Global Smart Robots Market is Expected to Reach US$ 12.84 Bn Growing at CAGR 21.5% during 2018-2023

The global smart robots market was valued at US$ 4.85 Bn in 2018 and is expected to reach US$ 12.84 Bn by the end of the forecast period, growing at a CAGR of 21.5% during the period from 2018 to 2023.

Dublin, United States - March 15, 2019 /MarketersMedia/ —

Smart robots are Artificial Intelligence systems that have the ability to learn from its environment with the help of sensors present in them and also improve their capabilities based on that knowledge. The devices can work in collaboration with humans and also learn from their behaviour and work alongside humans.

The major factors driving the growth of the smart robots market are their increasing use in several personal applications such as robotic pets, elderly assistance, and vacuum cleaning, among others. The robots are increasingly being adopted in manufacturing industries, healthcare, automotive, and process industries. Presently, robots are mainly designed to carry out autonomous tasks and also to work along with humans.

However, the high initial investment and increasing prices of these robots are expected to impede the market growth. As the robots are programmed, the chances are there that they can malfunction in case a wrong algorithm is used by them. This factor can discourage the adoption of smart robots and thereby, negatively impact the market.

The smart robots market for electronics application is expected to grow at a higher CAGR as compared to other applications. This growth is mainly fuelled by the fact that smart robots are being increasingly used in the electronics industry for the planning and design stages in the manufacturing process.

Geographically, North America currently has the highest share in the smart robots market. However, the Asia-pacific region is expected to show the highest CAGR, owing to the growing manufacturing and electronics industries in this region.

Ask for a sample copy of this report at https://www.inforgrowth.com/sample-request/1334629/smart-robots-market

Recent Developments in the Market:

Service Application (Personal): In Jan 2019, Trifo announces the launch of its new product Ironpie. Ironpie is a smart AI-powered vacuum cleaner. The product has 10 times more cleaning efficiency than competitive products and has better obstacle sensing technologies. The smart home robot also has a multi-sensory system of IRs and SONARS that enable it to function more efficiently than various environments. The product is much cheaper than the other products currently available in the market. The company is also trying to add new features such as integration with Alexa or Google Home, in order to make it an essential smart home robot.

China: In Sept 2017, KUKA to double its production capacity at the company’s Shanghai facility. China accounted for about 35%-38% of the company’s revenue in 2016. The company has doubled its operational capacity and will produce 20,000 robots in 2018. The company is shifting its focus from more mature European markets to China and other countries in the Asia-Pacific region. The company also expects that by 2020, it will generate 50% of its revenue from China.

ABB: In April 2018, ABB to invest € 100 million in a Global Innovation and Training Campus in Austria. The company has invested this money to start a new Global Innovation and Training Campus at its newly acquired B&R Campus (Bernecker + Rainer Industrie-Elektronik GmbH) at Austria. The new campus will develop technologies that can be used for the factory of the future, where production will be done autonomously by cloud-connected machines and smart robots. With this campus that is spread across 35,000 m², the company aims to strengthen its position in the machine and factory automation.

Key Questions Answered in the Report:
• What is the market value of the overall market and its segments?
• What are the key segments and sub-segments in the market?
• Which is the largest sub-segment in each segment in the scope of the study?
• What are the key drivers, restraints, opportunities, and challenges in the market and how are they expected to impact the market?
• What are the attractive segments and geographies to invest in?
• What is the market value at the regional and the country level?
• Who are the key market players and their key competitors?
• Who are the key market players at different stages of the value chain?
• What are the strategies for growth adopted by the key players in the market?
• How does a particular company rank against its competitors with respect to revenue, profit comparison, operational efficiency, cost competitiveness, and market capitalization?
• How financially strong are the key players in the market (on the basis of revenue and profit margin, market capitalization, expenditure analysis, investment analysis)?
• What are the recent trends in the market? (M&A, partnerships, new product developments, expansions)

Enquire more about this report at https://www.inforgrowth.com/enquiry/1334629/smart-robots-market

Contact Info:
Name: Mr. Rohan
Email: Send Email
Organization: InForGrowth
Address: 6400 Village Pkwy suite # 104, Dublin, CA 94568, USA
Phone: +1-909-329-2808
Website: https://www.inforgrowth.com/

Source URL: https://marketersmedia.com/global-smart-robots-market-is-expected-to-reach-us-12-84-bn-growing-at-cagr-21-5-during-2018-2023/492836

Source: MarketersMedia

Release ID: 492836

Latest News

NTSB: Autopilot was in use before Tesla hit semitrailer

May 23, 2019

DETROIT — A Tesla Model S involved in a fatal crash with a semitrailer in Florida March 1 was operating on the company's semi-autonomous Autopilot system, federal investigators have determined. The car drove beneath the trailer, killing the driver, in a crash that is strikingly similar to one that happened on the other side of Florida in 2016 that also involved use of Autopilot. In both cases, neither the driver nor the Autopilot system stopped for the trailers, and the roofs of the cars were sheared off. The crash, which remains under investigation by the National Transportation Safety Board and...

Schools turn to technology to reduce toll during shootings

May 23, 2019

LOS ANGELES — Efforts to combat school shootings are shifting toward software and other technology to reduce the number of victims. Security experts say gunshot detection systems, apps and artificial intelligence are becoming more common because school attacks, while relatively rare, have been among the deadliest mass shootings in U.S. history. The technology is often used in combination with mental health and anti-bullying programs. Schools in Beverly Hills and others nationwide are adopting a strategy that aims to speed up the law enforcement response to shootings. Beverly Hills officials have added armed security guards, surveillance cameras and an app to...

Self-driving vehicle pulled over by curious police officer

May 23, 2019

PROVIDENCE, R.I. — A self-driving shuttle got pulled over by police on its first day carrying passengers on a new Rhode Island route. Providence Police Chief Hugh Clements said an officer pulled over the odd-looking autonomous vehicle because he had never seen one before. "It looked like an oversize golf cart," Clements said. The vehicle, operated by Michigan-based May Mobility, was dropping off passengers Wednesday morning at Providence's Olneyville Square when a police cruiser arrived with blinking lights and a siren. It was just hours after the public launch of a state-funded pilot for a shuttle service called "Little Roady."...

New security flaw in Intel chips could affect millions

May 23, 2019

SANTA CLARA, Calif. — Intel has revealed another hardware security flaw that could affects millions of machines around the world. The chipmaker said Tuesday there's no evidence of anyone exploiting the bug outside of a research laboratory. "Doing so successfully in the real world is a complex undertaking," Bryan Jorgensen, Intel's senior director of product assurance and security, said in a video statement. The bug is embedded in the architecture of computer hardware. But "with a large enough data sample, time or control of the target system's behavior," Jorgensen said, the flaw could enable attackers to see leaked data. It's...

Uber to give its market value a lift in stock market debut

May 23, 2019

SAN FRANCISCO — Uber's next stop is the stock market, where it hopes to pick up more investors willing to bet on a ride-hailing market brimming with potential and conspicuously lacking in profits. The world's largest ride-hailing service reached a major milestone Thursday when Uber priced its long-awaited initial public offering at $45 price per share to set the stage for its stock to begin trading Friday morning. The IPO came in at the lower end of Uber's targeted price range of $44 to $50 per share. The caution may have been driven by escalating doubts about the ability of...

Sign up now!