Americas is the major consumer of smart robots

The Americas accounted for the largest share of the overall smart robot market in 2016. The Americas is the early adopter of smart robots for all major industrial and service applications, thereby resulting in the maximum demand for robots from this region.

The report profiles the most promising players in the market. The competitive landscape of the market is highly dynamic because of the presence of a significant number of big and small players. Key players in the market are SoftBank (Japan), iRobot (US), KUKA (Germany), ABB (Switzerland), Hanson Robotics (Hong Kong), Amazon.com (US), Honda Motor (Japan), FANUC (Japan), YASKAWA ELECTRIC (Japan), ECA (France), OMRON Adept Technologies (US), Samsung Electronics (South Korea), Intuitive Surgical (US), DeLaval (Sweden), Aethon (US), Rethink Robotics (US), Bluefin Robotics (US), GeckoSystems (US), BLUE FROG ROBOTICS (France), and Anki (US).

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By component, the software segment is expected to grow at the highest growth rate during the forecast period

Among the components segment, the software segment is expected to grow at the highest CAGR during the forecast period. As technological advancements will lead to the growing complexity in terms of features such as inter-device connectivity, artificial intelligence (AI), and autonomous operations, the software segment is likely to get more importance than that of the hardware segment in the overall smart robots market as software will assist the complex functionalities to process efficiently and accurately.
Professional applications to dominate the smart robots market during the forecast period

The professional applications of smart robots include defense and security, demining, fire and bomb fighting, field, medical, underwater, logistics, telepresence, inspection and maintenance, etc.

The professional applications are expected to dominate the smart robots market during the forecast period owing to the increasing demand from defense and marine applications to safeguard the country borders. Moreover, with the increasing complexity of manufacturing processes and miniaturization of semiconductor and electronics equipment, there is an increase in the use of AI-based smart industrial robots. Smart robots in the electronics equipment industry are used for designing and planning stages of the manufacturing process; thereby creating a huge potential for the growth of the smart robot market in the near future.

Driver: Growing government aid for R&D of AI-enabled robots

Many countries such as the US, China, South Korea, and Japan have been investing heavily on R&D of AI-enabled robots. For instance, in October 2016, the South Korean government announced an investment of USD 450 million for the robotics sector. Major share of this investment was directed toward R&D centers to develop intelligent robot. European Union funded over USD 110.6 million (EUR 100 million) between 2010 and 2016 under the information and communication technologies (ICT) strand of the research framework program and under the Active and Assisted Living (AAL) joint program. Such financial assistance from governments of countries worldwide helped the players in the smart robot market carry out R&D activities, thereby driving the growth of the said market.

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Restraint: High initial R&D expenditure

Robots, such as robotics toys, educational robots, and programmable industrial robots, developed using mass-market components can perform simple tasks and are easily available in the market at competitive cost. However, in case of smart robots, as the level of complexity of tasks increases, the cost of R&D incurred also increases. The leading robotics companies, such as iRobot (US), FANUC (Japan), KUKA (Germany), and ABB (Switzerland), are striving hard to introduce new technologically advanced robotics solutions in the market and are incurring high R&D cost. There is a need to use radically different approaches--such as combining technologies, product designs, materials, and manufacturing--to develop attractive robotic products for large markets, thereby giving a rise to major economies of scale and cost-for-value solutions. The overall smart robot market is gaining traction; however, high R&D costs are restraining the wide adoption of AI-based robots and adversely affecting the growth of this market.

Opportunity: Adoption of IoT on wide level

With the adoption of IoT on a high level, the demand for always connected devices and systems is also growing. Robot manufacturers are working toward the development of robots that are capable to stay connected with devices in the network seamlessly. To make IoT compatible robots, the robots should be autonomous and must be capable to act and respond to the surrounding instantly without human intervention. AI-enabled robots are the best fit for this requirement as they can manipulate data received from its environment and can respond to time-critical situations like humans. Increasing investments by enterprises on smart cities, connected cars, and process automation in manufacturing companies are contributing to the evolution of IoT, which, in turn, provide huge opportunity for the growth of the smart robot market.

Mr. Sanjay Gupta
MarketsandMarkets(TM) INC.
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MarketsandMarkets(TM) provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets(TM) for their painpoints around revenues decisions.

This release was published on openPR.