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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 (2018-2028); 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 2023-2028 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.
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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 | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| 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 Opportunities and Challenges in the Market
8 Global Smart Robot Market Analysis
8.1 Key Industry Highlights
8.2 Global Smart Robot Historical Market (2018-2022)
8.3 Global Smart Robot Market Forecast (2023-2028)
8.4 Global Smart Robot Market by Component
8.4.1 Hardware
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Software
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.4.3 Services
8.4.3.1 Historical Trend (2018-2022)
8.4.3.2 Forecast Trend (2023-2028)
8.5 Global Smart Robot Market by Application
8.5.1 Industrial Robots
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 Service Robots
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.6 Global Smart Robot Market by End Use
8.6.1 Industrial
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Commercial
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Residential
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.7 Global Smart Robot Market by Vertical
8.7.1 Automotive
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Healthcare
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.7.3 Manufacturing
8.7.3.1 Historical Trend (2018-2022)
8.7.3.2 Forecast Trend (2023-2028)
8.7.4 Food and Beverages
8.7.4.1 Historical Trend (2018-2022)
8.7.4.2 Forecast Trend (2023-2028)
8.7.5 Retail
8.7.5.1 Historical Trend (2018-2022)
8.7.5.2 Forecast Trend (2023-2028)
8.7.6 Energy and Utility
8.7.6.1 Historical Trend (2018-2022)
8.7.6.2 Forecast Trend (2023-2028)
8.7.7 Others
8.8 Global Smart Robot Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
9 North America Smart Robot Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe Smart Robot Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Smart Robot Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Smart Robot Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Smart Robot Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 ABB Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 iRobot Corporation
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Fanuc Corporation
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Yaskawa Electric Corporation
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Kuka AG
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Smart Robot Market: Key Industry Highlights, 2018 and 2028
2. Global Smart Robot Historical Market: Breakup by Component (USD Billion), 2018-2022
3. Global Smart Robot Market Forecast: Breakup by Component (USD Billion), 2023-2028
4. Global Smart Robot Historical Market: Breakup by Application (USD Billion), 2018-2022
5. Global Smart Robot Market Forecast: Breakup by Application (USD Billion), 2023-2028
6. Global Smart Robot Historical Market: Breakup by End Use (USD Billion), 2018-2022
7. Global Smart Robot Market Forecast: Breakup by End Use (USD Billion), 2023-2028
8. Global Smart Robot Historical Market: Breakup by Vertical (USD Billion), 2018-2022
9. Global Smart Robot Market Forecast: Breakup by Vertical (USD Billion), 2023-2028
10. Global Smart Robot Historical Market: Breakup by Region (USD Billion), 2018-2022
11. Global Smart Robot Market Forecast: Breakup by Region (USD Billion), 2023-2028
12. North America Smart Robot Historical Market: Breakup by Country (USD Billion), 2018-2022
13. North America Smart Robot Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Europe Smart Robot Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Europe Smart Robot Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Asia Pacific Smart Robot Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Asia Pacific Smart Robot Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Latin America Smart Robot Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Latin America Smart Robot Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Middle East and Africa Smart Robot Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Middle East and Africa Smart Robot Market Forecast: Breakup by Country (USD Billion), 2023-2028
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 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 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 2023-2028, 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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