“Global Robotics Technology Market to reach a market value of USD 279.52 Billion by 2031 growing at a CAGR of 14.8%”
The Global Robotics Technology Market size is expected to reach $279.52 billion by 2031, rising at a market growth of 14.8% CAGR during the forecast period.
The Asia Pacific region witnessed 37% revenue share in the market in 2023. Rapid industrialization and technological advancements in countries such as China, Japan, and South Korea drive the region's leadership. China, in particular, is the largest consumer and producer of robots, with significant applications in the manufacturing, automotive, and electronics industries. Japan and South Korea are pioneers in robotics innovation, focusing on humanoid robots and industrial automation.
The major strategies followed by the market participants are Acquisitions as the key developmental strategy to keep pace with the changing demands of end users. For instance, In June, 2021, Hyundai Motor Company acquired Boston Dynamics, Inc., an American engineering and robotics design company. Through this acquisition, Hyundai solidified its foothold in the robotics industry, positioning itself at the forefront of technological innovation. Additionally, the acquisition helped Hyundai establish itself as a leading Smart Mobility Solution Provider. Moreover, In October, 2023, Rockwell Automation Inc. announced the acquisition of Clearpath Robotics, including its research division, and OTTO Motors, a leader in autonomous mobile robots (AMRs) for industrial applications. This acquisition strengthens Rockwell’s production logistics solutions, enhancing automation and digital transformation in manufacturing. AMRs are expected to drive significant growth in the market, contributing to Rockwell's revenue.
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation is the forerunner in the Robotics Technology Market. In May, 2020, Microsoft Corporation announced the acquisition of Softomotive, a leading robotic process automation (RPA) provider known for WinAutomation. This acquisition enhances Microsoft Power Automate by adding desktop automation, enabling users to easily create bots for automating manual processes. The combined solution expands RPA connectivity to apps like SAP and legacy terminal applications. Companies such as Amazon Web Services, Inc., Hyundai Motor Company, and Siemens AG are some of the key innovators in Robotics Technology Market.
The adoption of robotics in manufacturing has become a major driver for the growth of this market. Robotics systems can handle repetitive and precise tasks, significantly enhancing manufacturing processes' productivity. For example, robots can be used in assembly lines to perform tasks such as welding, painting, and assembling components. In conclusion, the increasing adoption of robotics in manufacturing for enhanced productivity is driving the market's growth.
Additionally, Governments worldwide are playing an essential role in driving the adoption of robotics technologies, with many offering incentives such as subsidies, grants, and tax breaks to companies that invest in automation. These governmental efforts aim to improve productivity, create high-tech jobs, and support industries in remaining globally competitive. Thus, government support and industry regulations promoting robotics adoption are driving the market's growth.
However, Despite the numerous advantages robotics offer, the high upfront costs remain a significant barrier to their widespread adoption, particularly among small and medium-sized enterprises (SMEs). The initial investment required to purchase and implement robotic systems can be substantial, including the cost of the robots, integration with existing infrastructure, and specialized staff training. In conclusion, high initial costs and capital investments limiting adoption impede the market's growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions.
On the basis of component, the market is segmented into hardware, software, and service. In 2023, the software segment attained 25% revenue share in the market. The rising demand for intelligent robots capable of performing complex tasks with autonomy has accelerated the development and integration of sophisticated software solutions. These include artificial intelligence (AI), machine learning (ML), computer vision, and navigation algorithms.
By application, the market is divided into manufacturing, healthcare, logistics, aerospace & defense, media & entertainment, and others. The healthcare segment procured 16% revenue share in the market in 2023. Robots in healthcare are increasingly utilized for applications such as surgery assistance, rehabilitation, diagnostics, and drug delivery. The precision and consistency of robotic systems have revolutionized surgical procedures, improved patient outcomes, and reduced recovery times.
Based on robot type, the market is divided into traditional industrial robots, cobots, professional service robots, and others. The cobots segment attained 24% revenue share in this market in 2023. Cobots are designed to work alongside human operators, enhancing productivity while ensuring safety. Their versatility, ease of deployment, and ability to perform various tasks make them increasingly popular in healthcare, logistics, and small-scale manufacturing industries.
Free Valuable Insights: Global Robotics Technology Market size to reach USD 279.52 Billion by 2031
The robotics technology market is highly competitive driven by innovation from smaller firms and regional companies. Startups and mid-sized enterprises focus on niche applications like healthcare robotics, agriculture, and warehouse automation. Open-source platforms and collaborations foster rapid advancements, while government funding and academic research propel new entrants, ensuring a dynamic and evolving competitive landscape.
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the North America region generated 31% revenue share in the market. The region's strong performance is attributed to its advanced technological infrastructure and early adoption of robotics across industries. The United States is a key market, with extensive utilization of robotics in manufacturing, healthcare, logistics, and defense. The rise of collaborative robots (cobots) and service robots in North America demonstrates the increasing demand for flexible and human-centric automation solutions.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 94.64 Billion |
| Market size forecast in 2031 | USD 279.52 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 14.8% from 2024 to 2031 |
| Number of Pages | 282 |
| Number of Tables | 394 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Robot Type, Component, Application, Region |
| Country scope |
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| Companies Included | Kuka AG (Midea Group Co., Ltd.), Hyundai Motor Company, SoftBank Robotics Group (SoftBank Group Corporation), ABB Group, Amazon Web Services, Inc. (Amazon.com, Inc.), Microsoft Corporation, Siemens AG, CloudMinds Technology Inc., IBM Corporation, and Rockwell Automation Inc. |
By Robot Type
By Component
By Application
By Geography
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