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Global Smart Robot Market: By Component: Hardware, Software, Services; By Application: Industrial Robots, Service Robots; By End Use: Industrial, Commercial, Residential; By Vertical: Automotive, Others; Regional Analysis; Historical Market and Forecast (2017-2027); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Smart Robot Market Outlook

The global smart robot market attained a value of more than USD 5.9 billion in 2021. The market is further expected to grow in the forecast period of 2022-2027 at a CAGR of 26.95% to reach over USD 25.1 billion by 2027.

 

Rising Integration of IoT in Robotic Technology to Augment the Market Growth of Smart Robot

The expanding integration of IoT in robots for cost-effective predictive maintenance is driving the growth of the market.  Predictive maintenance is the process of predicting possible problems before they occur. An IoT- based system enables the storage of terabytes of data and the parallel execution of machine learning (ML) algorithms on multiple computers to detect possible risks and notify the user when the industrial equipment is likely to cause problems, thereby assisting in predictive maintenance and pushing the market growth.

 

Global Smart Robot Market

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Digital networking of multiple equipment, robots, and systems is used to construct integrated smart processes using the internet of things (IoT) technology and the growing market penetration of the technology aided by robust internet facilities are furthering the growth of the market.  Data from various sensors in a robot, such as heat and voltage, is collected on the cloud and evaluated using machine learning (ML) algorithms. Thus, the incorporation of advanced digital technology is providing impetus to the market.

 

The Asia Pacific Region Projected to Hold a Significant Share in the Global Market for Smart Robot

Region-wise,  the APAC region  is expected to have a significant share in the smart robotics industry. This can be attributed to the robust manufacturing of robots in China and South Korea for various applications for domestic and international use. In addition, recently, a robot named Youxiaomei served attendees with water and tea during the 7th China Information Technology Expo in 2019. Furthermore, rising disposable incomes and the advent of digital technology is aiding the market growth. Moreover, owing to the flourishing automotive sector in countries like Japan and China, the adoption of smart robots for various uses is pushing the growth of the regional market. These factors are thus favouring the market growth of smart robot in the Asia Pacific region.

 

Smart Robot: Market Segmentation

A smart robot is a  computerised reasoning (AI) system that can learn from its surroundings and situations, as well as its knowledge, and then produce skills based on that vast learning. Smart robots are  utilised for a variety of purposes, including scientific research, industrial applications, and even personal use.

The market can be broadly categorised on the basis of its component into:

  • Hardware
  • Software
  • Services

On the basis of its application, the market can be divided into:

  • Industrial Robots
  • Service Robots 

The market, based on end use, can be segmented into: 

  • Industrial 
  • Commercial
  • Residential 

Categorisation on the basis of vertical includes:

  • Automotive 
  • Healthcare 
  • Manufacturing 
  • Food and Beverages 
  • Retail 
  • Energy and Utility 
  • Others

The report also looks into the regional markets of smart robot like North America, the Asia Pacific, Europe, Latin America, and the Middle East and Africa.

 

Rising Demand for Smart Robots in Logistics Management to Boost the Market Growth

The rising need for robots in warehouses for logistics management and delivery to enhance productivity by eliminating mundane tasks is pushing the growth of the market. In addition to this,   the boom of e-commerce has laid emphasis on uninterrupted efficiency in tasks like sorting, especially in parcel operations, due to the diversity in the product line. Smart robots equipped with advanced digital technology like IoT and artificial intelligence (AI) add to the productivity by speeding up the process, reducing human errors, and improving accuracy, thereby aiding the market growth. Moreover, professional robots have gained significant popularity as a result of COVID-19, where these robots are increasingly used for building disinfection and minimising human intervention by reducing the risk of infection.

Furthermore, smart robots are being used for monitoring social distancing and lockdown guidelines in various developed countries. Furthermore, in the healthcare sector, smart robots are used for  interacting with symptomatic patients, taking temperatures, carrying out logistics tasks, and handling materials in hospitals, and hence invigorating the market growth. Furthermore,  robots have been robustly utilised to handle samples, among other tasks. These are some of the factors bolstering the market growth of smart robots in professional applications.  However, factors such as high initial research and development (R&D), spending and high cost installation expenditure, and concerns regarding cyber security are restraining the market growth. Nonetheless, the adoption of IoT at a large scale serves as a motivator for the market.

