Smart robots have substituted man in execution of tasks that are either dangerous or repetitive, where man is in capable of performing owing to body limitations, or tasks that occur in extreme environments such as outer space or the bottom of the sea.
Additionally, smart robots are designed to carry out specific tasks for personal, professional, and industrial applications such as elderly assistance, pool cleaning, and robotic pets among others.
Smart robots make use of artificial intelligence (AI) and are operational without the need of human inputs. Smart robots can work independently on a specified task and can also work in tandem with human beings in various service and industrial applications.
The global smart robot market is segmented on the basis of application into service robots and industrial robots. Further, the service robots are sub-segmented into professional service robots and personal service robots.
Furthermore, professional service robots are used across security & defense, logistics, firefighting, medical, demining, maintenance, inspection, and various other applications, while personal service robots are used across household, leisure, and entertainment applications. Industrial robots are further sub-segmented on the basis of their applications into beverages, food, electronics, and automotive segments.
In addition, the global smart robot market is segmented on the basis of components into software and hardware.
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Within the professional service robot segment, medical domain has been a key growth segment where there is a growing demand for smart hospital delivery and robot surgeons. Comparatively, industrial robots are more popular than service robots and these are anticipated to drive the smart robots market during the forecast period.
Moreover, the growth in the deployment of smart robots in the education sector is expected to be a promising prospect for the smart robot vendors.
The noteworthy drivers of smart robots market include adoption of smart robots by e-commerce sector, growing demand from the healthcare industry, the increasing domestic service sector, and the rising demand of robots for elderly assistance. The growing service robot segment is a fundamental part of the advanced computer industry and much of the processing unit, sensor technology, and software is developed by smart robot manufacturers.
Contrariwise, the smart robots market is hindered by high initial investment associated with the research & development department activities and reduced pace of commercialization of this technology. Further, the smart robots can be a threat if there is an error in the software algorithm embedded in them.
This can have a negative impact, harm the surrounding environment and act as a major hindrance to the market. Additionally, the utilization of smart robots in manufacturing vertical is resulting in growing unemployment problem.
These factors are anticipated to restrict the global smart robots market.
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Europe and North America are the biggest markets for smart robots and are driven by rapid commercialization and the progress of their manufacturing industry. Additionally, the early acceptance of technology in these geographies has encouraged the smart robot market to prosper at a brisk rate.
On the contrary, it is expected that Asia Pacific (APAC) would be the front-runner, registering fastest growth rate due to significant technological advancements. Additionally, the present boom in the automotive sector is predicted to drive the smart robots markets in APAC.
Within APAC, service robots market demand is likely to grow in countries such as China and India owing to the advancements in the manufacturing sector. Some of the key players in the global smart robots market are Aethon Inc., Lely Group, Irobot Corp., Northrop Grumman Corp., Google Inc., Intuitive Surgical Inc., Delaval Group, Honda Motor Co. Ltd.,Amazon.Com, KUKA AG, ABB Ltd., Fanuc Corp., ECA Group, Gecko systems Intl. Corp., Yaskawa Electric Corp., Adept Technology Inc., and Bluefin Robotics Corp.
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