LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global laundry folding robots market predicts a CAGR above 45% during the period 2018-2022.
The report segments the global laundry folding robots market by end-user (residential sector and commercial sector) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global laundry folding robots market, according to Technavio industrial automation researchers:
- Growing acceptance of personal service robots: a major market driver
- Inclusion of artificial intelligence (AI): emerging market trend
- APAC dominated the global laundry folding robots market with 100% share in 2017
- In 2017, the residential sector dominated the market with 100% share
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Growing acceptance of personal service robots: a major market driver
The acceptance of automated products as companions in daily tasks has grown significantly due to the increasing education levels over the last decade. The advent of advanced technologies such as AI, IoT, and others has increased the capability of the products to adapt to the environment and provide insights accordingly, which will increase the demand for these products.
Smart city initiatives have further encouraged the acceptance of automated solutions. Smart city residents are inclined toward automating all the aspects of their homes, from electricity use to laundry. The high adoption of robotic vacuum cleaners in the last decade showcases the inclination toward domestic assistance-providing robotic solutions. A similar acceptance is anticipated for the laundry folding robots during the forecast period.
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Inclusion of artificial intelligence (AI): emerging market trend
AI technology is mainly incorporated in smartphones, home devices, advanced robots, and connected vehicles. Advancements in AI technology has allowed digital devices to work on complex tasks through self-learning. For instance, AI enables laundry folding robots to learn about various folding sizes and structures through each task.
According to a senior analyst at Technavio for research on robotics, “The advancements in AI technology is expected to play a significant role in enhancing the capability of laundry folding robots and allow them to learn from their working or from other laundry folding robots. Furthermore, AI will enable the robots to gain an understanding regarding folding various sizes and structures. For instance, laundry robots come with embedded AI to not only recognize the clothes but also arrange the pile of clothes into separate shelves.”
Global market opportunities
In terms of regional dominance, APAC led the global laundry folding robots market in 2017, with 100% share from the region alone. The region provides plenty of opportunities for product expansion as the consumers are rapidly adopting premium-priced robotic solutions that assist in household tasks. The Americas is expected to register a fast growth compared to EMEA
during the forecast period. The major drivers for the laundry folding market in countries such as the US and the major European countries are the tech-savvy population and the high acceptance of automated products.
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