On the basis of in depth research, the total smart robots market is expected to reach USD 7.85 billion by 2020, at an estimated CAGR of 19.22% between 2015 and 2020.
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This report covers the said market in regions, including the North America, Europe, Asia-Pacific, and Rest of the World (RoW). The global smart robots market is dominated by North America and it is expected to contribute around 40% to the total market.
Smart robots are the intelligent robotic systems with artificial intelligence designed to carry out their operation without direct human intervention. They perform their tasks independently and can work along with humans in various industrial and service applications. The smart robots application market is mainly dominated by service applications broadly categorized into personal and professional services.
Smart robots used in personal services consist of domestic application, entertainment, and others, such as elderly assistance and home security. The smart robot market size for domestic application is projected to reach USD 2.17 Billion by 2020. The field application holds the highest market share in the professional application of smart robots, which comprises milking robots and other robots used in agriculture and forestry. The market size of milking robots accounted USD 902.1 Million in 2014.
The report also discusses the future road-map of the global smart robots market with respect to upcoming technologies, potential markets, and applications. The key players includes iRobot Corporation (U.S.), DeLaval (Sweden), Lely (The Netherlands), KUKA AG (Germany), Amazon (U.S.) Honda (Japan), Kongsberg Maritime (Norway), Google Inc. (U.S.) among others.
The report also segments the smart robots market based on geography into the North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The North American region comprised the largest region in terms of market size for the market accounting USD 1.17 Billion market size in 2014.
The report also includes the market dynamics such as drivers, restraints, and opportunities. Apart from the market segmentation, the report also includes the critical market data and quantitative analysis for each product type, along with the qualitative information such as the Porter’s Five Forces analysis and the value chain analysis. The increase in demand from healthcare sector, adoption of smart robots by e-commerce giants, growing domestic service segment, and the growth of elderly assistance robots are some of the significant growth drivers for the smart robots market. However, the slow rate of commercialization and high cost incurred in research and development are the key factors that are restraining the growth of the market.
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