 

Key Industry Players in the Global Smart Robot Market

The report presents a detailed analysis of the following key players in the global smart robot market looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

  • ABB Ltd. 
  • iRobot Corporation
  • Fanuc Corporation
  • Yaskawa Electric Corporation
  • Kuka AG
  • Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

 

REPORT FEATURES DETAILS
Base Year 2021
Historical Period 2017-2021
Forecast Period 2022-2027
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and
Forecast Market Analysis by Segment- Component, Application, End Use, Vertical, Region
Breakup by Component Hardware, Software, Services
Breakup by Application Industrial Robots, Service Robots
Breakup by End Use  Industrial, Commercial, Residential
Breakup by Vertical Automotive, Healthcare, Manufacturing, Food and Beverages, Retail, Energy and Utility, Others
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered ABB Ltd., iRobot Corporation, Fanuc Corporation, Yaskawa Electric Corporation, Kuka AG, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Smart Robot Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Smart Robot Historical Market (2017-2021) 
    8.3    Global Smart Robot Market Forecast (2022-2027)
    8.4    Global Smart Robot Market by Component
        8.4.1    Hardware
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2017-2021)
            8.4.1.3    Forecast Trend (2022-2027)
        8.4.2    Software
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2017-2021)
            8.4.2.3    Forecast Trend (2022-2027)
        8.4.3    Services
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2017-2021)
            8.4.3.3    Forecast Trend (2022-2027)
    8.5    Global Smart Robot Market by Application
        8.5.1    Industrial Robots
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2017-2021)
            8.5.1.3    Forecast Trend (2022-2027)
        8.5.2    Service Robots
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2017-2021)
            8.5.2.3    Forecast Trend (2022-2027)
    8.6    Global Smart Robot Market by End Use 
        8.6.1    Industrial
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2017-2021)
            8.6.1.3    Forecast Trend (2022-2027)
        8.6.2    Commercial
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2017-2021)
            8.6.2.3    Forecast Trend (2022-2027)
        8.6.3    Residential
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2017-2021)
            8.6.3.3    Forecast Trend (2022-2027)
    8.7    Global Smart Robot Market by Vertical
        8.7.1    Automotive
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2017-2021)
            8.7.1.3    Forecast Trend (2022-2027)
        8.7.2    Healthcare
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2017-2021)
            8.7.2.3    Forecast Trend (2022-2027)
        8.7.3    Manufacturing
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2017-2021)
            8.7.3.3    Forecast Trend (2022-2027)
        8.7.4    Food and Beverages
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2017-2021)
            8.7.4.3    Forecast Trend (2022-2027)
        8.7.5    Retail
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2017-2021)
            8.7.5.3    Forecast Trend (2022-2027)
        8.7.6    Energy and Utility
            8.7.6.1    Market Share
            8.7.6.2    Historical Trend (2017-2021)
            8.7.6.3    Forecast Trend (2022-2027)
        8.7.7    Others
    8.8    Global Smart Robot Market by Region
        8.8.1    Market Share
            8.8.1.1    North America
            8.8.1.2    Europe
            8.8.1.3    Asia Pacific
            8.8.1.4    Latin America
            8.8.1.5    Middle East and Africa
9    Regional Analysis
    9.1    North America
        9.1.1    Historical Trend (2017-2021)
        9.1.2    Forecast Trend (2022-2027)
        9.1.3    Breakup by Country
            9.1.3.1    United States of America 
            9.1.3.2    Canada
    9.2    Europe
        9.2.1    Historical Trend (2017-2021)
        9.2.2    Forecast Trend (2022-2027)
        9.2.3    Breakup by Country 
            9.2.3.1    United Kingdom
            9.2.3.2    Germany
            9.2.3.3    France
            9.2.3.4    Italy
            9.2.3.5    Others
    9.3    Asia Pacific
        9.3.1    Historical Trend (2017-2021)
        9.3.2    Forecast Trend (2022-2027)
        9.3.3    Breakup by Country
            9.3.3.1    China
            9.3.3.2    Japan
            9.3.3.3    India
            9.3.3.4    ASEAN
            9.3.3.5    Australia
            9.3.3.6    Others
    9.4    Latin America
        9.4.1    Historical Trend (2017-2021)
        9.4.2    Forecast Trend (2022-2027)
        9.4.3    Breakup by Country
            9.4.3.1    Brazil
            9.4.3.2    Argentina
            9.4.3.3    Mexico
            9.4.3.4    Others
    9.5    Middle East and Africa
        9.5.1    Historical Trend (2017-2021)
        9.5.2    Forecast Trend (2022-2027)
        9.5.3    Breakup by Country
            9.5.3.1    Saudi Arabia
            9.5.3.2    United Arab Emirates
            9.5.3.3    Nigeria
            9.5.3.4    South Africa
            9.5.3.5    Others
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    Key Indicators for Demand
    10.4    Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    ABB Ltd.
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    iRobot Corporation
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3      Fanuc Corporation
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    Yaskawa Electric Corporation
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    Kuka AG
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    Others
13    Industry Events and Developments

