Smart Robot Market Expected to Showcase Extensive Growth $15 Billion by 2023, Business Opportunity, COVID – 19 Outbreak | Top Companies- Honda Motor, iRobot Corporation

According to the latest research report from Market Research Future (MRFR), the global Smart Robot Market is estimated to grow from USD 4.5 Billion in 2017 to USD 15 Billion by 2023, with a CAGR of 23% during the forecast period. Early and future assessments of the rapidly changing market scenarios and their impact are covered in the report. The report is an important dynamic of the market and gives an idea of the types, processes and value chains contained in the report. The report also examines the impact of the COVID-19 pandemic on the global smart robot market. This research report furthermore combines industry-wide statistically significant quantitative statistics and insightful qualitative analysis.

The Smart Robot Market is expected to observe various growth opportunities during the forecast period. The increase in government initiatives and the development of smart homes and smart cities are expected to open up new growth paths for enterprises to strengthen their existing smart robot product portfolio. The smart robots are made for doing autonomous tasks and for working along with human being. In other words, smart robots are the mechanical devices which help humans for developing accuracy, flexibility, and reducing manual labor in industrial processes. Growth of industrial automation along with the ability of robots to predict breakdowns in the industry are likely to drive the smart robot market during the forecast period.

A smart robot is an AI-based system which can collaborate with humans, work along-side them, and mocks their actions. Baxter is an industrial robot which is developed by a US-based company Rethink Robotics. This robot works on the Android platform right next to the line of employees where repetitive tasks are performed such as precision packing. The advantages of smart robots are that these work fast, accurately, and tirelessly without any manual intervention.

Smart Robot Market, USD Billion
The outstanding players in smart robot market are Honda Motor (Japan), iRobot Corporation (US), Seiko Epson Corporation (Japan), GreyOrange pte Ltd (Singapore), Rethink Robotics (US), KUKA AG (Germany), F&P Personal Robotics (Switzerland), SoftBank Robotics (Japan), Yaskawa Electric Corporation (Japan), and FANUC (Japan) among others.

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Segmentation:
The global smart robot market is segmented on the basis of component, vertical, and region.

• By component, the market is segmented into actuators, sensors, power source, and control systems. Actuators market is segmented into electrical, pneumatic, hydraulic, piezoelectric, and ultrasonic. Sensor market is segmented into gyroscope, microphone, accelerometer, tilt sensor, force/torque sensor, position sensor, and vision/image sensor.

• By vertical, the market is segmented into automotive, manufacturing, electrical & electronics, food & beverage, chemical, residential, and entertainment.

• By region, the market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.

Regional Analysis:
North America is expected to grow at faster rate during the forecast period. The presence of big players and early adoption of new technologies such as IoT and AI are also contributing to the regional market growth significantly. Asia-Pacific is expected to dominate the global smart robot market during the forecast period. Asia-Pacific is on a verge of leading the global market economically and technologically owing to continuous advancements in countries such as China, Japan, and South Korea which are expected to dominate the global smart robot market in Asia-Pacific.

Intended Audience
• Raw material and manufacturing equipment suppliers
• Electronic design automation (EDA) and design tool vendors
• Original equipment manufacturers (OEMs)
• Integrated device manufacturers (IDMs)
• Original design manufacturers (ODMs)
• ODM and OEM technology solution providers
• Assembly, testing, and packaging vendors
• Technology, service, and solution providers
• Intellectual property (IP) core and licensing providers
• Suppliers and distributors
• Government and other regulatory bodies
• Technology investors
• Research institutes and organizations
• Market research and consulting firms

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This release was published on openPR.