The global consumer robotics market can achieve a healthy CAGR of 19% CAGR during the forecast period (2017-2023), asserts Market Research Future (MRFR). The market with this growth rate is expected to achieve a valuation of USD 17 billion in the same period.
Growth Driver & Key Challenges
With the high emergence of artificial intelligence, human-robot interaction, voice and speech recognition, gesture control, machine vision, tactile sensors, machine learning, and more have been driving the Consumer Robotics Market growth incredibly. Consumer robotics is presently being adopted almost in every industry for smooth functions, advantages, fast production and more. Even the use of consumer robotics is also observed in automation services like cleaning offices, malls, and many entertaining places. Therefore, due to these benefits offered, the demand for consumer robotics has increased since the last couple of years, which is driving the market to a great extent.
At the same time, it is due to the emergence of Wi-Fi and sensors that have enhanced the consumer robotics to function in more areas of development across the world, which has boosted the market to gain more valuation during the forecast period. The enormous advantages of consumer robotics are mostly observed in the developing regions of the world, where technology has enhanced to a high level. Such regions have immensely helped the global market for consumer robotics to expand more, which could go on for more expansion during the forecast period.
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On the flip side, The factor of the high price of robots has been the major restraint in the consumer robotics market growth. There is several services availed to automate various consumer activities, including vacuuming, cleaning dirty kitchen floors, entertainment that got failed. In the case of point, iRobot Corporation went for the agreement with Black & Decker, on Dec. 18, 2017, to discontinue sales of all home robotic vacuums for a certain period of time after selling through its existing inventory.
As per the study directed by MRFR, the global consumer robotics market is segmented in terms of types, components, and verticals.
Among these, the type is segmented among task robots, surveillance robots, entertainment robots, security robots, educational robots, and personal robots.
The components type is being segmented among communications technologies, cameras, software, displays, microcontrollers, processors, power supplies, actuators, sensors, mobile robots, mobile platforms, manipulators, wheels, legs, hopping, ball, and walking.
The market by verticals has been segmented into telepresence robots, educational robotics kits, UAVs, healthcare robotics, and industrial robotics.
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.
The global consumer robotics market study is spanned across regions such as North America, Europe, Asia Pacific, and the rest of the world.
Wherein, the North America region is one of the prominent regions of the world by the market share. The consumer robotics market in this county has observed a huge demand owing to the technological advancements in robotics, which is impelling the market growth to an enormous extent.
In the same line, the consumer robotics market in Europe region is anticipated to witness rapid growth in the foreseeable years in support of enormous demand for sensors that engrossed the market valuation inevitably.
Asia Pacific region along with countries such as China, Japan, and India, is an emerging consumer robotics market, which is now expected to expand at the highest CAGR in the coming years. China has been considered a major hub for electronics devices, which is boosting the market growth of the consumer robotics market to a large extent.
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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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