Westford, USA, Jan. 31, 2023 (GLOBE NEWSWIRE) -- North America to capture dominant Smart Robot Market share owing to high R&D investments from industry giants in regional projects. Smart robot adoption is primarily fueled by their extensive application in various industries, including manufacturing, process, automotive, and healthcare. Another factor influencing market expansion is the development of intelligent robots specifically programmed to recognize any problem and take independent actions to solve it. The manufacturing and consumer electronics industry is expected to see plenty of prospects for expansion due to the rising demand for automated appliances.
According to SkyQuest, there could be 15 million robots in use worldwide by 2028, and during the next ten years, automated labor may replace up to 30 million human workers. So we can anticipate seeing more robots in our daily lives, even though they might not completely dominate the world.
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Browse in-depth TOC on the "Smart Robot Market.”
- Pages - 234
- Tables - 186
- Figures - 79
An artificial intelligence (AI) system that can learn from its surroundings and past experiences and develop new skills based on that knowledge is referred to as a smart robot. Intelligent robots can operate alongside people and learn from their actions. They are frequently used for security applications, material handling, welding, painting, assembly, inspection, and sorting, among other things.
Prominent Players in Smart Robot Market
- SoftBank Corp
- Aethon, Inc.
- GeckoSystems Intl. Corp.
- Samsung Electronics Co., Ltd
- Neato Robotics, Inc.
- ABB Ltd.
- Hanson Robotics Limited
- FANUC CORPORATION
- BLUE FROG ROBOTICS SAS
- YASKAWA ELECTRIC CORPORATION
- Universal Robots A/S
- Kongsberg Gruppen ASA
- iRobot Corporation
- ECA GROUP
- Intuitive Surgical, Inc.
- DeLaval Inc.
- Honda Motor Co., Ltd.
- Rethink Robotics GmbH
- Orion Star
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Software Segment to Revolutionized the Smart Robot Market owing to Significant Technological Breakthroughs
The software segment is estimated to witness an exponential growth rate of 18.3% from 2022 to 2028 due to the growing popularity of Machine Learning (ML), artificial intelligence (AI), and Internet of Things (IoT) applications. Additionally, the advanced software offers deeply integrated tools that aid in integrating AI into the system so that the machine can handle issues like language interactions. Therefore, the segment's demand is anticipated to grow during the projection period.
North America held the highest market share due to increasing IT spending and improvements in sensor technology. In addition, the demand for sensors that can be integrated into mobile devices is growing, which has fueled technological development. For example, gas sensors are becoming increasingly common in the European car industry due to the government's increased focus on the energy economy and pollution control rules.
Industrial Segment to Drive Higher Traction due to Growing Trend of Precision Manufacturing
The industrial segment is projected to attract over a 27% revenue share by 2028. With the ongoing trend toward automation and continual new technical advancements in industrial robots, demand for these devices has increased significantly. Robot installations have also increased as a result of investments in new production facilities in developing markets and in the modernization of production in major auto-producing nations. As a result, the sector will contribute significantly to this market's growth throughout the course of the forecast year.
The Asia-Pacific smart robot market is anticipated to expand at a CAGR of 9.7% due to the use of robots in developing economies throughout the forecast period. The Asia Pacific manufacturing market is being driven by factors such as rising economic growth, increased foreign investor interest, and growing awareness of new manufacturing practices. Developing economies must employ additive manufacturing technology throughout all production segments, including the defense and public sectors, to position themselves as forerunners in supply chain restructuring.
Almost all of the leading participants from the smart robot market are represented in the report's organizational profiles. In addition, the competitive outlook of the report offers a critical analysis of the strengths and weaknesses, market trends, recent innovations, mergers and acquisitions, expansion plans, and product portfolios of key market competitors. Players and other market participants can utilize this information to increase efficiency and streamline their business plans.
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Key Developments in Smart Robot Market
- According to recent filings with the city-state's regulator, Singapore-based cleaning robot manufacturer LionsBot International has raised about $17 million in a Series A funding round. The company's primary offering, LeoBot, is capable of vacuuming and scrubbing and is interactive. The robots are programmable to clean large public areas and only require remote supervision, freeing up the cleaning workforce to carry out higher-value tasks such as supervisory duties and customer service.
- Neato Robotics, the Silicon Valley-based consumer Robotics Company, announces its "Customize Your Clean" initiative, including the global launch of Neato Fragrance Pods and filters for the Neato D-Series intelligent robot vacuums. The new accessories join an already impressive lineup of bespoke features and accessories, including the new Neato Pet Brush, Neato Fragrance Pods, and software updates, enabling consumers to create a personalized cleaning experience tailored to their homes and lifestyles.
- The Switzerland-headquartered robotics company ABB opened a fully automated robotics company in Shanghai after several years of construction. The company revealed that the facility is 67,000 square meters in size and combines both production and research, representing a total investment of $150 million. The products will serve a wide range of industries, from traditional ones such as automotive and food to emerging industries like 5G consumer electronics.
- iRobot Corp, a leader in consumer robots, introduced the Roomba Combo™ j7+, the world's most advanced robot vacuum, mop, and thoughtful iRobot OS 5.0 updates. Designed for busy households with a mixture of carpets, rugs, and hard floors, and people who desire to have a robot vacuum that can also mop, the Roomba Combo j7+ stands out from other 2-in-1 robots by vacuuming and mopping in a single cleaning job, saving time while keeping floors fresh and clean.
Key Questions Answered in Smart Robot Market Report
- Which major global events have changed the dynamics of the market?
- What is the projected growth rate and valuation for the smart robot market?
- Which players hold a dominant share of the global market?
- What are the key driving forces and major hurdles for the global market?
- What is the level of competition prevailing in the smart robot market?
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