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Research and Markets has announced the addition of the "Smart Robots Market by Component (Software, Hardware), Application (Collaborative Industrial Robots, Personal Service Robots, Professional Service Robots), by Geography (North America, Europe, APAC, RoW) - Analysis & Forecast to 2020" report to their offering.
The smart robots market is estimated to grow at a CAGR of 19.22% to reach USD 7.85 Billion by 2020
Smart robots are generating subsequent traction from both industrial and service vertical. The smart robots have been adopted by different applications such as automotive, electronics, food & beverages, construction, and others among the industrial vertical. In the service industry, smart robots are being used for various personal services such as domestic, elderly assistance, home security, and entertainment. Its professional applications include defense and security, field, medical, underwater, and logistics.
The key applications included in the report are industrial and services. Among both, the service application is expected to hold the largest market size of USD 2.84 billion in 2014 growing at the CAGR of 16.45% from 2015-2020.
The report also segments the smart robots market based on geography into the North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The North American region comprised the largest region in terms of market size for the market accounting USD 1.17 Billion market size in 2014.
The report also includes the market dynamics such as drivers, restraints, and opportunities. Apart from the market segmentation, the report also includes the critical market data and quantitative analysis for each product type, along with the qualitative information such as the Porter's Five Forces analysis and the value chain analysis. The increase in demand from healthcare sector, adoption of smart robots by e-commerce giants, growing domestic service segment, and the growth of elderly assistance robots are some of the significant growth drivers for the smart robots market. However, the slow rate of commercialization and high cost incurred in research and development are the key factors that are restraining the growth of the market.
The key players includes iRobot Corporation (U.S.), DeLaval (Sweden), Lely (The Netherlands), KUKA AG (Germany), Amazon (U.S.) Honda (Japan), Kongsberg Maritime (Norway), Google Inc. (U.S.) among others.