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Market Scenario:A consumer or domestic robot is a service robot primarily designed for human related activities such as household chores, education, entertainment therapy and others. The global consumer robots market was estimated to generate a CAGR of 19.0 % to reach USD 17 billion during the forecast period ending 2023.
Market Dynamics:
Drivers
Technological drivers such as development of artificial intelligence, machine learning, gesture control, voice and speech recognition, sensor technology and others are the critical drivers of the market. Advancement in connected devices technology and sensors, Wi-Fi, and growing maneuverability, response speed of robots and human machine interface are other technical drivers of the market. The growing adaptability of robots for host of applications such as vacuuming, cleaning, entertainment and others are also driving the market to newer heights. High inventory costs and operating expenses are manufacturing constraints due to greater risks. Demand for substituting hazardous jobs such as drainage and others are other drivers.
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Restraints
The high price of robot installation and maintenance coupled with the lack of awareness in underdeveloped regions are major constraints on the consumer robotics market. Attitude towards technology and fear of loss of employment are social determinants of the market. Risk of injuries while handling robots, steep learning curve coupled with complexities in interaction with pets and infants are other restraints that need to be overcome.
Segmentation:
The global Consumer Robotics Market is 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.
Key Players
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.
Regional Analysis:
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.
Industry News:
December, 2016 - Boeing entered into an agreement to acquire liquid robotics
August, 2015 - Intel invested USD 60 million in Chinese drone maker Yuneec
June 9, 2017 — SoftBank Group Corp. entered into a definitive agreement to acquire robotics pioneer Boston Dynamics from Alphabet Inc.
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Intended Audience
• 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
About Us:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Contact Info:
Name: Abhishek Sawant
Email: Send Email
Organization: Market Research Future
Website: https://www.marketresearchfuture.com
Release ID: 442195
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