SAN FRANCISCO, January 8, 2019
SAN FRANCISCO, January 8, 2019 /PRNewswire/ --
The global smart robots market size is anticipated to reach USD 16.46 billion by 2025, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 22.4% over the forecast period. Factors such as increasing adoption of autonomous robots for carrying out iterative tasks, rapid technological developments in robotics, and increasing investments in industrial automation have boosted the adoption of smart robots in various end use segments.
Smart robots are commonly used for performing various tasks in field applications, metal fabrication, packaging and palletizing, among others. These robots perform tasks independently as well as can work with humans in various manufacturing and maintenance operations. Smart robots are widely used in industries such as automotive and manufacturing to enhance productivity and to reduce labor cost. In addition, benefits such as minimal accidents and higher accuracy are driving the market growth.
The introduction of smart collaborative robots and Artificial Intelligence (AI) enabled systems with enhanced reliability and accuracy is expected to drive growth of the smart robots market over the forecast period. Numerous companies such as Fanuc Corporation, ABB Ltd., and Yaskawa Electric Corporation, among others, are implementing advanced robotics technologies for versatile end-use applications. This factor is anticipated to further boost the market expansion in the forthcoming years.
The industrial robot segment is anticipated to witness substantial growth in near future owing to their wide adoption in process automation in various industries. Increasing investment in industrial automation has boosted the adoption of smart robots among packaging, manufacturing, and material handling among other industries. Moreover, rising adoption of Internet of Things (IoT) and Artificial Intelligence (AI) has also encouraged end users to implement the smart robotics technology.
The market for smart robots is expected to witness volatility owing to mergers and acquisitions, high competition, and presence of new as well as well-established participants. In August 2016, Panasonic Corporation acquired OpenSynergy GmbH, a German software company. OpenSynergy is a high-tech company specializing in embedded automotive software for cockpit solutions. This acquisition is expected to enhance its business in the automotive sector.
Browse full research report with TOC on "Smart Robots Market Size, Share & Trends Analysis Report By Component (Hardware, Software, Service), By Application, By End Use (Industrial, Commercial, Residential), By Vertical, By Region, And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/smart-robots-market
Further Key Findings From the Report Suggest:
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Grand View Research has segmented the global smart robots market based on component, application, end use, vertical, and region:
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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