The Smart Robot Market Size was estimated at USD 5.98 billion in 2019 and is anticipated to grow to USD 31.11 billion by 2027, at a CAGR of 23.1%.
The global supply chain industry could change as a result of intelligent robots. The adoption of intelligent robots is essential for improving the manufacturing process because they reduce the need for human labor and help with production scalability. Robotic technology is advancing quickly, and it offers novel features and great potential for enhancing productivity and reducing human effort. Intelligent robots are likely to experience unheard-of growth as local production and consumption become more and more in demand. Rapid industrialization is the main factor fueling the expansion of the global market.
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Information about the report:
- Forecast Timeframe: 2020-2027
- The starting year is 2019
- Market Size in 2019- USD 5.98 billion
- The market size in 2027 will be USD 31.11 billion
- CAGR - 23.1%
- Segments Included: according to deployment type, application, enterprise type, sector, and geographic region
The Smart Robot Market is a large and growing sector that covers various aspects, such as market size, market share, market segment, and industry. The total amount of money that service providers make from offering their products to customers is referred to as the market size. The percentage of the market that is under the control of one provider, or a group of providers, is known as market share. The term market segment refers to the different categories of applications based on their functions, features, or target users. The term industry refers to the different sectors or domains that use applications for their business operations or activities.
Analyses of the worldwide Smart Robot Market are conducted across regions, end-user industries, and material types. The study includes a thorough examination of segments and their sub-segments with the aid of tabular and graphic depictions. The segmentation can help investors and market participants create plans based on the report's list of the segments with the highest revenue growth rates.
By Type Analysis,
The market for smart robots has been divided into personal or domestic robots and professional robots based on type. Since more and more commercial tasks are being automated, professional robots have a sizable market share. These more recent, autonomous robots can operate entirely or in part on their own. Professional robots are in high demand across a variety of industries, including agriculture, construction, defense, logistics, and medicine. The development of cutting-edge technologies like artificial intelligence, machine learning, and adaptive vision systems has accelerated the adoption of intelligent robots. The sales of professional service robots were estimated to be worth around USD 11.2 billion in 2019, according to the International Federation of Robotics (IFR). The introduction of the robotic-as-a-service (RaaS) model is likely to encourage the adoption of professional robots.
By Mobility Analysis,
The global market has been divided into mobile and fixed or stationary robots based on mobility. Due to the increasing demand for adaptable and autonomous robots, the mobile robot currently holds the largest market share. The internet of Things (IoT) trend of mobility has developed over time due to the growing use of smartphones. Thus, mobile robots are also becoming increasingly popular throughout the industry as a result of the growing proliferation of mobile devices.
By Application Analysis,
In accordance with the applications, the global market has been divided into inspection and maintenance, material handling and sorting, security and surveillance, education and entertainment, sanitation and disinfection, and others. The high demand for an intelligent material handling system in the manufacturing processes is what primarily drives the adoption of smart robots in material handling and sorting applications. Since oil, gas, and petrochemical projects place a high demand on robotic inspection and maintenance technology, inspection and maintenance applications would hold the second-largest share globally. The use of intelligent robots to monitor or manage security and surveillance systems is being driven by growing security concerns at residential and commercial locations. In addition, this market is rapidly extending the range of applications it supports, creating new prospects for market expansion.
By Key Industry Analysis,
Key players in the global market are persistently concentrating on creating robots that are specifically designed to solve a given problem or have a particular market application. Key players are assisted in maintaining their market competency by industry-specific application-oriented robot development. With the vendors who have already created the necessary technological solutions, successful businesses form strategic alliances and partnerships.
List of Key Companies Profiled:
- SoftBank Corp (Tokyo, Japan)
- GeckoSystems Intl. Corp. (Georgia, United States)
- Aethon, Inc. (Pittsburgh, Pennsylvania, United States)
- Neato Robotics, Inc. (San Jose, California, United States)
- Samsung Electronics Co., Ltd (Suwon, Korea)
By Region,
The market is fragmented into North America, South America, Europe, the Middle East and Africa, and Asia Pacific.
Asia Pacific, which generated 2.41 billion in revenue in 2019, is the world's most profitable region. The world's two leading nations for robot adoption and production are China and South Korea. Asia-Pacific market growth will be significantly fueled by the significant development of robotic technologies in China and South Korea. According to the PWC report "Robot-Ready: Adopting a New Generation of Industrial Robots," which was released in June 2018, China shipped 115,000 industrial robots in 2017. Leading nations in industrial robot production and use include South Korea, Japan, Singapore, and China. During the forecast period, the dominance is likely to continue due to the ongoing industrialization of the developing Asian nations.
The study report provides a thorough analysis of the size of the “Smart Robot Market” globally, including regional and country-level market size analysis, CAGR estimation of market growth during the forecast period, revenue, key drivers, competitive background, and sales analysis of the payers. The paper also discusses the principal risks and challenges that will be encountered over the projected period. The Smart Robot Market is divided into two categories: type and application. Players, stakeholders, and other participants in the global Smart Robot Market industry will be able to gain the upper hand by using the study as a valuable resource.
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