The robotics industry is flourishing with the advent of artificial intelligence technology. In the past few years, the use of robots for entertainment purpose has increased exponentially.
As per the report that has been published by Market Research Future (MRFR), the global entertainment robots market is registered to expand significantly at a strong CAGR of 21% during the forecast period of 2017-2023 and is registered to reach the valuation of USD 20 Bn by the end of the forecast period.
Major Key Players:
The major players profiled by MRFR in the report on the global Entertainment Robots Market are Hasbro, Inc. (the U.S.), Mattel, Inc. (the U.S.), Sphero (Hong Kong), WowWee Group Limited. (Hong Kong), Aldebaran Robotics (Japan), Blu Frog Robotics (France), Modular Robotics (the U.S.), Robo Builder (South Korea), Robotics Inc. (the U.S.), Toshiba Machine Co. Ltd (Japan), Sony Corporation (Japan) and others.
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Market Drivers and Restraints:
The increasing deployment of entertainment robots in the form of drones and remote-controlled cars in order to interact with people are majorly driving the growth of the global entertainment robots market. Adoption of automation technology in the entertainment industry is also fueling the growth of the global entertainment robots market. Increasing demand for entertainment robot in order to keep up with the current trends are likely to fuel the growth of the global entertainment robots market during the forecast period.
Increasing application of entertainment robots in museums, live performances, parks, malls and others are projecting to impact positively on the growth of the global entertainment robots market in the coming years. The rise in trend of humanoid robots that are equipped with artificial intelligence and availability of entertainment robots at low cost is impacting positively on the expansion of the global entertainment robots market. However, high initial investment and lack of skilled labors are likely to create hindrance in the growth of the global entertainment robots market during the forecast period.
The global entertainment robots market has been segmented on the basis of product. Based on product, the entertainment robots market is segmented into robotics toy, educational robots and robotic companion pets. The robotic companion pets segment is projecting noteworthy growth in the global entertainment robots market due to the increasing demand of the robotic companion pets by the rapidly rising geriatric population in various regions. The increasing demand for remote control toys and drones is driving the growth of the robotics toy segment in the global entertainment robots market.
Geographically, the global entertainment robots market is segmented into five major regions such as North America, South America, Asia Pacific, Europe and the rest of the world.
The North America region accounts for the largest share in the global entertainment robots market owing to the increasing public expenditure on robotics for entertainment purposes and easy adoption of advanced technology in this region. The Asia Pacific region is projecting significant growth in the global entertainment robots market owing to the increasing incorporation of educational robots in schools and colleges and high demand for toy robots in this region.
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In August 2018, Anki, a toy and entertainment robotics company has developed ‘a robot for the home- Vector.’ Unlike Anki’s previously launched products, Vector is equipped with artificial intelligence and deep learning capabilities which enable it to interact with people.
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