Smart Robots Market Size, Share, Growth Analysis, By Component(Hardware (Sensor, Actuator, Power Source, Control System)), By Type(Personal/Domestic Robots, and Professional Robots), By Mobility (Mobile, and Fixed/Stationary), By Application(Inspection and Maintenance, Material Handling and Sorting, Security and Surveillance, Education and Entertainment), By Operating Environment(Ground, and Underwater), By End-User(Manufacturing, Healthcare, Agriculture, Military and Défense), By Region - Industry Forecast 2024-2031

Smart Robot Market size was valued at USD 10.3 Billion in 2022 and is poised to grow from USD 13.5 Billion in 2023 to USD 51.2 Billion by 2031, growing at a CAGR of 16.4% during the forecast period (2024-2031).

Key players are developing application-oriented and industry-specific robots to help the industry. The manufacturers in the global market are always working on producing purpose-built robots that can solve a certain problem or have a specific market application. Industry-specific application-oriented robot development assists important firms in maintaining market dominance. Successful businesses form strategic alliances and relationships with vendors that have already built the essential technology solutions. Several significant players are developing their robotics business network throughout developed economies that can afford robots. Businesses are introducing feature- and application-specific goods to diversify their product portfolio and increase their competitiveness. 'SoftBank Corp  ', 'GeckoSystems Intl. Corp. ', 'Aethon, Inc.  ', 'Neato Robotics, Inc. ', 'Samsung Electronics Co., Ltd  ', 'ABB Ltd  ', 'KUKA Aktiengesellschaft ', 'FANUC CORPORATION  ', 'Hanson Robotics Limited  ', 'YASKAWA ELECTRIC CORPORATION  ', 'BLUE FROG ROBOTICS SAS  ', 'Kongsberg Gruppen ASA  ', 'Universal Robots A/S  ', 'ECA GROUP  ', 'iRobot Corporation  ', 'DeLaval Inc.  ', 'Intuitive Surgical, Inc  ', 'Rethink Robotics GmbH  ', 'Honda Motor Co., Ltd.  ', 'Orion Star'

Non-industrial robots have the potential to be market catalysts when developers and engineers adapt robotics technology to new application areas. Healthcare is expected to be the fastest expanding industry, with robots already playing an important part in less invasive surgery. Robots are now utilised in the healthcare industry for minor operations such as urology and gynaecology but may be used in more difficult medical procedures soon. Agriculture is another emerging field for robotics use, owing to a manpower scarcity and rising expenses. Crop harvesting robots are performing admirably. Picking vegetables and fruits without hurting them has become standard practice for robots. Intelligent robotic harvesters can be outfitted with cutting-edge graphic processing units (GPUs) to determine the ripeness of the fruit. As developers begin to construct application-centric robots, robotic technologies are quickly extending their application field. Thus, the rapid spread of automated technology use cases outside of industrial applications justifies the market's large growth. 

Service-Enabled Robotics to Gain Traction: One of the key reasons for the need for smart robots is that they can do repetitive and less ergonomic tasks, allowing for easy information sharing and enhancing product quality and efficiency. Furthermore, many retail organisations are implementing in-store robots to detect real-time behaviours, assist operators, and eliminate human errors. Aside from that, service-enabled robotics is gaining popularity in the healthcare business to help with difficult procedures, aged care, assistive technology, and home patient care. This, together with the rising frequency of chronic illnesses, is driving increasing demand for intelligent robots to assist people with cognitive, sensory, and motor impairments. Furthermore, because smart robotic vacuum cleaners are lightweight, compact, and low maintenance, they are widely used for mopping, cleaning, and ultraviolet (UV) sterilising of residential and commercial environments. This, together with the breakout of the coronavirus illness (COVID-19) and individuals' rising concern on preserving health and cleanliness, is positively affecting demand for smart robots to prevent pandemic spread and provide a safe workplace.

The demand for smart robots in North America end-use sectors such as automotive, manufacturing, healthcare, food and beverages, consumer products, and others is much higher. Rising demand for robotics in the region is being driven by technological advancements, trade policy, and wage pressures. The automation movement in North American countries provides a way for local and worldwide robotics strategy development. Venture capital companies in the United States are increasingly investing in robotics technology businesses to support the market's growth.