Smart Robot Market Size, Competative Landscape and Market Forecast - 2029

SKU: DMICT5332 | Last Updated On: Jun 17 2022 | Available Formats

> Global Smart Robot Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Smart Robot Market is Segmented By Component(Hardware, Software), By Mobility(Mobile, Stationary), By Application(Industrial, Education, Military & Defense, Industrial, Logistics, Agriculture, Healthcare,Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The global smart robot market size is growing at a high CAGR during the forecast period (2022-2029).

A robot is a machine that has been programmed by a computer and is capable of performing a complex set of activities on its own. An external control device can direct a robot, or the robot can be self-controlled. Although some robots are meant to resemble humans, most are task-oriented machines focusing on basic utility rather than expressive aesthetics.

Humanoids to industrial robots, medical operational robots, patient aid robots, dog therapy robots, collaboratively programmed swarm robots, UAV drones like the General Atomics MQ-1 Predator and even tiny nanorobots are examples of autonomous or semi-autonomous robots. The cognition and intelligence of robots can be displayed by emulating a human look or automating motions. Home robotics and autonomous vehicles are two of the main sectors for the growth of autonomous robots in the coming years.

Integrating artificial intelligence (AI) into robots allows for greater autonomy and self-control. The function and efficiency of robots improve drastically with the integration of new technologies. In the coming years, several complex tasks currently performed by humans will be outsourced to robots.

Market Dynamics

The demand for the smart robot is mainly driven by the increasing adoption of automation across various industries. It is the most important driver for the market. Data privacy concerns and stringent regulations are key factors in limiting the growth of this market.

Increasing adoption of automation across various industries

Global industries are currently undergoing a massive technological revolution. Automation is increasingly being adopted to increase efficiency and workplace safety. Innovation in robotics leads to the development of smart robots that can accurately perform the most complex tasks. Industrial manufacturing and warehousing operations are some fields that have seen a massive increase in the adoption of automation.

Internet of Things (IoT) is another major field experiencing rapid adoption of automation technologies. Domestic appliances such as refrigerators, televisions and washing machines are integrated into a single, smart digital architecture. IoT is also expanded to various other consumer electronic items such as laptops and computers. IoT allows for the seamless integration and control of smart robots for domestic applications, such as robotic vacuum cleaners. The increasing adoption of automation across various industries is expected to be a key driver for the growth of the global smart robot market.

Data privacy concerns and stringent regulations

Smart robots use vast amounts of data for analysis, interpretation and operation. Data ownership raises ethical concerns, particularly with the advent of software services for robots. Individuals' private information is available on the cloud as the usage of domestic robots for home duties, education and entertainment grows. Third parties, such as marketing companies, can often purchase this data, which may violate an individual's privacy.

Amazon and Google, for example, have enabled voice activation and smart response for commercial robots like Lynx and Roomba. The device's voices can be abused and infringed upon. As a result, data security must be considered. Governments globally must also address other ethical issues of robotics, such as liability frameworks and the reuse of robot-collected data for research or studies. Because most equipment manufacturers utilize their in-house interface protocols for communications, the lack of standardization in technology further complicates system integration. In the healthcare and military and defense sectors, the repercussions of a data breach are severe, necessitating policies that do not stifle innovation.

Apart from data privacy concerns, using robots in public places requires a special legal framework. Most western legal authorities hold the manufacturer liable for carelessness if a delivery robot causes damage or injury to a user or individuals passing by. For example, San Francisco officials established one of the most stringent regulation laws on delivery robots in the United States in 2017. People complained about robots cluttering the sidewalks, making it impossible for pedestrians to get around and this restriction was enacted in response to citizen feedback. California authorized new legislation for testing autonomous vehicles in 2019. Data privacy concerns and stringent regulations limit the market's growth.

