The global smart robots market is poised to grow by USD 20.28 billion during 2020-2024 during the forecast period. Request free sample pages
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Technavio has announced its latest market research report titled global smart robots market 2020-2024 (Graphic: Business Wire)
Read the 164-page report with TOC on "Smart robots Market Analysis Report by geography (APAC, Europe, MEA, North America, and South America), Product (Personal service robots, Professional service robots, and Collaborative robots), Solution (Software, Services, and Hardware), and the Segment Forecasts, 2020-2024".
The market is driven by the increasing focus of companies on factory automation. In addition, the growing demand for smart robots in the automotive industry is anticipated to boost the growth of the smart robots market.
With the aim to improve productivity, enhance product quality, and reduce labor costs, several companies across the world are focusing on automating their manufacturing facilities. As a result, companies are increasingly adopting smart robots, such as collaborative robots and professional robots, which are equipped with advanced technologies, such as artificial intelligence (AI), machine learning (ML), and analytics. Collaborative robots can perform tasks such as order pick and place, packaging and palletizing, machine tending, and quality inspections. Moreover, the decision-making capabilities of AI-enabled smart robots also helps solve issues that occur in assembly and manufacturing processes. Therefore, the increasing focus on factory automation will drive the smart robots market during the forecast period.
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Major Five Smart Robots Companies:
ABB Ltd. has business operations under three segments comprising of electrification products, robotics and motion, and industrial automation. The company offers YuMi, which is the company's first-generation cage-less collaborative robot with dual arms that include flexible hands, parts, and feeding systems.
Amazon.com Inc. operates its business through three segments, which include North America, International, and AWS. The company offers smart robots such as Scout, Xanthus, and Pegasus.
FANUC Corp. offers smart robots such as Paint Robot P-250iB/15, FANUC Robot CRX-10iA, FANUC Robot SR-3iA / SR-6iA / SR-12iA, FANUC Robot ARC Mate 100iD, and FANUC Robot R-2000iD. In March 2018, FANUC upgraded and launched an enhanced version of its simulation software. The company launched ROBOGUIDE Version 9, a 3D simulation software that can be used for controlling the motion of smart robots.
iRobot Corp. offers smart robots for vacuum cleaning and mopping. The products include Roomba and Braava smart robots. In June 2019, the company acquired Root Robotics Inc. (Root Robotics) to expand its educational robot product offerings.
KION Group AG
KION Group AG has business operations under two segments, namely industrial trucks and services, and supply chain solutions. The company offers robotic systems such as E’gv Compact, Standard E’gv, Hybrid E’gv, Custom E’gv, and E’tow systems.
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Technavio has segmented the smart robots market based on the product and region.
Smart Robots Product Outlook (Revenue, USD Billion, 2020 - 2024)
- Personal service robots
- Professional service robots
- Collaborative robots
Smart Robots Regional Outlook (Revenue, USD Billion, 2020 - 2024)
- North America
- South America
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