Smart Robots Market Size, Share, Growth Analysis 2032

Smart Robots Market Size

The global smart robots market size was worth around USD 7.82 billion in 2023 and is predicted to grow to around USD 39.45 billion by 2032 with a compound annual growth rate (CAGR) of roughly 19.7% between 2024 and 2032.

The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD billion). The report covers a forecast and an analysis of the Smart Robots market on a global and regional level.

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Global Smart Robots Market: Overview

A smart robot is nothing but an AI (artificial intelligence) system that is capable of gaining knowledge of from its experience and its surrounding and building on its abilities on the basis of that knowledge. Smart robots can work in partnership with humans, learning from their behavior and working alongside them.

Global Smart Robots Market: Growth Factors

High employment of smart robots in various areas such as process industries, manufacturing industries, healthcare, and automotive industries is the crucial factor that is propelling the development of the global market. In addition to this, the ability of smart robots of functioning on their own due to the presence of artificial intelligence in them is escalating the growth of the global market. Furthermore, the rising demand for utilizing robots along with human beings is also fueling the global smart robots market growth. In addition to this, usage of smart robots in the healthcare sector for assisting elderly patients in fast recovery for staying with them is also escalating the growth of the global market. Further, the ability of smart robots to recognize an issue and make a judgment is also fueling the global smart robots market growth.

On the other hand, huge expenditure in the production of smart robots is hindering the global smart robots market. Additionally, loss of jobs due to rising utilization of smart robots is also one of the factors that have a negative effect on the global market growth.

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Global Smart Robots Market: Segmentation

On the basis of components, the global smart robots market is mainly classified as hardware and software.

Based on applications, the global market is bifurcated into industrial and services.

On the basis of geography, the global smart robots market is mainly divided as Europe, North America, the Rest of the World, and Asia Pacific.

Smart Robots Market: Report Scope

Global Smart Robots Market: Regional Analysis

High employment of smart robots in various areas such as process industries, manufacturing industries, healthcare, and automotive industries is escalating the global market specifically in the U.S. and Canada. The ability of smart robots of functioning on their own due to the presence of artificial intelligence in them is boosting the global market in India, China, and Japan and remaining part of the Asia Pacific. The rising demand for utilizing robots along with human beings has elevated the global market mainly in many parts of Germany. Also, usage of smart robots in the healthcare sector for assisting elderly patients in fast recovery for staying with them is also escalating the global market in Europe. The rest of the world will show a steady growth in the development of the global smart robots market in the near future.

Global Smart Robots Market: Competitive Players

Some of the key players in the global market for smart robots are:

• Honda Motors Ltd.
• Irobot Corporation
• Lely Group
• Adept Technology Inc.
• Amazon.com Inc.
• Google Inc.
• Bluefin Robotics Corporation
• Northrop Grumman Corporation
• Yaskawa Electric Corporation
• ABB Ltd.
• others

The global Smart Robots Market is segmented as follows:

By Components 

• Hardware 
• Software

By Applications 

• Industrial 
• Services

Global Smart Robots Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Report Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.