Consumer Robotics Market: Global Major Key Players Research – Forecast to 2023

Social Companions in Nuclear Households to Drive Consumer Robotics Demand
The advances in artificial intelligence (AI) have furthered the progress in robots. Consumer robots are autonomous devices used for completing daily or laborious tasks. They can be used for entertainment purposes or for attending to needs of clients. The global consumer robotics market report by Market Research Future (MRFR) encompasses the latest trends and upgrades in robotics for the period of 2018 to 2023 (forecast period).
Market Prospects
The global consumer robotics market size can shoot up to USD 17 billion by 2023, as per MRFR. It can exhibit 19% CAGR over the forecast period. Innovation in consumer robots due to technological breakthroughs in AI is likely to spur market growth. High adoption rate of consumer electronic devices such as smartphones, tablets, smartwatches, and other portables can be a leading driver in the market.
Integration of sensors, voice and speech recognition, tactile sensors, machine learning, and others in robots are other factors which can entice customers in procurement of robots. But alarming costs of these devices can impede market growth.
Segmentation
The consumer robotics market is segmented by type, components, verticals, and end-users.
By type, it is segmented into task robots and surveillance. The task robots are expected to sustain a large market share till 2023. This can be credited to the use of these devices for completing repetitive and laborious tasks.
By components, it is segmented into microcontrollers and displays.
By verticals, it is segmented into marketing and data visualization.
By end-users, it is segmented into education and healthcare. The education segment is expected to drive the market revenue due to the shift away from traditional learning methods in schools. The transition to virtual classrooms and the increased cognitive capability of children can drive the demand for consumer robots.
Regional Analysis
Geographically, the global consumer robotics market is segmented into North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
North America is one of the leading regions due to leading breakthroughs in robotics. The need for robots for menial tasks such as cleaning households is expected to boost market demand. In addition, high expendable income levels of consumers coupled with the need for educational toys to enhance the minds of children are additional growth drivers.
The Europe consumer robotics market is set for an explosive growth thanks to massive demand for sensors. Huge demand for robots with the capacity of detecting explosive devices, product inspection, assembling products, and space missions can bolster regional market demand.
The APAC region is likely to exhibit the highest CAGR over the years due to high potential in China, Japan, and India. China is one of the biggest revenue generators due to being a hub for microprocessors and semiconductors. Research and development of various computing processes and their subsequent outsourcing to the region is predicted to be drive market demand.
Competitive Landscape
Key market players include Intuitive Surgical Inc., Neato Robotics, iRobot Corporation, Google Inc., 3D Robotics, Jibo, Inc., WowWee Group Limited, Dà-Jiāng Innovations Science and Technology Co., Ltd, Honda Motors Company Ltd., MAKO Surgical Corporation, LG Electronics Inc., Parrot SA, Hasbro, Inc., Blue Frog Robotics, and Samsung Electronics Co., Ltd.
Mergers, acquisitions, and novel product developments are major strategies of these companies. This is evident by the acquisition of Robopolis SAS by iRobotics in 2017.
Industry News
Robust.AI, a U.S. company, has decided to launch a new platform to improve robot dynamics and enhance their intelligence. The platform would serve to address various issues in consumer robots and resolve them with the help of artificial intelligence. The company has received seed funding from Playground Digital to aid in its effort.

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