Smart robots: Key market research findings
- Increasing labor costs propels growth in the market
- EMEA dominates the market geographically
- Key vendors – iRobot, LG, Neato Robotics, Samsung, Boeing, Israel Aerospace Industries, Lockheed Martin, Northrop Grumman, ABB, KUKA, Rethink Robotics, and Universal Robots
Technavio’s market research analysts predict the global smart robots market to grow at a CAGR of almost 21% between 2016 and 2020. The demand for smart robots is augmented by the rise in labor costs across the globe. The dearth of skilled labor is resulting in an increase in labor costs, especially in China. This triggers a rise in the adoption of robots to perform the repetitive tasks previously done by the human workforce. Apart from industrial workers, robots are also replacing humans in the service sectors. EMEA dominated the global smart robots market in 2015 by occupying more than 53% of the overall market space. The sales of robotic vacuum cleaners in countries such as Germany, the UK, Italy, Spain, and France is expected to propel growth in the smart robots market in EMEA during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the smart robots segments based on the product.
“The availability and development of innovative robots play a key role in the evolution of the smart robots market globally. With the presence of a large number of vendors in the market, manufacturers are focusing on creating product differentiation on the basis of price, technology, applications, and robot features. Furthermore, the changing industry dynamics is prompting vendors to invest heavily in R&D to develop new and advanced collaborative robots with high payload withstand capacity,” says Bharath Kanniappan, Lead Analyst, Industrial Automation, Technavio Research.
By 2020, the personal service robots will continue its market dominance by accounting for over 54% of the market’s revenue. Personal service robots include robotic vacuum cleaners and public relation robots. Hotels, restaurants and hospitals are deploying humanoids to improve productivity and achieve high customer satisfaction. The availability of robotic vacuum cleaners that can be operated through the Internet (Wi-Fi) coupled with a decline in the price of robotic vacuum cleaners is expected to boost growth in the global personal service robots market by 2020.
The prominent vendors in the market include iRobot, LG, Neato Robotics, Samsung, Boeing, Israel Aerospace Industries, Lockheed Martin, Northrop Grumman, ABB, KUKA, Rethink Robotics, and Universal Robots. The market is characterized by the presence of several robotics companies who provide hardware, software, and allied components and solutions for integration and installation at different levels. The recent years have witnessed the entry of multiple hardware and software vendors, and this has led to the emergence of new and advanced robotic technologies. The market is currently dominated by large international vendors who are capable of producing advanced robots at low costs, and they generate revenue from both direct and indirect sales. Whereas, small vendors lack global presence and brand visibility and have to depend on distributors and resellers for improving sales.
A more detailed analysis is available in the Technavio report, Global Smart Robots Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
