The global smart robot market reached a value of US$ 8.94 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 24.28 Billion by 2027, exhibiting at a CAGR of 17.9% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Smart robots collaborate with humans and adapt their behavior according to experience for performing cognitive tasks and manual labor work. They are integrated with advanced technologies, such as artificial intelligence (AI), machine learning (ML), sensors, and deep learning (DL). They can digitally connect with a cloud platform to improve operational efficiency and agility of business processes. As a result, they are widely utilized in industrial settings to automate manufacturing processes and warehouse management systems.
Smart Robot Market Trends:
- The emergence of the Fourth Industrial Revolution (Industry 4.0) and the growing trend of precision manufacturing are catalyzing the need to modify manufacturing facilities into connected factories. This represents one of the major factors driving the demand for smart robots as they can perform repetitive and less ergonomic tasks, which allows seamless sharing of information and increases product quality and productivity. Moreover, several retail stores are deploying in-store robots to recognize actions in real-time, assist operators, and reduce human errors. Apart from this, service-enabled robotics is gaining traction in the healthcare industry to assist complex surgeries, elderly care, assistive technologies, and patient care at home. This, coupled with the growing prevalence of chronic diseases, is positively influencing the demand for smart robots to aid people with cognitive, sensory, and motor impairments. Furthermore, as smart robotic vacuum cleaners are lightweight, small-in-size, and require low maintenance, they are extensively utilized for mopping, cleaning, and ultraviolet (UV) sterilization of residential and commercial spaces. This, in confluence with the outbreak of the coronavirus disease (COVID-19) and the growing emphasis of individuals on maintaining health and hygiene, is positively influencing the demand for smart robots to prevent the spread of the pandemic and create a safe workplace.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global smart robot market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on component, mobility, application and vertical.
Breakup by Component:
Breakup by Mobility:
Breakup by Application:
- Welding and Painting
- Assembling and Disassembling
- Material Handling and Sorting
- Inspection and Security
Breakup by Vertical:
- Electrical and Electronics
- Food and Beverages
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., F&P Robotics AG, Fanuc Corporation, Hanson Robotics Limited, Honda Motor Co. Ltd, iRobot Corporation, KUKA AG (Midea Group), Neato Robotics Inc. (Vorwerk), Rethink Robotics GmbH, Samsung Electronics Co. Ltd., Seiko Epson Corporation, SoftBank Robotics Corp and Yaskawa Electric Corporation. Key Questions Answered in This Report:
- How has the global smart robot market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global smart robot market?
- What are the key regional markets?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the mobility?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the vertical?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global smart robot market and who are the key players?
- What is the degree of competition in the industry?