Market Scenario:
The global entertainment robots market is presumed to garner USD 20 billion during the forecast period (2017-2023). The global market is estimated to demonstrate 21% CAGR owing to the development of entertainment robots with high artificial intelligence (AI) technology, asserts Market Research Future (MRFR).
Besides minimizing the work of human beings, invention of robots has also provided a medium of entertainment. Robot toys can simulate laughter, sadness, and other emotional simulation. Animatronics robots entertain people at different amusement parks and festivals. Humanoid robotic toys comprise two legs. They can be programmed with dance routines and speeches, and can also be used in trade shows in order to generate media exposure.
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Competitive Dashboard
The prominent players operating the global entertainment robots market are Modular Robotics (U.S.), Aldebaran Robotics (Japan), Sphero (Hong Kong), Robotics Inc. (U.S.), Hasbro Inc. (U.S.), Mattel Inc. (U.S.), Sony Corporation (Japan), Toshiba Machine Co. Ltd (Japan), WowWee Group Limited (Hong Kong), Robo Builder (South Korea), and Blu Frog Robotics (France).
Drivers and Constraints Impacting the Market
Development of entertainment robots with high artificial intelligence technology is one of the major factors fueling the market growth. Entertainment Robots Market are usually developed for utilitarian purpose in domestic space to entertain especially children, guests, elders, or clients. They are highly equipped with microphones and can recognize cameras and voices in order to avoid obstacles and identify faces. They can also move, converse, dance, sing, and interact with people. Such high-end technologies are triggering the demand for entertainment robots during the assessment period. Manufacturers are also developing robotic kits to enhance children’s skills and knowledge in subjects such as mathematics, programming, and science with the help of creation, design, assembly, and operation of the robots. Robots manufactured due to educational purposes are also considered to accelerate the growth of the market. Moreover, adoption of automation in the entertainment industry is also likely to spur the market demand.
On the flip side, entertainment robotics industry requires high initial investment which is likely to act as a major restraining factor to the growth of the market. Lack of skilled labors is further impeding the market growth over the forecast period.
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Entertainment Robots Market Segmental Analysis:
The global entertainment robots market has been segmented on the basis of product and region.
By mode of product, the global entertainment robots market has been segmented into educational robots, robot toys, and robotic companion pets. Among these, the educational robots segment is likely to dominate the global market as math, science, and technology engineering is ever growing in the classrooms. Robotics add creativity and fun into the subjects.
The robots can launch platforms for students and let them realize their passion. They also help to teach students how to communicate across different technology platforms.
Regional Insights:
Geographically, the entertainment robots market span across regions namely, America, Europe, Asia Pacific, and the Rest-of-the-World (RoW).
Among all the regions, the North American region is considered to dominate the global market owing to the advancement in technology and the incorporation of artificial intelligence in developing robots. Moreover, increased adoption of robots in colleges and schools are presumed to accelerate the market in this region. Europe is considered to gain growth as the robotics market is evolving at a rapid pace and robotics will remain as a primary source of competitive advantage.
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Industry Updates:
October 05, 2018: With its humanoid robots, Ubtech has been a pioneer in the industry, including an Alexa-enabled robot that can even perform yoga. The robot Ubtech previewed at the Consumer Electronics Show expo is its most ambitious project. The Ubtech Robotics Walker is a four-foot tall bot which possesses true bipedal motion that enables it to not only walk around but go up and down stairs and even kick a soccer ball.
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