Smart Robots Market To Hit Value .46 Billion By 2025 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on November 16th, 2023 San Francisco, 16 November 2023: The ReportSmart Robots Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Service), By Application, By End Use (Industrial, Commercial, Residential), By Vertical, By Region, And Segment Forecasts, 2018 - 2025 The global smart robots market size is anticipated to reach USD 16.46 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 22.4% over the forecast period. Factors such as increasing adoption of autonomous robots for carrying out iterative tasks, rapid technological developments in robotics, and increasing investments in industrial automation have boosted the adoption of smart robots in various end use segments. Smart robots are commonly used for performing various tasks in field applications, metal fabrication, packaging and palletizing, among others. These robots perform tasks independently as well as can work with humans in various manufacturing and maintenance operations. Smart robots are widely used in industries such as automotive and manufacturing to enhance productivity and to reduce labor cost. In addition, benefits such as minimal accidents and higher accuracy are driving the market growth. The introduction of smart collaborative robots and Artificial Intelligence (AI) enabled systems with enhanced reliability and accuracy is expected to drive growth of the smart robots market over the forecast period. Numerous companies such as Fanuc Corporation, ABB Ltd., and Yaskawa Electric Corporation, among others, are implementing advanced robotics technologies for versatile end-use applications. This factor is anticipated to further boost the market expansion in the forthcoming years. The industrial robot segment is anticipated to witness substantial growth in near future owing to their wide adoption in process automation in various industries. Increasing investment in industrial automation has boosted the adoption of smart robots among packaging, manufacturing, and material handling among other industries. Moreover, rising adoption of Internet of Things (IoT) and Artificial Intelligence (AI) has also encouraged end users to implement the smart robotics technology. The market for smart robots is expected to witness volatility owing to mergers and acquisitions, high competition, and presence of new as well as well-established participants. In August 2016, Panasonic Corporation acquired OpenSynergy GmbH, a German software company. OpenSynergy is a high-tech company specializing in embedded automotive software for cockpit solutions. This acquisition is expected to enhance its business in the automotive sector. Request sample report of Smart Robots Market@https://www.grandviewresearch.com/industry-analysis/smart-robots-market/request/rs1 Smart robots are Artificial Intelligence (AI)-enabled systems. They can learn from their surroundings, experience, and environment. They can build on capabilities based on feedback database. These machines gain nearly human-like intelligence without being explicitly programmed. They are equipped with high-sensitive sensors to monitor the surrounding environment. Moreover, smart robots offer features such as learning, and self-correction using machine learning technology. Further key findings from the study suggest:
Increase in demand for AI applications, service robots, and popularity of Internet of Things (IoT) are the key growth drivers for the market. However, high implementation costs and less accuracy can restrain the growth. The introduction of automated appliances in consumer electronics and manufacturing sectors is expected to provide lucrative growth opportunities. Adoption of smart robotics is significantly higher in end-use industries such as manufacturing, automotive, healthcare, and retail owing to features such as accuracy and efficiency. The smart robots market is expected to exhibit substantial growth owing to ability of these systems to work effectively without human assistance. These machines have several benefits such as optimal power consumption, higher efficiency, and high frequency of data and instruction transmission. These factors are anticipated to bode well for the demand in near future. As a result, the market is expected to present attractive opportunities for implementation of advanced technologies. Currently, smart vacuum cleaner robots are driving the demand in residential areas owing to the adoption of automated vacuum cleaners. Manufacturers are developing smart vacuum robots with filter sensing, floor sensing, and battery sensing technologies. Furthermore, increasing demand for industrial automation has boosted adoption in packaging, manufacturing, and material handling industries. Report Scope
Regional scope North America, Europe, Asia Pacific, South America, and MEA Country scope U.S., Canada, Mexico, U.K., Germany, South Korea, Japan, China, and Brazil Like it? Share it! More by this author |