Smart robots are machines equipped with artificial intelligence to complement and aid people in a variety of tasks. Robots have evolved and become more capable as a result of AI development. Collaborating with humans and learning from their behavior, smart robots work alongside humans. The quantity and types of operations that can be automated or upgraded with the assistance of smart robots and other intelligent machines are growing quickly. Smart robots have found uses across the supply chain, from picking and packing to sorting and transportation. Several businesses are drawn to smart robots due to the cost reductions they provide.
Due to the rapid convergence of technology developments in engineering, automation, artificial intelligence, and machine learning, the robotics industry is aggressively promoting the smart robots market. The rise of intelligent robots has altered humans' ability to accomplish tasks. The International Federation of Robotics (IFR) predicts that the number of robots will expand by a factor of three during the last two decades. In addition, the trends in robotics predict that the global stock of robots will expand more rapidly over the next twenty years. Likewise, numerous governments and corporate entities are investing extensively in R&D to enhance robotics and artificial intelligence. The National Research Foundation of Singapore is expected to invest USD 150 million in a new national AI program. It is projected that these advances in the robotics industry will boost the growth of the smart robots market.
Artificial intelligence's (AI) game-changing potential and automation's superiority have ripened the worldwide smart robotics market. In the past ten years, smart robots have come a long way, from executing sophisticated logistics to facilitating the unmanning of defense vehicles. In addition, the technical ability to automate a variety of tasks with varying degrees of complexity has stimulated an exponential increase in the demand for smart robots in a variety of industries, including agriculture, defense, healthcare, infrastructure, aerospace, logistics, entertainment, and research and development, among others. Therefore, the expanding applications of smart robots in various industries may soon render these goods indispensable.
North America is the most substantial shareholder in the global smart robots market and is anticipated to grow at a CAGR of 16.99% during the forecast period. As a result of the early acceptance of technologically advanced goods in end-user industries, North America's smart robot market is anticipated to expand over the forecast period. Increasing demand from the medical field for rehabilitation in the region, favorable funding for assistive technologies for research, the adoption of surgical robots by numerous hospitals, and the availability of technologically advanced robots are all factors driving the service robotics market in the region. The market for smart robots is driven by rapid commercialization and the development of its manufacturing sector. In addition, the early adoption of technology in this region has spurred the rapid growth of the intelligent robot market.
Europe is estimated to grow at a CAGR of 17.84% over the forecast period. Smart robots are becoming increasingly useful and can greatly assist people in their homes and professional life. Europe is a leader in this industry, and to capitalize on this, the European Commission is determined to collaborate on all levels, from the regional to the European. As a result of the government's increased emphasis on the energy economy and pollution control rules, the European car industry has seen a proliferation of gas sensors. The expansion of end-user industries and gas sensor applications are also anticipated to be significant growth factors in this region. In addition, ABB, KUKA, BLUE FROG ROBOTICS, Kongsberg Maritime, and Universal Robots are some of the leading competitors in the smart robot business. These businesses are operating on multiple fronts of emerging and disruptive ICT technologies and are supplying the market with substantial products and services.