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%.
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 Marketis segmented into types, components, verticals, and region so as to generate a comprehensive understanding of the market.
- Type – task robots, surveillance robots, entertainment robots, security robots, educational robots, personal robots, and others.
- Components – processors, communications technologies, mobile robots, software, cameras, microcontrollers, displays, actuators, sensors, manipulators, power supplies, mobile platforms, wheels, legs, walking, hopping, ball, and others. The verticals segment is sub-segmented into telepresence robots, healthcare robotics, UAVs, educational robotics kits, and industrial robotics and others.
- Regions – North America, Europe, Asia Pacific, and rest of the world.
North America accounts for the largest market share led by the U.S. owing to faster adoption of new technologies, large income, technological ecology, presence of major players and others. Europe accounts for the second largest market share led by Germany, France and the U.K. The developed regions have a traditional dominance of the robotic market owing to their first comer advantages. The consumer robots are a direct decedents of industrial robots led by the automotive industry.
However the Asia Pacific countries such as China, Japan, and India are emerging consumer robotics market, expected to generate the fastest CAGR growth with Japan being the leader. China has emerged as a major electronics devices manufacturing hub which is expected to boost the market growth of consumer robotics market. South Korea is another major nation owing to its expertise in electronics and chip making.
The Middle East and Africa market is expected to generate moderate growth led by the Gulf Region economies of Saudi Arabia, UAE and others.
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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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