Consumer Robotics Market – Overview
Currently, the robotic automation industry is at its prime. As a consequence of this, the global market for consumer robotics has received the much-needed push as it falls under the same umbrella. It is anticipated that this market will do exceedingly well during the forecast period of 2017-2023. One of the major reasons for its expansion will be the convenience and user-friendliness of these devices.
The basic task of a consumer robot is to minimize the recipient’s workload. It was designed with an aim to reduce manual labor by lending a hand in performing various day-to-day tasks. By using these robots consumers can receive a threefold benefit – saves time, feasible and ease of use. The most special feature of this machine is that it can be controlled by human beings. This simply means that the robot will be available at every beck and call of the user. What makes this concept even more beneficial for mankind is the longevity of these devices.
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The hype around artificial intelligence and its advantages act as a major growth propeller for this market. Consumer robots have advanced characteristics like gesture control, machine vision, and the ability to interact like a human being, machine learning, tactile sensors and speech recognition. All of these technical details further foster the growth of the market. Additional factors like usage of sensors and Wi-Fi technology in consumer robotics also have play a pivotal role in the market’s expansion.
However, the market may face a minor restraint in the form of expensiveness of the consumer robots. Although, as the market expands further it will overcome such minor problems.
Figuratively, the forthcoming years seem to have a lot in store for the market. In terms of revenue, the market is anticipated to generate around USD 17 billion by the end of the forecast period. Whereas, the CAGR for the said period is projected to be 19%.
The worldwide Consumer Robotics Market has been segmented into four equal portions. Each has a sub-division of its own and they are as follows:
- Verticals: Telepresence robots, healthcare products, educational robotics kits, industrial robotics and UAVs.
- By Type: Surveillance robots, educational robots, personal robots and task robots.
- End-users: Healthcare and education.
- Components: Displays, sensors, communication technologies, processors, wheels, legs, walking, manipulators, mobile platforms, microcontrollers, displays, actuators, power supplies, cameras and software.
Some of the prominent players in the global consumer robotics market iRobot Corporation (U.S), Samsung Electronics Co., Ltd. (South Korea), LG Electronics Inc. (South Korea), Hasbro, Inc. (U.S), WowWee Group Limited (Hong Kong), Parrot SA (France), Google Inc. (U.S), Honda Motors Company Ltd. (Japan), Intuitive Surgical Inc. (U.S), MAKO Surgical Corporation (Florida), Neato Robotics (U.S), Dà-Jiāng Innovations Science and Technology Co., Ltd (China), 3D Robotics (U.S.), Jibo, Inc. (U.S.), Blue Frog Robotics (France), among others.
Region-wise the consumer robotics market is spread across various regions of the world like North America, Asia Pacific and Rest of the World.
Amongst these, North America takes the cake in terms of market share. It leads the market with the highest number of shares. It is because consumer robotics is the need of the hour in this region and furthermore the government too has implemented certain laws that work in the favor of the market. Due to all of these reasons, this market has an edge over other regions and it is believed that it will continue to be at the top in future as well.
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- Consumer robotics companies
- Consumer robotics providers
- Technical universities
- System integrators
- Managed Security Service Providers
- Professional service providers
- Research and development companies
- Market research and consulting firms
- Solution providers
- Technology standards organizations
- Technology investors
- System Integrators
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