Technavio analyzes that the Smart Robots Market is expected to grow at a CAGR of 23.73% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 20502.4 million.There are various factors that contribute to the growth of the market. The smart robots market is experiencing significant growth due to the increasing prioritization of factory automation by companies. This trend is driven by the need to enhance productivity, reduce labor costs, and improve product quality. Smart robots, equipped with advanced technologies such as machine learning and artificial intelligence, are increasingly being adopted for automating repetitive and complex tasks in various industries. The market is expected to continue its robust growth trajectory in the coming years.
In the Smart Robots Market, the Professional Service Robots segment holds the largest market share in 2023 and is anticipated to remain dominant throughout the forecast period. This segment encompasses robots designed for commercial applications, excluding manufacturing tasks. It comprises smart robots like Unmanned Ground Vehicles (UGVs), Automated Mobile Robots (AMRs), delivery robots, fire-fighting robots, and educational robots. These advanced robots are primarily utilized in industries such as logistics, healthcare, hospitality, and public infrastructure, offering significant benefits in terms of efficiency, productivity, and risk mitigation. Additionally, they can be deployed in challenging environments, such as space, defense, and agriculture.
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Smart Robots Market Segmentation
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The Smart Robots Market encompasses various types of robots, including collaborative robots for workforce collaboration, domestic servant robots for household chores, automated wheelchairs for mobility assistance, and robots in energy and utilities sectors. The report covers human-robot interaction, surgical and rehabilitation applications, smart manufacturing, swarm robotics, and social robotics. Industrial robots, fulfillment centers, drones, and aerial drones are also part of this market. Notable companies include Sarcos Robotics and humanoid robots. (51 words)
In the business landscape, the global industrial machinery, supplies, and component market represents a significant sector, encompassing companies that manufacture industrial machinery and components. This market's size is determined by the combined revenue generated from the sales of machinery and components utilized in industrial settings. Factors driving the growth of this market include the expanding industrial output in process and discrete industries, which is fueled by the increasing demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing economies. Decision-makers in this sector rely on financial tools for performance analysis, with competitors closely monitoring financial metrics to maintain a competitive edge. Macro-economic trends and human emotions, such as consumer preferences and market sentiment, also influence the financial performance of companies in this market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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