Market Highlights
Smart robots are designed to do independent activities and collaborate with humans. Smart robots, in other words, are mechanical devices that assist humans in improving accuracy, flexibility, and minimizing manual labor in industrial processes. During the forecast period, the smart robot market is expected to be driven by the growth of industrial automation and the ability of robots to foresee industry breakdowns. However, safety issues arising from complicated high-level interface may limit smart robot deployment. During the projection period, high initial R&D cost may also add to the smart robotics market's constraining aspects.
Key Players:
The prominent players in Smart Robot Market Size are Honda Motor (Japan), iRobot Corporation (US), Seiko Epson Corporation (Japan), GreyOrange pte Ltd (Singapore), Rethink Robotics (US), KUKA AG (Germany), F&P Personal Robotics (Switzerland), SoftBank Robotics (Japan), Yaskawa Electric Corporation (Japan), and FANUC (Japan) among others.
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Regional Analysis
During the projection period of 2018 to 2023, the global market for smart robots is expected to rise at a high rate. The smart robot market is researched geographically in North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to grow rapidly over the forecast period, thanks to countries like the United States, Canada, and Mexico, which are considered early adopters of robots in various verticals such as medical, consumer electronics, and entertainment robots, as well as the largest markets that contribute to regional growth.
During the projected period, Asia-Pacific is expected to dominate the global smart robot market. Due to continual improvements in countries such as China, Japan, and South Korea, Asia-Pacific is on the verge of leading the global market economically and technologically. China, Japan, and South Korea are predicted to dominate the global smart robot market in Asia-Pacific. The use of smart robots for non-industrial applications such as entertainment is likely to contribute to market growth due to customers' high spending power.
Europe is expected to grow at slow rate as compared to other regions during the forecast period. Countries such as the UK, Germany, and France are expected to dominate the smart robot market in Europe. Food & beverage vertical is expected to dominate the European market due to increasing demand for robots for packaging food with preservatives.
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