COVID-19 impact analysis

The global smart robot market experienced various opportunities and challenges in 2020 due to the COVID-19 pandemic. The COVID-19 epidemic started in early 2020 and caused massive economic problems globally. Manufacturing activities were affected due to lockdowns and movement restrictions put in place by governments to curb the spread of the pandemic. It has affected the production of robots and robotic components.

The robotic industry is a high technology field where growth is primarily derived from innovation by researching, developing and releasing new products. The research and development activities and field testing and prototyping were affected by the lockdowns and movement restrictions caused by the pandemic.

The pandemic also presented unique growth opportunities for the market, particularly in the healthcare and industrial sectors. The industries are automating to mitigate the effects of the pandemic. The use of robots for sanitizing and disinfecting hospitals and for nursing applications has increased due to the pandemic. The use of robotics for logistical operations has also increased due to social distancing regulations.

The COVID-19 pandemic has been challenging for the global smart robot market in the short term. However, due to the rapidly growing use of automation and robotics and technological innovation, new opportunities have opened up for the global smart robot market in the long term. It will continue to grow significantly in the coming years.

Segment Analysis

The global smart robot market is segmented into components, mobility, application and regions. The smart robot market is segmented into hardware and software based on components. Hardware is leading in this segmentation since it is the most widely adopted technology for smart robots. The major growth in the market occurs from innovation by implementing new hardware solutions for various challenging applications.

Geographical Analysis

Asia-Pacific is leading in the global smart robot market. The region accounts for the largest market share globally, primarily due to the rapid adoption of automation undertaken within the region by countries such as China, South Korea, Taiwan and Japan. Within the Asia-Pacific region, China is leading in the smart robot market.

Large-scale state-led investment in developing advanced technologies and emerging sciences, strong economic growth and rapid industrialization are the main factors behind China’s dominance in robotics. The new five-year plan approved by the Ministry of Industry and Information Technology (MIIT) calls for making China the world leader in robotics by the end of the decade.

Japan and South Korea are other major countries engaged in developing smart robots. Both countries have a rich heritage of innovation in science and technology and strong technical education ecosystems. Major Japanese conglomerates such as Toyota, Honda, Sony, Nissan and Mitsubishi are engaged in researching and developing advanced smart robots and humanoids. India is another major country witnessing growth in developing and adopting smart robots.

Although India lags far behind its regional peers, a strong startup ecosystem and new government funding initiatives can help achieve rapid progress in the field. Due to rapid industrialization and strong economic growth, many other countries in Asia-Pacific are expected to develop their smart robot industries. Asia-Pacific is expected to remain the largest market for smart robots in the coming years.

Competitive Landscape

The global smart robot market is competitive due to the availability of a wide variety of services and solutions that cater to different types of industrial and commercial requirements. Some of the major players contributing to the growth in the segment are iRobot Corporation, SoftBank Robotics, ABB, KUKA AG, FANUC, Hanson Robotics Ltd., Yaskawa Electric Corporation, VX Instruments GmbH, Universal Robots and Kongsberg Maritime. The major players in the market adopt several growth strategies such as joint ventures, the launch of new products and collaborations, along with mergers and acquisitions, thereby contributing to global growth in the industry.

iRobot Corporation

Overview: iRobot Corporation is an engineering company that designs and manufactures robots for domestic and commercial applications. The company's main product line includes the Roomba and Braava range of smart robots that can carry out various tasks. The company was founded in 1990 by a group of robotics students at the Massachusetts Institute of Technology (MIT) with a vision to make practical robots for daily use. The company is headquartered in Bedford, Massachusetts, U.S.

Product Portfolio

  • Roomba S Series is the company's series of smart robots for domestic vacuuming applications. The robot is specially programmed to capture dust particles in corners and orifices. The robot is equipped with a powerful suction motor for strong vacuuming action.

Key Developments:

  • In 2019, iRobot Corporation released the Roomba s9+ smart robot with an automated system to dispose of dirt accumulated during vacuuming operations.

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