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.
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.
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As companies invest substantially on the modernization of their infrastructures, to improve productivity and effectively operate in the increasingly competitive business scenario, the global market for smart robots will expand at a significant pace.
The global smart robots market is experiencing significant growth owing to the increasing application of smart robots across several industries. Some of the industries exhibiting rising demand for smart robots include healthcare, automotive, manufacturing, and a number of process industries are increasingly integrating smart robots across a range of application areas. With an increased set of application areas, the global smart robots market is expected to witness growth at a rapid pace over the report’s forecast period.
However, high prices of smart robots and limited set of features are currently some of the major constraints for the market. Nevertheless, these limitations are being rapidly mitigated with several technological advancements and the entry of new companies in the market.
Of the key regional markets for smart robots examined in the report, North America and Europe, being the early adopters of major technological developments, also lead the global smart robots market. However, Asia Pacific is also expected to present manifold growth opportunities for the global smart robots market owing to the flourishing industrial sectors and increased focus of companies on modernizing their infrastructures. Moreover, Asia Pacific is also a prominent market for smart robots owing to the presence of some of the most influential smart robot manufacturers of the world, including Yaskawa Electric Corporation and Honda Motors Ltd. in the region.
The report also presents a thorough overview of the competitive landscape of the global smart robot market. It furnishes details regarding aspects such as business profile, finances, revenues, strengths and weaknesses, product portfolio, participation in mergers and acquisitions, and product and technological development for some of the major vendors operating in the market.
Some of the major vendors operating in the global smart robots market are Google, Inc., Amazon.com, Inc., Honda Motors Ltd, Irobot Corporation, ABB Ltd., Adept Technology, Inc., Northrop Grumman Corporation, Lely Group, Yaskawa Electric Corporation, and Bluefin Robotics Corporation.