Smart Robot Market to Surpass USD 46.03 Billion by 2031 | Skyquest Technology

Westford, USA, May 21, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Smart Robot Market will attain a value of USD 46.03 billion by 2031, with a CAGR of 21.94% during the forecast period (2024-2031). The global smart robot market is expected to be volatile due to mergers and acquisitions, fierce competition, and entry of new and existing players. Smart robots work collaboratively with AI-enabled systems with improved reliability and accuracy in the global smart robot market. They can connect to a cloud platform digitally to boost business process agility and operational efficiency. As a result, they are commonly used to automate manufacturing processes and warehouse management systems in industrial applications.

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  • Pages – 234
  • Tables - 186
  • Figures – 79

Global Smart Robot Market Overview:

Report CoverageDetails
Market Revenue in 2023USD 9.41 billion
Estimated Value by 2031USD 46.03 billion
Growth RatePoised to grow at a CAGR of 21.94%
Forecast Period2024–2031
Forecast UnitsValue (USD Billion)
Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments CoveredComponent, Type, Mobility, Application, Operating Environment and Region
Geographies CoveredNorth America, Europe, Asia Pacific, and the Rest of the world
Report HighlightsUpdated financial information / product portfolio of players
Key Market OpportunitiesRising Integration of IoT in Robotic Technology
Key Market DriversIncrease in Demand for AI Applications

Professional Robots Segment to Dominate Due to Growing Need for Professional Robots in Agriculture

With increasing automation of work systems, professional robots have a large market share. These modern robots are fully or mostly autonomous. There is a growing need for professional robots in agriculture, construction, security, logistics, medicine, and other industries. Cutting-edge technologies such as artificial intelligence, machine learning and revolutionary vision systems have increased the popularity of intelligent robots. The emerging robots-as-a-service (RaaS) infrastructure is expected to drive the business robotics.

Personal Segment to Drive Market Due to the Increasing Advancements in Smart Manufacturing

Personal or home robots are likely to see significant expansion with increasing consumer acceptance and demand. Increasing labor costs and aging population are other important factors driving the demand for home robots. Advances in intelligent manufacturing have increased the importance of robots for personal or domestic use. The COVID-19 pandemic has increased the demand for domestic robots in the public and commercial sectors.

North America is Dominating Due to Increasing Robotics Technology

The demand for global smart robot is very high in North American end-use industries such as automotive, manufacturing, healthcare, food, beverage, consumer goods, etc. North America provides a platform for local and global robotics strategies. Capital investors in the US. is investing heavily in robotics technology to support the growth of the market.

The global market is predicted to grow significantly in Europe due to the industry’s focus on industrial automation. The automation of processes, and the adoption of new technologies are increasing the demand for robotic technology. The European government’s intelligent infrastructure policy will stimulate the adoption of intelligent robots in the coming years.

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Global Smart Robot Market Insights:


  • Increase in Demand for AI Applications
  • Increase in Demand for Service Robots


  • Rising Security Concerns
  • High Cost of Smart Robots 

Prominent Players in Global Smart Robot Market

  • ABB Ltd.
  • Amazon Robotics
  • Blue River Technology
  • Boston Dynamics
  • Fanuc Corporation
  • Hanson Robotics
  • Honda Motor Co. Ltd.
  • iRobot Corporation
  • Kuka AG
  • LG Electronics Inc.

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Key Questions Answered in Global Smart Robot Market Report

  • What is the current market size of Global Smart Robot Market size?
  • What years does this Global Smart Robot Market cover?
  • Which is the fastest growing region in the Global Smart Robot Market?
  • Which region has the biggest share in the Global Smart Robot Market?

This report provides the following insights:

  • Analysis of key drivers (increase in demand for ai applications, increase in demand for service robots), restraints (rising security concerns, high cost of smart robots), opportunities (rising integration of IoT in robotic technology), influencing the growth of Global Smart Robot Market.
  • Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Global Smart Robot Market.
  • Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Global Smart Robot Market.
  • Market Growth: Detailed information on profitable growing industries.
  • Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
  • Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.

Related Reports:

Global Robotics Market
Global Service Robotics Market
Global Delivery Robot Market
Global Artificial Intelligence (AI) Robots Market
Global Warehouse Robotics Market

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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.


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