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According to the new market research report on the "Smart Robot Market by Component (Hardware and Software), Industrial Application (Automotive, Electronics, and Food & Beverages), Personal Service Application, Professional Service Application, and Geography - Global Forecast to 2023", published by MarketsandMarkets , the market is valued at $4.94 Billion in 2018 and is expected to reach $14.29 Billion by 2023, at a CAGR of 23.7% between 2018 and 2023. The market is mainly driven by the factors such as growing adoption of autonomous robots for professional services, emerging technological advancement in the field of robotics, increasing investments toward industrial automation, and growing government aid for R&D of AI-enabled robots.
Smart robot market for software to grow at a higher CAGR during the forecast period
The smart robot market for software is expected to grow at a higher CAGR during the forecast period. As technological advancements lead to the growing complexity in terms of features such as inter device connectivity, artificial intelligence (AI), and autonomous operations, the value of the software part in the overall smart robot market will increase more than that of hardware as software assists complex functionalities to process efficiently and accurately.
Automotive industrial application held a larger share of the smart robot market in 2017
Among all major industrial applications, automotive held the largest share of 54.5% of the overall smart robot market in 2017. Extensive use of computer vision cameras in machinery inspection, installations of IIoTs, and use of big data are the factors driving the growth of the smart robot market for automobile applications.
Professional service application to grow at faster rate during the forecast period
The market for professional service applications is also expected to grow at a higher CAGR during the forecast period. Also, the professional service application accounted for the larger share in 2017. The market is expected to be driven by the increasing demand from defense and marine applications. As the demand for domestic, education and research, and personal assistance robots across the world is increasing, the market for personal service applications is also expected to grow at a significant rate.
Americas is the major consumer of smart robots
The Americas accounted for the largest share of the overall smart robot market in 2016. The Americas is the early adopter of smart robots for all major industrial and service applications, thereby resulting in the maximum demand for robots from this region.
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