MarketsandMarkets forecasts the smart robots market size to grow from USD 4.9 billion in 2018 to USD 14.3 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period. The major factors that are expected to be driving the market are growing adoption of autonomous robots for professional services, emerging technological advancements in the field of robotics, increasing investments toward industrial automation, and growing government aid for R&D of AI-enabled robots. The objective of the report is to define, describe, and forecast the market size based on component, operating environment, mobility, application, and region.
Among the components segment, the software segment is expected to grow at the highest CAGR during the forecast period. As technological advancements will lead to the growing complexity in terms of features such as inter-device connectivity, artificial intelligence (AI), and autonomous operations, the software segment is likely to get more importance than that of the hardware segment in the overall smart robots market as software will assist the complex functionalities to process efficiently and accurately.
The professional applications of smart robots include defense and security, demining, fire and bomb fighting, field, medical, underwater, logistics, telepresence, inspection and maintenance, etc. The professional applications are expected to dominate the smart robots market during the forecast period owing to the increasing demand from defense and marine applications to safeguard the country borders. Moreover, with the increasing complexity of manufacturing processes and miniaturization of semiconductor and electronics equipment, there is an increase in the use of AI-based smart industrial robots. Smart robots in the electronics equipment industry are used for designing and planning stages of the manufacturing process; thereby creating a huge potential for the growth of the smart robot market in the near future.