The Global Smart Robots Market is estimated to grow at a CAGR of 39% during the forecast period 2020-2024. As per the analysis, the global market is estimated to grow by $20.28 billion by the end of the year 2024.
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Smart Robots are adopted by various industries such as automotive, healthcare, consumer electronics, and industrial, owing to various benefits such as automated working, accuracy and efficiency in working, less time required to complete the task and low labor cost among others.
Automotive manufacturing plants are highly adopting smart robots to boost the production capacity—a major trait of smart robots— and reduce labor costs. Smart robots can perform various tasks like machine learning, part transfer, assembly, material removal, quality inspections, machine tending, packaging and palletizing, order pick and place, painting and welding during the automotive manufacturing.
The increasing growth potential of smart robots is attracting high investments from venture capitalists. Companies across the world are majorly focusing on automation to boost their product quality, improve productivity and reduce labor costs. Hence, companies are opting for smart robots in a form of professional robots and collaborative robots with analytics, machine learning (ML) and artificial intelligence (AI). Therefore, the smart robots market is expected to record substantial growth over the forecast period.
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Robotics in general is highly focused area of business and investment in worldwide, if compared to other known and active business segments. For instance, as per the Robotics Business Review, in January 2020, the journal reviewed that the robotics industry recorded $1.16 billion of corporate transactions related to robotics. While, other sectors such as autonomous vehicles recorded very few deals in late 2019.
Segmentation Overview of the Global Smart Robots Market
The global smart robots market is segmented on the basis of product and solution. These market segments are further categorized into various sub-segments to study the market in detail.
The Product Segment of the Global Smart Robots Market is Sub-Segmented into:
- Personal Service Robots
- Professional Service Robots
- Collaborative Robots
The Solution Segment of the Global Smart Robots Market is Sub-Segmented into:
- Software
- Services
- Hardware
Geographical Overview of the Global Smart Robots Market
On the basis of geographical segmentation, the global smart robots market was studied across North America (U.S., Canada); Europe (Germany, UK, France); Asia Pacific (China, India, Japan); Latin America (Brazil, Mexico); Middle East & Africa. As per the analysis, the Asia Pacific accounted as the largest shareholder in the year 2019. Also, the region is estimated to record the fastest growth during the forecast period. The regional growth is attributed to increasing focus of users on factory and home automation and growth in popularity of connected devices fuels the regional market growth over the forecast period. As per the research study conducted by our in-house research analysts, the regional growth from the Asia Pacific will approx. account for 41% in the global marketplace through the forecast period. In the regional growth of the smart robots market, South Korea, Japan and China plays a key role and are estimated to grow faster than other geographies worldwide.
Key Players Insights
Yaskawa Electric Corp., SoftBank Group Corp., Singapore Technologies Engineering Ltd., OMRON Corp., Midea Group Co. Ltd., KION Group AG, iRobot Corp., FANUC Corp., Amazon.com Inc., and ABB Ltd. are some major players included in the research study of the global smart robots market. The market players listed in the research report were analyzed int detail. The market players are adopting various competitive strategies to withhold the market position for the long-term. The company profile section of the research study compiled by Report Ocean include various sub-sections to detail the company profiles part of the research report. The sub-sections include company overview, product portfolio, SWOT analysis, strategic developments and financial performance.
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