The Smart Robots Market size was valued at USD 4221 million in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 30.8% during the forecast period.

Smart Robots is an artificial intelligence system that offers optimal management of an environment where human operators and robots work together. Smart robots learn from their experience and environment and build their capabilities based on their knowledge. Smart robots have the capability to perform both manual and cognitive tasks and are widely used across various industries, such as automotive, healthcare, food & beverages, retail, and manufacturing for several applications. The global market for smart robots has been segmented on the basis of component, mobility, end-use, application, and by geographical region.

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The major factors that are driving to the growth of the global smart robots market include the growing acceptance of autonomous robots for professional services and the increasing penetration of industrial automation. In addition to this, continuous technological developments in the field of robotics and the increasing integration of advanced technology such as machine learning, deep learning, and the Internet of things (IoT) in smart robots is fuelling the market growth. Smart robots comprise of artificial intelligence, which enables them to be functional and perform their tasks on their own. Smart robots are being widely used for industrial, commercial, and residential applications and are employed in the various industrial sector such as automotive, manufacturing, healthcare, retail, and process industries such as food & beverages, metal and mining, and energy and utilities. All these factors are further energizing the demand of the market over the coming years.

Smart robots are equipped with a high-sensitive sensor which monitors the surrounding environment and offers feature such as self-learning and self-correction using deep learning technology. The emergence of the COVID-19 is creating numerous growth opportunities for the market. The rising emphasis on maintaining social distance and staying at home is largely affecting the total number of the working population, which in turn, is encouraging the manufacturers to opt for smart robots to perform the manual tasks usually done by the workers. On the other edge, the high initial R&D expenditure and manufacturing costs may hamper the growth of the Smart Robots market.

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Based on the component, the software segment is expected to grow at a high CAGR during the forecast period in the Smart Robots market. The increasing integration of advanced technology such as the Internet of Things (IoT) and machine learning in smart robot software is driving the growth of the segment. Moreover, technological advancement in these technologies to solve the complexity in terms of features such as inter-device connectivity and autonomous operations, which will further boost the demand for software segment.

Based on end-use, the industrial segment is projected to dominate the smart robots market during the forecast period due to the accelerating adoption of smart robots in manufacturing plants. The smart robot offers remarkable benefits such as enhances workplace safety, increases production, reduces labor costs, and improves quality. This factor will further attract many end-users to opt for smart robots over the coming years.

Based on the application, the professional application segment is expected to grow at a higher CAGR during the forecast period. The professional segment includes defense and security, law enforcement, public relations, logistics management, industrial, inspection & maintenance, field & agriculture, healthcare assistance, and others. The strong demand for smart robots in the defense and marine sector to protect the border of the country is the key factor driving the demand of the segment. Furthermore, the increasing manufacturing process complexity and miniaturization of semiconductor and electronics equipment is leading towards the adoption of AI-enabled smart industrial robots, which will be propelling the growth of the market over the forecast period.

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Based on the region, the Asia-pacific region is projected to grow at a higher CAGR in the smart robot market over the forecast period due to the increasing adoption of smart robots for various industries. The rising geriatric population in Asia-pacific countries such as China and Japan, increasing requirements for smart home robots for personal assistance application is further driving the demand of the market in this region. Moreover, increasing government initiatives regarding to AI-based robots in emerging countries of Asia-pacific is propelling the market growth.

Various notable players in the Smart Robots market include iRobot Corporation, KUKA AG, Fanuc Corporation, ABB Ltd., Yaskawa Electric Corporation, Panasonic Industry Europe GmbH, OTC Daihen Inc., Kawasaki Heavy Industries, Omron Adept Technologies, Inc., and SoftBank Robotics, among others.

Key Developments:

• • In 2018, Fujitsu collaborated with KUKA AG to establish human-robot for mainboard handling and testing in Germany. Both companies also planned to integrate data analytics capabilities to explore the potential of human-robot.
  • In 2017, iRobot acquired a France based Robopolis SAS to enhance the company’s distribution network, improve its global footprint, and promote the adoption of robots.

The Global Smart Robots market has been segmented based on the component, mobility, application, end-user, vertical, and region. Based on the component, the market is segmented into hardware, and software. Based on hardware, the market id further segmented into Sensor, Actuator, Power Source, Control System, and Others. Based on mobility, the market is segmented into Stationary and Mobile. Based on end-use, the market is segmented into industrial, commercial, and residential. Based on application, the market is segmented into Personal and Domestic, and Professional. The personal and domestic segment is segmented into Companionship, Education and Entertainment, Domestic, and others. The Professional segment is further segmented into Military & Defense, Law Enforcement, Public Relations, Logistics Management, Industrial, Inspection and Maintenance, Field/Agriculture, Healthcare Assistance, and Others.

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Key questions answered in this research report:

• • At what pace is the global Smart Robots market growing? What will be a growing trend in the future?
  • What are the key drivers and restraints in the global Smart Robots market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in the global Smart Robots market?
  • Which Component generated maximum revenues in 2019 and identify the most promising Component during the forecast period?
  • What are the various application areas of global Smart Robots market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2019)	USD 4221 million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Component, By, Mobility, By End-Use, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	iRobot Corporation, KUKA AG, Fanuc Corporation, ABB Ltd., Yaskawa Electric Corporation, Panasonic Industry Europe GmbH, OTC Daihen Inc., Kawasaki Heavy Industries, Omron Adept Technologies, Inc., SoftBank Robotics, among others; A total of 10 Companies Covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Smart Robots Market by Component             

• • Hardware
    • Sensor
    • Actuator
    • Power Source
    • Control System
    • Others
  • Software

Global Smart Robots Market by Mobility

• • Stationary
  • Mobile

Global Smart Robots Market by End-Use

• • Industrial
  • Commercial
  • Residential

Global Smart Robots Market by Application

• • Personal and Domestic
    • Companionship
    • Education and Entertainment
    • Domestic
    • Others
      • Elderly and Handicap Assistance
      • Home Security and Surveillance
  • Professional
    • Military & Defense
      • Spying
      • Search and Rescue Operations
      • Border Security
      • Combat Operations
    • Law Enforcement
      • Patrolling
      • Riot Control
    • Public Relations
      • Reception Management
      • Tour Guidance
      • Telepresence
    • Logistics Management
      • Pick and Place
      • Sorting
    • Industrial
      • Manufacturing
      • Material Handling
    • Inspection and Maintenance
    • Field/Agriculture
    • Healthcare Assistance
    • Others

Global Smart Robots Market by Region

• • North America Smart Robots Market (Option 1: As a part of the free 25% customization)
    • North America Market by Component
    • North America Market by Mobility
    • North America Market by End-Use
    • North America Market by Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Smart Robots Market (Option 2: As a part of the free 25% customization)
    • Europe Market by Component
    • Europe Market by Mobility
    • Europe Market by End-Use
    • Europe Market by Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Smart Robots Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Market by Component
    • Asia-Pacific Market by Mobility
    • Asia-Pacific Market by End-Use
    • Asia-Pacific Market by Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Smart Robots Market (Option 4: As a part of the free 25% customization)
    • RoW Market by Component
    • RoW Market by Mobility
    • RoW Market by End-Use
    • RoW Market by Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating the Smart Robots (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • iRobot Corporation
  • KUKA AG
  • Fanuc Corporation
  • ABB Ltd.
  • Yaskawa Electric Corporation
  • Panasonic Industry Europe GmbH
  • OTC Daihen, Inc.
  • Kawasaki Heavy Industries
  • Omron Adept Technologies, Inc.
  • SoftBank Robotics