Smart Robot Market by Component (Hardware and Software), Industrial Application (Automotive, Electronics, and Food & Beverages), Personal Service Application, Professional Service Application, and Geography - Global Forecast to 2023
“Growing adoption of autonomous robots for professional services acts as a major driving factor for the smart robot market”
The smart robot market is expected to reach USD 14.29 billion by 2023 from USD 4.94 billion in 2018, at a CAGR of 23.7% between 2018 and 2023. This growth can be attributed to the growing adoption of autonomous robots for professional services, emerging technological advancements in the field of robotics, increasing investments toward industrial automation, and growing government aid for R&D of AI-enabled robots. However, high initial R&D expenditure restricts the growth of the smart robot market.
“Hardware component held a larger share of the smart robot market in 2017”
The hardware components add major value to the overall smart robot cost; hence, the hardware segment accounted for a larger share of the overall smart robot market in 2017. Among different hardware components, control systems accounted for the largest market share in 2017.
“Electronics industrial application of smart robots to grow at a higher CAGR during the forecast period”
The smart robot market for electronics applications is expected to grow at the highest CAGR during the forecast period. With the increasing complexity of manufacturing processes and miniaturization of semiconductor and electronics equipment, there is an increase in the use of AI-based smart industrial robots. Smart robots in the electronics equipment industry are used for designing and planning stages of the manufacturing process; thereby creating a huge potential for the growth of the smart robot market in the near future.
“Professional service application of smart robot held a larger share of the market in 2017”
The professional service applications held the largest share of the smart robot market, by service application in 2017. The market is expected to be driven by the increasing demand from defense and marine applications. The professional service application is also expected to grow faster during the forecast period.
“Americas was the largest shareholder in 2017, whereas APAC would be the fastest-growing region in the smart robot market during the forecast period”
The Americas held the largest share of the smart robot market in 2017. The Americas is the early adopter of smart robots for all major industrial and service applications, thereby resulting in the maximum demand for robots from this region. The market in APAC is expected to grow at the highest CAGR between 2018 and 2023. APAC is likely to adopt smart robots for almost all major industrial and service applications during the forecast period. As the elderly population in APAC countries, such as China and Japan, is on the rise, the region is expected to employ smart robots, e.g., humanoids for personal assistance and caregiving applications. Also, the presence of a large number of manufacturing companies in China and Japan, along with the strong presence of automobile and electronics and semiconductor companies, is driving the growth of the smart robot market in this region.
The breakup of primaries conducted during the study is depicted below.
By Company Type: Tier 1 = 55%, Tier 2 = 20%, and Tier 3 = 25%
By Designation: C-Level Executives =75% and Directors = 25%
By Region: Americas = 10%, Europe = 20%, APAC = 40%, and RoW = 30%
Some key players in the smart robot market include SoftBank (Japan), iRobot (US), KUKA (Germany), ABB (Switzerland), Hanson Robotics (Hong Kong), Amazon.com (US), Honda Motor (Japan), FANUC (Japan), YASKAWA ELECTRIC (Japan), ECA (France), OMRON Adept Technologies (US), Samsung Electronics (South Korea), Intuitive Surgical (US), DeLaval (Sweden), Aethon (US), Rethink Robotics (US), Bluefin Robotics (US), GeckoSystems (US), BLUE FROG ROBOTICS (France), and Anki (US).
Factors such as rise in demand for personal services, adoption of IoT on a wide level, and huge potential in developing countries are expected to generate opportunities for the players in the smart robot market.
• This report includes the market statistics pertaining to the smart robot component, industrial application, service application, and geography, along with their respective market size.
• Major drivers, restraints, opportunities, and challenges pertaining to the smart robot market have been detailed in the report.
• Opportunities in the market have been defined for stakeholders, along with the details of the competitive landscape for the market leaders.
• Strategic profiling of the key players in the smart robot market has been done, and players’ ranking has been provided and core competencies have been comprehensively analyzed.
Reasons to Buy the Report
The report would help leaders/new entrants in the smart robot market in the following ways:
1. This report segments the smart robot market comprehensively and provides the closest market size estimation for segments across different regions.
2. The report would help stakeholders understand the pulse of the market and provide them with the information on key drivers, restraints, challenges, and opportunities for market growth.
3. This report would help stakeholders understand their competitors better and gain insights to improve their position in the business. The competitive landscape section includes the competitor ecosystem, product launches, acquisitions, expansions, partnerships, agreements, and collaborations.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook