Smart Robots Market

Smart Robots Market size generated a revenue of USD 4221 million in 2019 and is forecast to generate a CAGR of 30.8% during the forecast period, due to the growing adoption of automation robots to perform repetitive tasks.

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Key Drivers

The major factors driving the growth of the smart robot’s market include the growing acceptance of autonomous robots for professional services and the increasing penetration of industrial automation. In addition, continuous technological developments in the field of robotics and the increasing integration of advanced technology such as machine learning, deep learning, and the Internet of things (IoT) in smart robots is fuelling the market growth. Smart robots comprise of artificial intelligence, which enables them to be functional and perform their tasks on their own. Smart robots are being widely used for industrial, commercial, and residential applications and are employed in various industrial sector including automotive, manufacturing, healthcare, retail, and process industries like food & beverages, metal and mining, and energy and utilities. Strategic government initiatives to encourage the production of robots has augmented the market growth. According to the Hindustan Times report, The Indian Government decided to include Robotics and Drone under the Production Linked Incentive (PLI) Scheme, which is projected to augment the production of drones and robots around $2 billion per market player in India. Smart robots can be digitally connected to a cloud platform to improve operational efficiency and agility of business processes, thus, increasing their deployment in industrial settings to automate manufacturing processes and warehouse management systems.

Smart robots are equipped with a high-sensitive sensor which monitors the surrounding environment and offers feature such as self-learning and self-correction using deep learning technology, thus, ensuring safety at the workplace which is strengthening the market growth. Moreover, the growing deployment of smart robots across retail stores to recognize actions in real-time, help operators, and minimize human errors will further add to the market growth. Besides this, in the healthcare industry, smart robots have gained immense prominence to help with complicated surgeries, elderly care, and patient care at home.

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Component Segment Analysis

Software segment is expected to grow at a high CAGR during the forecast period in the Smart Robots market. The increasing integration of advanced technology such as the Internet of Things (IoT) and machine learning in smart robot software is driving the growth of the segment. Moreover, technological advancement in these technologies to solve the complexity in terms of features such as inter-device connectivity and autonomous operations, which will further boost the demand for software segment.

Mobility Segment Analysis

Mobile robot is estimated to lead the market over the upcoming years due to accelerating penetration of smartphones and growing adoption of mobile devices. Increasing demand for flexible and autonomous robots will further add to the segment’s growth.
Stationary robots are forecast to hold a higher share in the market over the forecast period, due to the surging demand across the automotive industries. These robots help in industrial processes like material handling, picking, or sorting. The growing adoption of stationary smart robots in medical and household field, will elevate the market growth.

End-Use Segment Analysis

Industrial end-use is projected to dominate the market during the forecast period due to the accelerating adoption of smart robots in manufacturing plants. The smart robot offers remarkable benefits which include better workplace safety, increases production, reduces labor costs, and improves quality. This factor will further attract many end-users to opt for smart robots over the coming years. With the increasing investment in industrial automation, the adoption of smart robots across packaging, manufacturing, and material handling has augmented, forecast to propel the market growth. Moreover, increasing adoption of Internet of Things (IoT) and Artificial Intelligence (AI) has encouraged end users to implement the smart robotics technology, paving the way for market.

Professional application segment is expected to grow at a higher CAGR during the forecast period. The professional segment includes defense and security, law enforcement, public relations, logistics management, industrial, inspection & maintenance, field & agriculture, healthcare assistance, and others. The strong demand for smart robots in the defense and marine sector to protect the border of the country is the key factor driving the demand. Furthermore, the increasing manufacturing process complexity and miniaturization of semiconductor and electronics equipment is leading towards the adoption of AI-enabled smart industrial robots, which will be propelling the growth of the market over the forecast period.

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Regional Analysis

Asia-pacific is projected to grow at a higher CAGR over the forecast period due to the increasing adoption of smart robots across various industries. The rising geriatric population in Asia-pacific countries which include China and Japan, increasing requirements for smart home robots for personal assistance application will further drive the market growth. Moreover, increasing government initiatives regarding AI-based robots in emerging countries will bolster market growth.

