Growth opportunities in the Smart Robots Market look promising over the next six years. This is mainly due to their continuous technological developments and they have the potential to the capability to perform both manual and cognitive tasks.
Smart Robots Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
Some of the prominent drivers proliferating the growth of the global smart robots market include the augmenting endorsement of mechanized robots for professional services along with the accelerating penetration of industrial automation. Also, the ongoing technological advancements and the increasing incorporation of sophisticated technology include deep learning, the internet of things (IoT), and machine learning in these robots, which is strengthening the smart robots market size. In addition, they comprise artificial intelligence, which allows them to be functional and perform their tasks independently. The robots are being extensively employed across commercial, residential sectors accompanied by their integration in automotive, manufacturing, retail, and process industries such as metal and mining, food & beverage, and utilities in the industrial sector. These factors together will supplement the market growth.
Furthermore, these robots are equipped with a highly sensitive sensor that administers the surrounding environment and imparts features including self-learning and self-correction using deep learning technology. The widespread outbreak of the coronavirus pandemic has positively influenced market growth. This is primarily because of the stimulating focus on maintaining social distance and staying at home is largely impacting the total number of the working population, which further encourages the manufacturers to choose smart robots to perform manual tasks usually performed by the workers. However, the high initial expenditure on research and development and manufacturing costs will hinder the market growth.
Application Segment Drivers
Based on the application, a professional is projected to witness a higher CAGR during the forecast period. The segment comprises defense and security, inspection & maintenance, public relations, logistics management, industrial, field & agriculture, law enforcement, and healthcare assistance. Moreover, their robust demand in the defense and marine sector to safeguard the border of the country is driving the market growth. Furthermore, the growing complication of the production process and miniaturization of semiconductor and electronics equipment is promoting the endorsement of AI-enabled smart industrial robots, which will bolster the market growth.
Smart Robots Market’s leading Manufacturers:
- SoftBank Robotics
- Kawasaki Heavy Industries
- Panasonic Industry Europe GmbH
- ABB Ltd
- KUKA AG
- Omron Adept Technologies, Inc.
- OTC Daihen Inc.
- Yaskawa Electric Corporation
- Fanuc Corporation
- iRobot Corporation
Smart Robots Market Segmentation:
Segmentation by Component
- Hardware
- Sensor
- Actuator
- Power Source
- Control System
- Others
- Software
Segmentation by Mobility
- Stationary
- Mobile
Segmentation by End-Use
- Industrial
- Commercial
- Residential
Segmentation 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
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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