According to the latest report by IMARC Group, titled, “Smart Robot Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, 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.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Smart robots are computerized reasoning (AI) systems integrated with modern technologies, such as artificial intelligence (AI), machine learning (ML), sensors, and deep learning (DL). They are capable of collaborating and adapting the behavior of humans to perform cognitive tasks and manual labor work. Consequently, they find extensive application in industrial settings to automate the manufacturing process.
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Smart Robot Market Trends and Drivers:
The rising adoption of autonomous robots for professional services, in confluence with new developments in robotics technologies, represents one of the key factors driving the market. Moreover, several retail stores are relying on in-store robots to recognize actions in real-time, assist operators, and reduce human errors. Besides this, there is a rise in the utilization of service-enabled robots in the healthcare industry to assist complex surgeries, testing, and diagnosis. This, coupled with the increasing prevalence of chronic diseases, is increasing the sales of smart robots as they assist people with cognitive, sensory, and motor impairments.
Smart Robot Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- 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
- Yaskawa Electric Corporation.
The report has segmented the market based on component, mobility, application and vertical.
Breakup by Component:
- Hardware
- Software
- Services
Breakup by Mobility:
- Stationary
- Mobile
Breakup by Application:
- Welding and Painting
- Assembling and Disassembling
- Material Handling and Sorting
- Inspection and Security
- Others
Breakup by Vertical:
- Automotive
- Manufacturing
- Electrical and Electronics
- Food and Beverages
- Chemical
- Residential
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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