Personal Service Robotics Market Subjected to Expand Moderately by 2022
Market Scenario
The global Personal
Service Robotics Market
is expected to reach USD 35 billion by the end of 2022 with 38% CAGR during
forecast period 2016-2022
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Market Highlights
The factor leading to
the growth of the robotics of personal services is aging populations in
developed countries. Also, the demand for humanoid robots is high among adults
due to the growing ageing population in developed countries such as Japan. The
demand for personal service robots is also boosted by high disposable income
and the need for convenience in developed countries.
The falling price of
personal robots is encouraging customers who are budget conscious to buy them.
The general cost of personal robots has declined in recent years due to the
sustainable pricing of raw materials. This fall in raw material prices had a
substantial impact on the overall manufacture of personal service robots. Yet
the personal robots are still only afforded by the higher economic class that
acts as a barrier to the growth of the robotics market for personal services.
Due
to security concerns the growing demand for mobile robots has increased. These
robots aren't fixed to just one physical location that they can locomote. For
example, these robots can be used to spy on theft.
Market
Segmentation
Component and
application segmented the global personal service robotics market. The
personal-service robotics market was segmented into hardware and software based
on component. Due to the rapid technological advancements and constant software
upgrades that are being introduced in the market, the software segment is
expected to project significant growth in the global personal robotics market.
The personal service
robotics market is divided into robot maintenance, entertainment & toy
robot, educational robot, handicap robot, companion robot, personal transport
robot, protection robot and other applications.
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Regional Analysis
Geographically, the global personal
service robotics market has been segmented into four major regions such as
North America, Europe, Asia Pacific, and the rest of the world. Among these,
the Europe region is anticipated to account for the largest share in the global
personal service robotics market owing to the high adoption of latest
technologies and rapid increase in disposable income in this region.
The North America region is anticipated
to project noteworthy growth in the global personal service robotics market due
to the high disposable income and increasing popularity of robots for personal
assistance in this region. The rapid adoption of advanced technology is driving
the personal service robotics market in the rest of the world.
Asia-Pacific area is projected to rise
over the 2016-2022 forecast period due to increasing demand for humanoid robots
in Japan, rising population and high technological innovation investments. Due
to the high export rate of robotic parts as well as assembled robots due to the
large pool of producers of personal service robots in countries like China and
Japan, the personal service robotics market is predicting significant growth in
the Asia Pacific region.
Key Players
The major players of global personal service robotics market report include
Ecovacs Robotics Inc (China), Honda Motor Co Ltd. (Japan), Samsung
Electronics Co. Ltd. (Korea), Hasbro Inc.(U.S.), Hanool Robotics Corp. (Korea),
F&P Robotics AG (Switzerland), ZMP Inc (Japan)., Segway Inc.(U.S.), Neato
Robotics Inc (U.S.)., iRobot Corporation (U.S.) and others.
Due to the increased investment in
research and development to launch innovative products on the market, the
global market for personal service robotics is highly competitive. The rising
demand for personal robots in this market attracts a large number of
manufacturers, which fuel competition among the players in this market.
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