Personal robot market expected to be worth $34 billion by 2022
Posted: 21 March 2017 | By Darcie Thompson-Fields
A report exploring the global market for personal robots has predicted that it will be worth $34.1 billion by 2022 with a CAGR of 37.8%.
Due to increasing competition in the market, personal robot manufacturers are investing in emerging technologies. Robots are increasingly being equipped with artificial intelligence to allow them to further assist their owners.
Hanson robotics created Sophia, an expressive humanoid robot powered by an AI chatbot. Sophia has the ability to talk and is designed to help humans in healthcare, education and customer service.
Mayfield robotics also introduced its domestic robot Kuri at CES earlier this year. Activated by voice commands, Kuri uses machine learning and facial recognition technologies that allow it to interact with your family and map out your home.
The “Global Personal Robots Market Size, Share, Development, Growth and Demand Forecast to 2022” report from Research and Markets expects that demand for the technology will only continue to grow.
The report names the key trends in personal robotics as open software platforms that can be used for personal robotics, emergence of personal robots with artificial intelligence, and new entries of smartphone companies in the global personal robots market.
Based on type, cleaning robots continue to be the largest market and are expected to generate the largest revenue. The US has been the largest market for personal robots, but one of the largest market opportunities is the growing demand for carebots in Japan.
Due to the growing ageing population in developed countries such as Japan, the demand for humanoid robots that are useful for elderly people is expected to increase.
Another element driving demand for personal robots in developed countries is disposable income and the need for convenience combined with the declining price of these robots. The average price of personal robots has declined by around 27% between 2005 and 2014. Their price is likely to further decline by around 22% between 2015 and 2025.
Key players in the market include Honda, Sony, Samsung and Hasbro.