Smart Robot Market - Global Segments and Forecast to 2023
Smart robots are built to function autonomously without the need for human interference. These robots are increasing being applied in several areas such as healthcare, automotive industries, process industries and manufacturing industries among others. The market is expected to grow during the forecast period.
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The smart robots are embedded with artificial intelligence which allows them to function on their own. This factor is acting as a driver for the market. In addition, the rising demand for use of robots alongside humans is also aiding to the growth of the market. The smart robots are also being used in the healthcare sector in order to stay with the elderly patients and assist them for a faster recovery. Moreover, the ability of these robots to identify a problem and take a decision on their own to solve a problem is also fuelling the growth for smart robots market. Furthermore, the smart robots are faster and more efficient compared to humans, which gives them added advantages to function in manufacturing industries for better production of goods. These robots are embedded with sensors which enables them to analyze their environment and act accordingly. This enhances their ability to function safely in manufacturing sector. These factors are ensuring the demand for smart robots globally.
However, the smart robots can malfunction if a wrong algorithm is embedded in them. This can have a negative impact and can even pose harm to their surrounding environment. This is a major factor hindering the growth in the market. Moreover, the use of smart robots in manufacturing sectors is resulting in loss of jobs. This, in return is acting a restraint for the demand of smart robots. Moreover, the development of smart robots involves high expenditure in research and development. These factors are expected to slow the growth in the market.
The ongoing technological improvement in robotics is expected to lower the price of smart robotics and ensure commercial production of smart robots in future. Furthermore, the smart robots are expected to be used in the education sector for better understanding of robotics. These factors are expected to drive the smart robots market in future.
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The smart robots market can be segmented into three parts: components, application and geography. By components the market can be segregated into hardware which includes sensors, control systems, power sources and actuators among others and Software.
In terms of Application, the smart robots are widely applicable across several areas such as automotive, industrial manufacturing, healthcare, food and beverages, logistics and defense sector among others.
North America and Europe are the early adapters of technology which ensures their dominance in the smart robots market. However, the Asia Pacific region is expected to witness robust growth due to the presence developing countries like China and India. Furthermore, the region also has several vendors of smart robots such as Honda Motors Ltd and Yaskawa Electric Corporation.
Some of the key players in the smart robots market include Irobot Corporation, Honda Motors Ltd, Adept Technology, Inc., Lely Group, Google, Inc., Amazon.com, Inc., Northrop Grumman Corporation, Bluefin Robotics Corporation, ABB Ltd. and Yaskawa Electric Corporation among others.
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