Lucintel anticipates that North America will be the fastest growing region in the smart robot market

   October 22, 2019
According to a new market report by Lucintel, the future of the smart robot market looks promising with opportunities in services and industrial sectors. The smart robot market is expected to grow with a CAGR of 23% from 2019 to 2024. The major drivers for this market are growing adoption of autonomous robots for professional services, increasing investments for industrial automation, and technological advancement in the field of robotics.

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In this market, smart robots are used in personal & professional service and various industrial applications, such as  automotive, electronics, and food and beverage industries. Lucintel forecasts that  automotive will remain the largest segment during the forecast period due to the increasing use of computer vision cameras in machinery vision and increasing use of big data.  Proffesional service robot is expected to witness the highest growth over the forecast period.

Hardware, sensor, actuator, power source, and control system/controller are the major component for smart robots.

North America will remain the largest region over the forecast period due to the early adoption of smart robots in various applications.

Softbank, Irobot, Kuka, ABB, Hanson Robotics, Amazon.Com, Honda Motor, Fanuc, Yaskawa Electric, Omron Adept Technologies are among the major companies in the smart robot market.

Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the smart robot market by end use industry, component, and region. Lucintel has prepared a comprehensive research report entitled “Smart Robots Market 2019-2024: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategy as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the smart robots market by end use industry, component, and region as follows:

By End Use Industry [$M shipment analysis for 2013 – 2024]:

  • Service

    • Personal

    • Professional

  • Industrial

    • Automotive

    •  Electronics

    •  Food & Beverages

    •  Others

By  Component [$M shipment analysis for 2013 – 2024]: 

  • Hardware

    •  Sensor

    • Actuator

    • Control system/controller

    • Others

  • Software

By Region [$M shipment analysis for 2013 – 2024]:

  • North America

    • United States

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • Italy

  • Asia Pacific

    • China

    • Japan

    • India

  • Rest of the World

This 150-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link or

About Lucintel

Lucintel, the premier global Management Consulting and market research firm, creates winning strategies for growth. It offers market assessments, competitive analysis, opportunity analysis, Growth Consulting, M&A, and Due diligence services to executives and key decision-makers in a variety of industries. For further information, visit    

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