 

List of Key Figures and Tables

1.    Global Smart Robot Market: Key Industry Highlights, 2017 and 2027
2.    Global Smart Robot Historical Market: Breakup by Component (USD Billion), 2017-2021
3.    Global Smart Robot Market Forecast: Breakup by Component (USD Billion), 2022-2027
4.    Global Smart Robot Historical Market: Breakup by Application (USD Billion), 2017-2021
5.    Global Smart Robot Market Forecast: Breakup by Application (USD Billion), 2022-2027
6.    Global Smart Robot Historical Market: Breakup by End Use (USD Billion), 2017-2021
7.    Global Smart Robot Market Forecast: Breakup by End Use (USD Billion), 2022-2027
8.    Global Smart Robot Historical Market: Breakup by Vertical (USD Billion), 2017-2021
9.    Global Smart Robot Market Forecast: Breakup by Vertical (USD Billion), 2022-2027
10.    Global Smart Robot Historical Market: Breakup by Region (USD Billion), 2017-2021
11.    Global Smart Robot Market Forecast: Breakup by Region (USD Billion), 2022-2027
12.    North America Smart Robot Historical Market: Breakup by Country (USD Billion), 2017-2021
13.    North America Smart Robot Market Forecast: Breakup by Country (USD Billion), 2022-2027
14.    Europe Smart Robot Historical Market: Breakup by Country (USD Billion), 2017-2021
15.    Europe Smart Robot Market Forecast: Breakup by Country (USD Billion), 2022-2027
16.    Asia Pacific Smart Robot Historical Market: Breakup by Country (USD Billion), 2017-2021
17.    Asia Pacific Smart Robot Market Forecast: Breakup by Country (USD Billion), 2022-2027
18.    Latin America Smart Robot Historical Market: Breakup by Country (USD Billion), 2017-2021
19.    Latin America Smart Robot Market Forecast: Breakup by Country (USD Billion), 2022-2027
20.    Middle East and Africa Smart Robot Historical Market: Breakup by Country (USD Billion), 2017-2021
21.    Middle East and Africa Smart Robot Market Forecast: Breakup by Country (USD Billion), 2022-2027
22.    Global Smart Robot Market Structure

Key Questions Answered in the Report

The global smart robot market attained a value of more than USD 5.9 billion in 2021.

The market is projected to grow at a CAGR of 26.95% between 2022 and 2027.

The market is estimated to witness a healthy growth in the forecast period of 2022-2027 to reach over USD 25.1 billion by 2027.

The expanding integration of IoT in robots for cost-effective predictive maintenance, logistics automation, and healthcare sector is booming the growth of the market.

The market is expected to be aided by the technological innovation in the industry.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The different types of smart robots in the industry are hardware, software, and services.

The various applications of smart robot are industrial robots and service robots.

The major end uses of smart robot are industrial, commercial, and residential.

The significant verticals in the market are automotive, healthcare, manufacturing, food and beverages, retail, energy and utility, among others.

The major players in the industry are ABB Ltd., iRobot Corporation, Fanuc Corporation, Yaskawa Electric Corporation, and Kuka AG, among others.

Analyst Review

The global smart robot market attained a value of more than USD 5.9 billion in 2021, driven by the rising integration of IoT in robots for cost-effective predictive maintenance, the market is expected to witness a further growth in the forecast period of 2022-2027, growing at a CAGR of 26.95%. The market is projected to reach over USD 25.1 billion by 2027.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on components, the market  can be segmented into hardware, software and services. Based on application, the market can be classified into industrial robots and service robots. On the basis of end use, the market is divided into industrial, commercial, and residential. The market segmentation on the bases of its vertical includes automotive, healthcare, manufacturing, food and beverages, retail, energy and utility, among others. The major regional markets for smart robot are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include ABB Ltd., iRobot Corporation, Fanuc Corporation, Yaskawa Electric Corporation, and Kuka AG, among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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