According to the latest research report “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” , the total smart robots market is expected to reach USD 7.85 billion by 2020, at an estimated CAGR of 19.22% between 2015 and 2020.

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Smart robots are the robotic systems which are capable to carry out operation without direct human intervention. They are currently being designed to perform autonomous tasks and work along with humans. The smart robots market for industrial applications consist of collaborative robots which are designed to work along with humans and they are adopted by various industrial sectors such as automotive, electronics among others. The collaborative robots market size is expected to reach USD 1.07 Billion by 2020. In the service industry, smart robots are used in different professional and personal applications.

Most of Automation, electronics, semiconductors industries involve in this 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.

This report covers the segmentation of smart robots market on the basis of software and hardware component. The hardware components are further segmented into sensors, actuators, power source, and controller systems among others. The software market size for smart robots is expected to grow at a CAGR of 30.24% from 2015 to 2020. The smart robots market for different geographic regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW), has also been covered in the report.

Smart robots used in personal services consist of domestic application, entertainment, and others, such as elderly assistance and home security. The smart robot market size for domestic application is projected to reach USD 2.17 Billion by 2020.

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