Smart Robot Market to Reach $31.11 Bn by 2027; Inflated Demand for Robots in Agriculture Industry to Promote Growth

The global smart robot market size is expected to reach USD 31.11 billion by 2027. The increasing adoption of industrial robots to diminish manual processes and reduce risks will subsequently improve the prospects during the forecast period, mentioned in a report, titled “Smart Robot Market Size, Share & COVID-19 Impact Analysis, By Type (Personal/Domestic Robots and Professional Robots), By Mobility (Mobile, Fixed/Stationary), By Application (Inspection and Maintenance, Material Handling and Sorting, Security and Surveillance, Education and Entertainment, Sanitation and Disinfection, and Others), By End User (Manufacturing, Healthcare, Agriculture, Military and Defense, Logistics and Warehouse, Education and Entertainment, Others), and Regional Forecast, 2020-2027.” The market size stood at 5.98 billion in 2019 and is expected to exhibit a CAGR of 23.1% between 2020 to 2027.

Launch of Neato’s Intelligent Robot Vacuums to Intensify Business  

Neato Robotics, a major leader of intelligent robot vacuums, announced the launch of the newest models for its premium lineup, the Neato D10, D9, and D8, at IFA Berlin 2020. Neato robot vacuums are the ultimate partner in clean, featuring the best-in-class technology, easy setup, and built-to-last hardware. The new Neato robot vacuums include best-in-class build quality and user experience besides leveraging its industry-first D-shaped design. The new robots can reach edge-to-edge for more precise cleaning by utilizing its most sweeping brush and largest dirt bin available in this market. It features a market-first True HEPA filter; the Neato D10 captures up to 99.97% allergens and particles like dust and dander as small as 0.3 microns. Neato is equipped with a Bluetooth-enabled connection, which can also be connected to Wi-Fi and streamlined six-step process on the new MyNeato app. The launch of the cutting-edge robots will have an incredible impact on the market due to its shortest setup and effective technology.

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https://www.fortunebusinessinsights.com/smart-robot-market-104556

Heavy Demand for Robots in Non-Industrial Applications to Foster Growth

The growing demand for robotics in agriculture owing to its advantage over traditional techniques, that involves high labor costs. Robots play an excellent role in crop harvest. Smart robots can also pick vegetables and fruits without spoiling them, thus spurring their demand in the agriculture industry. Intelligent robotic harvesters are equipped with innovative graphic processing units (GPUs) to determine the product's ripeness. Moreover, drones or autonomous tractors are used to monitor the plant's health. Rapidly flourishing robotic technologies will enable healthy growth of the market in the forthcoming years. However, data security issues associated with robots can hamper the development of the market during the forecast period.

Introduction of Industry-Specific Robots by Prominent Companies to Consolidate Business

Key players in the smart robot market are significantly focused on developing efficient robots to cater to the demand of industries. key players are developing Industry-specific robot development to strengthen their position in the market. Companies are expanding their robotics business network across economies to increase their product portfolio and competitiveness. For instance, In January 2019, iRobot Corporation launched a mower called ‘Terra Mow’ to eliminate the need for labor-intensive and expensive boundary wires. The ongoing business strategies adopted by key companies will help them remain at the forefront in the industry.

The Report Lists the Key Players in this Market:

• SoftBank Corp (Tokyo, Japan)
• GeckoSystems Intl. Corp. (Georgia, United States)
• Aethon, Inc. (Pittsburgh, Pennsylvania, United States)
• Neato Robotics, Inc. (San Jose, California, United States)
• Samsung Electronics Co., Ltd (Suwon, Korea)
• ABB Ltd (Zürich, Switzerland)
• KUKA Aktiengesellschaft (Augsburg, Germany)
• FANUC CORPORATION (Oshino, Yamanashi, Japan)
• Hanson Robotics Limited (Hong Kong)
• YASKAWA ELECTRIC CORPORATION (Kitakyushu, Fukuoka, Japan)
• BLUE FROG ROBOTICS SAS (Paris, France)
• Kongsberg Gruppen ASA (Kongsberg, Norway)
• Universal Robots A/S (Odense, Denmark.)
• ECA GROUP (La Garde, France)
• iRobot Corporation (Bedford, Massachusetts, United States)
• DeLaval Inc. (Tumba, Botkyrka, Sweden)
• Intuitive Surgical, Inc (Sunnyvale, California, United States)
• Rethink Robotics GmbH (Bochum, Germany)
• Honda Motor Co., Ltd. (Minato City, Tokyo, Japan)

Further Report Findings:

• Regional Analysis: Europe is expected to hold the largest share in the global market during the forecast period owing to the trend for automation in the region. The smart infrastructure development by the European Government will further drive the market in Europe.
• Leading Segment: The mobile robot is expected to hold the largest share during the forecast period owing to the growing demand for flexible and autonomous robots. The increasing penetration of smartphones will aid the segment’s growth.

The Global Market for Smart Robot is Segmented into: