Global Smart Robot Market by Component (Hardware and Software), Industrial Application (Electronics, Automotive, and Food & Beverages), Service Application (Personal and Professional), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America) – Global Forecast to 2026

Smart Robot Market is expected to grow from USD 4.54 Billion in 2017 to USD 29.46 Billion by 2026, at a CAGR of 23.1% between 2017 and 2026. Industry

Key factors expected to drive the growth of market include growing use of artificial intelligence in robot applications, emerging technological advancements in the field of robotics, and increasing investments toward industrial automation. Additionally, growth in adoption of robots in various sectors such as manufacturing industries, process industries, automotive industries, and healthcare will further fuel the growth of smart robot market.However, high initial investments, huge expenditure on research and development of robots are restraining smart robot market growth

Professional service application held largest share of market in 2016

Service application segment is divided into, Personal and Professional. From segment professional service application accounted for largest share in 2016. And is expected to experience CAGR of over 22.2 % between 2017 and 2026. Increasing demand in medical and marine applications is expected to drive professional service application market.

Smart robot market for software is expected to witness higher CAGR

By Components, Smart robot market is segmented into hardware and software. From this segment software is expected to grow at a higher CAGR between 2017 and 2026. Technological advancements in various applications leads to increased complexity in terms of artificial intelligence, autonomous applications this in turn demands accurate and efficient software system. Hence smart robot market for software as compared to hardware assists complex functionalities to process efficiently and accurately

North America held largest share of smart robots market in 2016 in terms of revenue

Geographically smart robot market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America accounted for the largest revenue of smart robots market in 2016 owing to significant technological adaptions, and innovation.

APAC is anticipated to account for the largest share of overall smart robot market
Increase in adoption rate of robots for almost all the major industrial and service applications is the major factor contributing to the growth of market in this region. The increased elderly population in populous countries in APAC such as China, India, and Japan is expected to employ humanoids for personal assistance and caregiving applications.

Scope of the report:

Smart Robot Market, By Component:

• Hardware
• Software

Smart Robot Market, by Industrial Application:

• Electronics
• Automotive
• Food & Beverages

Smart Robot Market, By Service Application:

• Personal
• Professional

Smart Robot Market, By Geography:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• Latin America