Personal Domestic Service Robotics Market: Demand, Overview, Price and Forecasts To 2022
Market Synopsis:
Personal service robots are pre-assembled and pre-programmed robots which are used for domestic, entertainment and leisure purposes. As per the report that has recently been published by Market Research Future (MRFR), the global Personal Domestic Service Robotics Market is anticipated to expand remarkably at a robust CAGR of over 38% during the forecast period (2018-2022) and reach USD 35 Bn by the end of the forecast period.
The increasing demand for humanoid robots to assist the geriatric population and increasing expenditure by the individuals to improve the lifestyle are majorly driving the expansion of the global personal robotics market. The personal robots provide efficient assistance to the disabled individuals by carrying out multiple functions. The rapid advancement and the constant upgrades in the features of personal robots are generating high demand for personal service robotics in the global market.
The increasing usage of personal service robots for educational purpose, entertainment purpose and for carrying out daily chores such as dusting, lawn mowing, pool maintenance, and others are fueling the expansion of the global Personal Domestic Service Robotics Market. The technological advancement and brisk development in the field of artificial intelligence are creating traction for personal service robots in the global market.
The declining price of raw materials used for manufacturing of robots has resulted in lowering of the overall cost of the personal robots, leading to the higher rate of penetration of this technology in the households of developed regions. However, the limited availability of low-cost personal service robots for the population with moderate to low income and lack of penetration of advanced technology in underdeveloped regions are likely to act as restraints on the expansion of the global Personal Domestic Service Robotics Market during the forecast period.
Key Players
Some of the leading players of the global Personal Domestic Service Robotics Market are Honda Motor Co Ltd. (Japan), Ecovacs Robotics Inc (China), Samsung Electronics Co. Ltd. (Korea), F&P Robotics AG (Switzerland), Hanool Robotics (Korea), ZMP Inc (Japan)., Segway Inc.(U.S.), Neato Robotics Inc (U.S.)., Hasbro Inc.(U.S.), Irobot Corporation (U.S.) And Others.
Market Segmentation:
The global Personal Domestic Service Robotics Market has been segmented on the basis of component and application. Based on component, the Personal Domestic Service Robotics Market has been segmented into hardware and software. The software segment is anticipated to project significant growth in the global personal robotics market due to the rapid technological advancement and constant software upgrades that are being introduced in the market.
Based on application, the Personal Domestic Service Robotics Market is segmented into cleaning robot, entertainment & toy robot, education robot, handicap assistance robot, companion robot, personal transportation robot, security robot, and others.
Regional Analysis:
Geographically, the global Personal Domestic 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 Domestic Service Robotics Market owing to the high adoption of latest technologies and rapid increase in disposable income in this region. The Personal Domestic Service Robotics Market is projecting significant growth in the Asia Pacific region due to the high rate of export of robotic components as well as assembled robots owing to the large pool of manufacturers of personal service robots in the countries like China and Japan. The North America region is anticipated to project noteworthy growth in the global Personal Domestic 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 Domestic Service Robotics Market in the rest of the world.
Competitive Analysis:
The global Personal Domestic Service Robotics Market is highly competitive due to the increased investment in research and development in order to launch innovative products in the market. The growing demand for personal robots is attracting a large number of manufacturers in this market, which is fueling the competition among the players in this market.
In July 2018, Xiao’I Robot Technology, a Shanghai-based artificial intelligence company, has launched a series of human-machine dialogue interfaces which can be incorporated in personal service robots in the coming years. This company has also entered in partnership with some prominent robot manufacturers such as Pepper, Ina, and Nao to incorporate its iBot operation system in commercial services, education, medical services as well as personal services.
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