Programmable Robots Market to Rise with Increased Spending on Emergency Products and Estimated to Growth at a CAGR of 15% by 2023
The global programmable robots market is estimated to touch a valuation of USD 4 billion by 2023, at a CAGR close to 15% from 2018 to 2023 (forecast period), as per Market Research Future (MRFR). Programmable robots are machines which can be remotely controlled or autonomous in nature with the help of a program kit. Machines with AI have the capability to adapt to the environment and perform repetitive tasks.
Online learning programs which offer robotics courses is the primary driver of the programmable robots market. The integration of robotics in student education programs is expected to bode well for the market. Kids from KG-12 grades with impressionable minds are drawn towards these courses and contribute towards fostering the market growth. Moreover, availability of robotic kits at low costs is another prominent market driver. Advent of deep learning and artificial intelligence can further the market growth.
Competitive Landscape
Prominent players in the programmable robots market include Wowwee Group Ltd, The LEGO Group, Yujin Robot Co., Ltd., Honda Motor Co., Ltd, Fischertechnik GmbH, SuperDroid Robots Inc., iRobot Corporation, Toyota Motor Corporation, Robobuilder Co., Ltd., Ozobot & Evollve, Inc., Rouge Robotics, RobotShop Inc., VEX Robotics, Sphero, Evolution Robotics, Bossa Nova Robotics, and SoftBank Robotics. Investments in robotic kits is at an all-time high with venture capital firms ensuring the inflow of capital in breakthroughs. For instance, China-based Makeblock has raised close to USD 30 million in funding for creating robots and robotics kits.
Segmentation
The programmable robots market is segmented by component and application. By component, the market is segmented into hardware and software. Major market applications include education and entertainment. Among the applications, the education segment is likely to generate significant revenue for the market till 2023 owing to the integration of robotics curriculum in schools and colleges. On the other hand, the entertainment segment can garner high earnings for the programmable robots market owing to the steep fall of hardware such as actuators, sensors, and others. In addition, the high sales of miniature robots and robotic pets have been evidence of the progress made by the market in recent years.
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Mobile applications are on an upward trajectory owing to the proliferation of smartphones. It was made popular owing to industrial automation which was controlled via applications. For instance, the Sphero Bolt cluster of robots has the ability to communicate with each other. Commands can be given to these bots via a mobile application and teaches children to create programs from stacks of code.
Regional Analysis
Region-wise segmentation of the programmable robots market comprise North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). North America is touted to be dominant in the global market standings owing to adoption of robot kits by children and college-going kids.
The APAC region is expected to expand at a stable growth rate during the forecast period owing to awareness of robotics technology in the region. Inclination of children and consumers towards robots owing to various exhibitions and fairs promoting robot use is likely to work in favor of the market.
TABLE OF CONTENTS:
1. MARKET INTRODUCTION
2. RESEARCH METHODOLOGY
3. MARKET DYNAMICS
4. EXECUTIVE SUMMARY
5. MARKET FACTOR ANALYSIS
6. QUANTUM DOTS MARKET, BY SEGMENTS
7. COMPETITIVE ANALYSIS
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