North America is predicted to witness a faster CAGR during the forthcoming years, owing to the increasing investment in IT and innovations in in sensor technologies. Increasing demand for smart robots across several end-use industries, including manufacturing, food and beverages, consumer goods, and healthcare and continuous technological advancements have paved the way for market. Additionally, increasing investment by venture capital firms in robotics technology startups to support market expansion across the U.S. will add to the market size.

Various notable players in the Smart Robots market include iRobot Corporation, KUKA AG, Fanuc Corporation, ABB Ltd., Yaskawa Electric Corporation, Panasonic Industry Europe GmbH, OTC Daihen Inc., Kawasaki Heavy Industries, Omron Adept Technologies, Inc., and SoftBank Robotics, among others.

Key Developments:

• • In 2018, Fujitsu collaborated with KUKA AG to establish human-robot for mainboard handling and testing in Germany. Both companies also planned to integrate data analytics capabilities to explore the potential of human-robot.
  • In 2017, iRobot acquired a France based Robopolis SAS to enhance the company’s distribution network, improve its global footprint, and promote the adoption of robots.

The Global Smart Robots market has been segmented based on the component, mobility, application, end-user, vertical, and region. Based on the component, the market is segmented into hardware, and software. Based on hardware, the market id further segmented into Sensor, Actuator, Power Source, Control System, and Others. Based on mobility, the market is segmented into Stationary and Mobile. Based on end-use, the market is segmented into industrial, commercial, and residential. Based on application, the market is segmented into Personal and Domestic, and Professional. The personal and domestic segment is segmented into Companionship, Education and Entertainment, Domestic, and others. The Professional segment is further segmented into Military & Defense, Law Enforcement, Public Relations, Logistics Management, Industrial, Inspection and Maintenance, Field/Agriculture, Healthcare Assistance, and Others.

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Key questions answered in this research report:

• • At what pace is the global Smart Robots market growing? What will be a growing trend in the future?
  • What are the key drivers and restraints in the global Smart Robots market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Robots market?
  • Which Component generated maximum revenues in 2019 and identify the most promising Component during the forecast period?
  • What are the various application areas of global Smart Robots market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Smart Robots Market by Component             

• • Hardware
    • Sensor
    • Actuator
    • Power Source
    • Control System
    • Others
  • Software

Global Smart Robots Market by Mobility

• • Stationary
  • Mobile

Global Smart Robots Market by End-Use

• • Industrial
  • Commercial
  • Residential

Global Smart Robots Market by Application

• • Personal and Domestic
    • Companionship
    • Education and Entertainment
    • Domestic
    • Others
      • Elderly and Handicap Assistance
      • Home Security and Surveillance
  • Professional
    • Military & Defense
      • Spying
      • Search and Rescue Operations
      • Border Security
      • Combat Operations
    • Law Enforcement
      • Patrolling
      • Riot Control
    • Public Relations
      • Reception Management
      • Tour Guidance
      • Telepresence
    • Logistics Management
      • Pick and Place
      • Sorting
    • Industrial
      • Manufacturing
      • Material Handling
    • Inspection and Maintenance
    • Field/Agriculture
    • Healthcare Assistance
    • Others

Global Smart Robots Market by Region

• • North America Smart Robots Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Mobility
    • By End-Use
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Smart Robots Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Mobility
    • By End-Use
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Smart Robots Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Mobility
    • By End-Use
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Smart Robots Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Mobility
    • By End-Use
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Smart Robots (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • iRobot Corporation
  • KUKA AG
  • Fanuc Corporation
  • ABB Ltd.
  • Yaskawa Electric Corporation
  • Panasonic Industry Europe GmbH
  • OTC Daihen, Inc.
  • Kawasaki Heavy Industries
  • Omron Adept Technologies, Inc.
  • SoftBank Robotics