The global programmable robots market is expected to exhibit a robust 15% CAGR over the forecast period from 2017 to 2023
— Programmable Robots Market - Highlights
The global programmable robots market is mainly driven by the growing demand for programmable robots in the education sector, where programmable robots have become an invaluable aid to teachers in conveying complicated concepts to children seamlessly and monitoring the classroom for various parameters. This is likely to remain the major driver for the global programmable robots market over the forecast period. according to the latest research report from Market Research Future (MRFR). The market is expected to reach a valuation of USD 4 billion by 2023, according to the report.
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The entertainment sector has also taken well to robotics, with programmable robots becoming an inseparable part of entertainment shows and multimedia events in recent years. This trend is likely to continue over the forecast period, leading to steady revenue generation opportunities for the programmable robots market. On the other hand, the high costs of programmable robots are likely to be a key restraint against the market in developing regions.
Leading players in the global programmable robots market include VEX Robotics, Rouge Robotics, Robobuilder Co. Ltd., Ozobot & Evollve Inc., SoftBank Robotics, Yujin Robot Co. Ltd., Toyota Motor Corporation, Sphero, Evolution Robotics, Fischertechnik GmbH, SuperDroid Robots Inc., Wowwee Group Ltd., Honda Motor Co. Ltd., Bossa Nova Robotics, RobotShop Inc., The LEGO Group, and iRobot Corporation.
The global programmable robots market is segmented on the basis of component, application, and region.
By component, the programmable robots market is segmented into hardware and software. Hardware is further sub-segmented into sensors, actuators, power source, PC interface, programmable platforms, and others.
By application, the market is segmented into education and entertainment. Education is further sub-segmented into schools & universities and research institutes, whereas entertainment is further sub-segmented into media and gaming.
The global programmable robots market is expected to be dominated by North America over the forecast period due to the widespread adoption of programmable robots in education, personal entertainment, home entertainment and security, among others. North America has witnessed robust growth in demand for programmable robots in various end use applications, displaying a promising business opportunity for players operating in the market. Widespread adoption of programmable robots in educational institutes such as schools for educational purposes is the major driver for the programmable robots market in North America. The robust technological base behind the robotics sector in North America has ensured widespread distribution of programmable robots in the region. This is likely to remain the major driver for the programmable robots market in North America over the forecast period.
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Europe is likely to follow North America over the forecast period, as this region also has promising research opportunities in the robotics sector and the presence of a strong base of robotics manufacturers. The growing demand for programmable robots in education and entertainment is likely to be the major driver for the programmable robots market in Europe over the forecast period.
Asia Pacific is also likely to be a promising regional market for leading players in the global programmable robots market, as companies in China, Japan, and South Korea, have found commercial success in the robotics field due to the increasing demand for programmable robots in education-related purposes. The growing flurry of technological innovations coming into the entertainment sector in these countries is also likely to drive the programmable robots market in the region over the forecast period. The entertainment industry has become a major commercial channel in these countries over the last few decades, with gaming, among other multimedia, proving to be a hit with consumers in East Asia. This is likely to remain a major driver for the programmable robots market in Asia Pacific over the forecast period, enabling rapid progress of the market in a region likely to become a leading player in robotics technology and applications in the coming years.
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