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Smart robots market to approach $1.07B by 2020

31 Aug 2015

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Collaborative smart robots market size is expected to hit $1.07 billion by 2020, while the software market size for smart robots is forecast to grow at a CAGR of 30.24 per cent from 2015 to 2020, according to a new forecast.

The adoption rate of smart robots for personal applications such as vacuum cleaning, pool cleaning, robotic pets and elderly assistance, among others, has increased due to the rise in the urban population and per capita income. The demand for smart robots is likely to witness a prominent growth, thereby garnering the interest of the industry players across various verticals. The North American region is projected to be the fastest-growing market due to growing needs, growing economies, high adoption rate of smart robots across the different application areas such as industrial, professional service and personal service applications.

The smart robots market for industrial applications consist of collaborative robots designed to work along with humans and they are adopted by various industrial sectors such as automotive and electronics, among others.

In the service industry, smart robots are used in different professional and personal applications.

The report covers the segmentation of smart robots market on the basis of software and hardware component.

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