Pune, India, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Global Smart Robot Market size was valued at USD 5.98 billion in 2019 and is projected to reach USD 31.11 billion by 2027, exhibiting a CAGR of 23.1% during the forecast period. Fortune Business Insights presents this information in their recent report titled, "Global Smart Robot Market Forecast, 2020-2027."
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Notable Industry Development:
October 2020 – ABB, LTD. acquired Netherland-based delta robots manufacturing company named Codian Robotics B.V. The acquisition was aimed to accelerate company engagement in the delta robots application area.
Key Takeaways
- Smart Robot Market size in Asia-Pacific was USD 2.41 Billion in 2016-2027
- COVID-19 Pandemic: Acceptance of Intelligent Robots to Favor Market
- Application-Specific Developments of Intelligent Robots to Drive Significant Adoption of Domestic Robots
- Growing Demand for Flexibility, Mobility, and Convenience Drives the Preference for Mobile Robots
Discover the Leading Players Featured in the Report:
“Companies leading the global Smart Robot Market are SoftBank Corp, GeckoSystems Intl. Corp, Aethon, Inc., Neato Robotics, Inc., Samsung Electronics Co., Ltd, ABB Ltd, KUKA Aktiengesellschaft, FANUC CORPORATION, Hanson Robotics Limited, YASKAWA ELECTRIC CORPORATION, BLUE FROG ROBOTICS SAS, Kongsberg Gruppen ASA, Universal Robots A/S, ECA GROUP, iRobot Corporation, DeLaval Inc., Intuitive Surgical, Inc, Rethink Robotics GmbH, Honda Motor Co., Ltd.”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR | 23.1% |
| 2027 Value Projection | USD 31.11 billion |
| Base Year | 2019 |
| Smart Robot Market Size in 2019 | USD 5.98 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 180 |
| Segments covered | Type; Mobility; Application; End-User and Region |
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Drivers and Restraints:
Integration of AI in Advanced Robots to Boost Adoption
The advent of artificial intelligence (AI) in robotics has transformed the dynamics of industrial technology. AI-powered robots can determine, acclimatize, and act in more and more complex environments or situations. AI simulators have increasingly become accurate to drive real-world applications efficiently. These simulators can run hundreds of iterative processes within seconds, generating massive amounts of valuable data. The growing popularity of AI-powered intelligent robotics will have a tremendous impact on the market. The evolving technologies in artificial intelligence have made interactions and processes with humans more profound. AI robots have become more accurate, smarter, and more profitable for industrial operations, which, in turn, will enable speedy expansion of the market.
Segmentation
By Type
- Personal/Domestic Robots
- Professional Robots
By Application
- Inspection and Maintenance
- Material Handling and Sorting
- Security and Surveillance
- Education and Entertainment
- Sanitation and Disinfection
- Others
By Industry
- Manufacturing
- Healthcare
- Agriculture
- Military and Defense
- Logistics and Warehouse
- Education and Entertainment
- Others
By Region
- North America (the US and Canada)
- Europe (the United Kingdom, Germany, France, Italy, Spain, Scandinavia, and the rest of Europe)
- Asia Pacific (including Japan, China, India, Australia, Southeast Asia, and the remaining countries in the region)
- South America (including Brazil, Mexico, and the rest of South America) Europe, Asia, and Africa (South Africa, GCC, and Rest of the Middle East & Africa)
Regional Insights:
Ongoing Industrialization to Foster Growth in Asia Pacific
The market for smart robot in Asia Pacific is expected to witness a rapid growth rate during the forecast period. The increasing adoption robots in China and South Korea will promote expansion in Asia Pacific. The development of robotic technologies can have a tremendous impact on the market in the region. As per the ‘Robot-ready: adopting a new generation of industrial robots report’ published by the PWC in June 2018, china has recorded the shipments of 115,000 industrial robots in 2017. South Korea, Japan, Singapore, and China are leading in the production and usage of industrial robots. The rising industrialization in developing countries will facilitate the healthy growth of the market in Asia Pacific. Europe is expected to expand radically during the forecast period owing to the industrial automation in various European countries.
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Competitive Landscape:
Key Market Players to Increase Focus on Corporate Growth Strategies to Keep Pace With Changing Technologies
Some of the key players operating in this market are shifting their focus toward entering crucial strategic partnerships and collaborations as no one company can create a complete quantum solution. These strategic partnerships will help them combine their strongest capabilities with their partner’s expertise. Moreover, these organizations are heavily investing in boosting the skills of their existing workforce, which will further amplify the market growth.
FAQs
How big is the Smart Robot Market?
The Smart Robot Market size was USD 5.98 billion in 2019. It is expected to reach USD 31.11 billion by 2027.
How fast is the Smart Robot Market growing?
The Smart Robot Market will exhibit a CAGR of 23.1% during the forecast period, 2020-2027.
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