.3 by 9.8 inches). This innovation enables electronics manufacturers to scale up production for devices like smartwatches, earphones, sensors, and health trackers. The IRB 1010's smaller dimensions offer the advantage of fitting more robotic cells into production spaces, optimizing factory layouts for increased density. Additionally, it boasts the highest payload capacity in its category, lifting up to three times more weight than comparable robot arms. The larger-diameter air hose enhances vacuum suction power, allowing the robot to handle multiple objects simultaneously and process a greater number of items per hour.

Innovation is also evident in the development of collaborative robots, commonly known as cobots, as a strategy to expand customer bases and increase revenue. Collaborative robots are designed to work alongside humans in shared workspaces. Smart Robotics, a Netherlands-based developer, introduced the Smart Merchandise Picker in November 2022. This collaborative robot excels in handling lightweight products such as stationery, office supplies, handheld devices, and toys, demonstrating efficiency and gentleness in item picking and placing. The use of such cobots minimizes the risk of product breakage, particularly during peak seasons.

In April 2021, Hitachi Ltd., a Japanese conglomerate corporation, acquired a 96% stake in Kyoto Robotics Corporation for an undisclosed amount. This strategic acquisition positions Hitachi to provide comprehensive robotic system integration for fully automated lines in logistics and factory automation. Kyoto Robotics Corporation, a Japanese manufacturer specializing in intelligent robotic systems and 3D vision systems, complements Hitachi's capabilities in the field of automation.

Major companies operating in the smart robots market include Puresight Systems Pvt. Ltd., SoftBank Robotics Group, ABB Group, KUKA AG, FANUC India Pvt Ltd., HaHanson Robotics Limited., Yaskawa Electric Corporation, Rethink Robotics, Blue Frog Robotics SAS, Universal Robots, DeLaval, Intuitive Surgical Inc., Vt Systems Inc., Samsung Electronics, Gecko Systems International Corporation, Honda Motor Company Ltd., Omron Adept Technologies Inc., GreyOrange pte Ltd., Kongsberg Maritime, ECA GROUP, Neato Robotics, Bluefin Robotics, AIBRAIN LLC., Brain Corporation, Cyberdyne Inc., Epson America Inc., Lely Industries N.V., OTC Daihen Inc., F&P Personal Robotics., Nvidia Corporation., Anduril Industries Inc., Boston Dynamics Inc., Diligent Robotics, Starship Technologies, Nuro Inc., Vecna Robotics Inc., Aethon Inc., Universal Robots A/S, DENSO Robotics

North America was the largest region in the smart robots market in 2023. Asia Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the smart robots market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the smart robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The smart robots market consists of sales of sensors, actuators, power sources. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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