DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Personal Robots Market Size, Share, Development, Growth and Demand Forecast to 2022" report to their offering.
The global personal robots market is expected to witness a CAGR of 37.8% during the forecast period, to reach $34.1 billion by 2022.
Based on type, cleaning robots have continued to be the largest market and are also expected to generate the largest revenue during the forecast period. Geographically, the U.S. has been the largest market for personal robots.
The key trends witnessed in the global personal robots market are an open software platform 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.
The drive for open software platforms is one of the major trends observed in the global personal robots market. Earlier, software building for personal robots was a major challenge for their manufacturers. However, an approach called core open software platform has come into existence recently, with no license requirement. This approach enables people to customize their low-level components, and is also helpful for engineering students and professors.
Increasing competition in the personal robots market has been encouraging personal robot manufacturers to invest in newer technologies. The emergence of personal robots with artificial intelligence is one such development observed in the industry. Hanson Robotics created a robot "Sophia," which combines an AI chatbot with an expressive human-like face. The robot can talk and help humans in healthcare, education and customer service. Jibo is another robotics company that created a friendly robot, "Jibo," using artificial intelligence. This robot can sense, respond and learn as the person engages with it.
The overall intensity of rivalry is low in the global personal robots market. The high industry growth rate elevates the degree of rivalry in the market. The intensity of rivalry is also high because of low differentiation among the products. However, owing to the existence of less number of players in the market, the intensity of rivalry is low.
Some of the key players in the global market include Honda Motor Co. Ltd., Sony Corporation, Samsung Electronics Co. Ltd., F&P Robotics AG, ZMP Inc., Segway Inc., Neato Robotics Inc., Ecovacs Robotics Inc., Hasbro Inc., and iRobot Corporation.
Trends In The Global Personal Robots Market
- Open Software Platform For Personal Robotics
- Emergence Of Personal Robots With Artificial Intelligence (AI)
- Entry Of New Companies In Personal Robots Market
Opportunities In The Global Personal Robots Market
- Growing Demand For "Care-Bot" From Japan
- Growing Demand For Low-Cost Cleaning Robots In Developing Countries
Factors Driving The Growth Of Market And Their Impact On Market Forecast
- Aging Population And Slow Birth Rate In Developed Countries
- Declining Price Of Personal Robots
- Increasing Demand For Mobile Robots
- Impact Analysis Of Drivers On Market Forecast
Factors Hindering The Growth Of Market And Their Impact On Market Forecast
- Technical Complexity Associated With Personal Robot
- Lack Of Skilled Robot Designers
- Impact Analysis Of Restraints On Market Forecast
Key Company Profiles
- Honda Motor Co. Ltd.
- Sony Corporation
- Samsung Electronics Co. Ltd.
- F&P Robotics AG
- ZMP Inc.
- Segway Inc.
- Neato Robotics Inc.
- Ecovacs Robotics Inc.
- Hasbro Inc.
- iRobot Corporation
For more information about this report visit http://www.researchandmarkets.com/research/dbq7q9/global_personal.