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.
The global smart robots market growth is driven by various drivers such as increase in demand for automation at both commercial and residential levels, increasing labor costs, increase in number of mergers & acquisition activities and increasing investment in the automation industry across the globe.
The global smart robots market is segmented on the basis of product and solution. These market segments are further categorized into:
By Product Segment:
Personal Service Robots
Professional Service Robots
Collaborative Robots
By Solution Segment:
Software
Services
Hardware
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. 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.
The geographical segmentation of the global smart robots market include market study across:
Asia Pacific
North America
Europe
South America
MEA
As per the market study, the Asia Pacific Smart Robot Market accounted as the largest market in terms of revenue share. The regional growth is attributed to some major key factors such as increasing focus of users on factory and home automation and growth in popularity of connected devices. Moreover, 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.
The company profile section of the research includes 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. Some of the major key companies included in the research study are:
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.
ABB Ltd.
Highlights of the Global Smart Robots Market
The research report was compiled through extensive qualitative and quantitative methods such as market drivers, market challenges, market trends, market restraints, market opportunities and Porter’s Five Force Model under first category; and market size and forecast, market segmentation, geographical insights and competitive landscape under the later one.
Adopted detailed research methodology to compile the research report on the global smart robots market.
Data collected to study the global smart robots market include both primary and secondary sources. Under primary method, data was collected directly from strategic decision makers, industry experts, channel partners and manufacturers and suppliers. While the secondary source of information includes sources like press releases, historical data, financial reports of key industry players, government data and industry journals and periodicals.
