Evolving technological developments in the field of robotics, increasing adoption of self-governing robot for professional services, and growing investments within industrial automation drive the demand for smart robot market
Smart robot is emerging technology where-in robot & automation systems share code and data for performing computation through networks building on evolving research in cloud computing. It uses the network to index images, maps, and data helpful in driving trajectories, traffic, and weather to evaluate spatial localization and take decisions. It has virtually unrestricted capabilities in terms of storage power and processing among the mature technology to date. Hence, the global smart robot market size is anticipated to reach over USD 24 billion by 2025
The extended usage of automated reasoning, big data, and machine learning technology, along with artificial intelligence and probabilistic logic has paved the way for the greater development of smart robotics past few years. Furthermore, the evolution of the Internet of Things (IoT) has also fueled the growth momentum of the industry with its various applications in the advancements of the interactive software platform. The industry players operating within the smart robot market are investing significant resources to continuous product development to keep up with the market dynamics.
The global smart robot market contains hardware, software, and service segment. In 2019, the hardware segment is likely to hold a significant market share due to the growing requirements of hardware components such as sensors, actuators, power systems, control systems, and communication systems. However, the solutions segment is anticipated to grow at a significant rate over the forecast period. Most of the industry participants within the smart robot market deliver professional services for managing the smart robot's deployment. Also, these services ensure smoother and faster implementation, which enhances the value of business investments.
The global smart robot market has strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
The global smart robot solution industry is a wide range to North America, Asia Pacific, Europe, South America, and the Middle East & Africa. The Asia Pacific region is expected to be the prominent region with India as the largest smart robot market. Countries such as Japan, China, and South Korea are anticipated to be at the forefront in the adoption of smart robot owing to increased technological investment in the countries. Moreover, the rising trend of the cloud-based solution in medium and large industries propels the demand for smart robot in the region.
The major players of the global smart robot solution market are SoftBank, iRobot, KUKA, Hanson Robotics, Amazon, ABB, FANUC, YASKAWA ELECTRIC, Universal Robot, Blue Frog Robotics, Rethink Robotics, and more. The smart robot solution market is fragmented with the existence of well-known global and domestic players across the globe.
Segment Overview of Global Smart Robot Market
Component Overview, 2018-2025 (USD Billion)
Applications Overview, 2018-2025 (USD Billion)
- Professional Service Robot
- Personal Service Robot
- Collaborative Robot
End-Use Overview, 2018-2025 (USD Billion)
- Energy & Utilities
- Food & Beverages
Regional Overview, 2018-2025 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America