Smart robots market size is set to grow by USD 20.50 billion from 2024-2028
Source：Technavio
From：Taiwan Trade Center, San Francisco
Update Time：2024/07/01
The global smart robots market size is estimated to grow by USD 20.50 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 23.73% during the forecast period.
Key Market Trends Fueling Growth
The smart robots market is witnessing a significant growth trend as vendors invest in advanced robot development through strategic mergers and acquisitions. These alliances enable vendors to expand their product offerings, geographic reach, and client base, while leveraging the technological know-how of acquired companies.
For instance, Amazon's USD1.77 billion acquisition of Rethink Robotics in August 2022 marks their entry into the home robotics market and positions them as competitors to industry leaders like Google, Samsung, and Apple. This M&A activity will drive the development and commercialization of sophisticated smart robots, contributing to market expansion during the forecast period.
The Smart Robots Market is experiencing significant growth with advancements in technology. These robots are designed to perform various tasks, including manufacturing, delivery, and customer service. They are equipped with sensors and artificial intelligence, enabling them to learn and adapt to new environments.
The use of collaborative robots, or cobots, is increasing as they can work alongside humans, increasing productivity and efficiency. Additionally, the development of autonomous robots is revolutionizing industries such as agriculture and logistics. The future of smart robots is bright, with new applications and capabilities continually emerging.
Market Challenges
The global smart robots market is experiencing significant growth due to increasing automation in various industries, including healthcare, automotive, industrial, and transportation. Companies are investing in advanced technologies like AI, ML, and robotics, leading to the adoption of smart robots.
However, the high cost of these robots, including components such as sensors, actuators, and controllers, is hindering market expansion. Industrial robots, which can cost around USD39,000, are out of reach for many small and medium-sized enterprises. Personal service robots, while popular among price-sensitive buyers, also come with a high price tag. Vendors must focus on reducing costs to expand market presence and gain a competitive edge.
The Smart Robots Market is experiencing significant growth, with various applications in sectors such as manufacturing, healthcare, and security. However, challenges persist in the development and implementation of these robots. One major challenge is the high cost of production, making it difficult for small businesses to afford them. Another challenge is the integration of these robots into existing systems and processes, requiring extensive training and resources.
Additionally, ensuring the safety and reliability of these robots is crucial, as they often operate in sensitive environments. Lastly, the need for continuous innovation to keep up with advancing technology and consumer demands adds to the complexity of the market.
Source: https://www.prnewswire.com/news-releases/smart-robots-market-size-is-set-to-grow-by-usd-20-50-billion-from-2024-2028--increasing-focus-of-companies-on-factory-automation-to-boost-the-market-growth-technavio-302164389.html