LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global robotics market in the personal and homecare sector to grow at a CAGR of over 77% during the period 2018-2022, according to their latest report.
In this report, Technavio highlights the advances in robots as one of the key emerging trends in the global robotics market in the personal and homecare sector. The rising popularity of robotic solutions in the personal and homecare sector is expected to encourage market players to emphasize on developing advanced and innovative products that augment flexibility and improve the connectivity and integration with the cloud, building automation, and IoT. Some of the innovations include facial and voice recognition, integration with cloud and IoT, mobile application control, personalized display, self-navigation, and auto charging.
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In this report, Technavio analysts highlight the emergence of low-price robotic solutions as a key factor contributing to the growth of the global robotics market in the personal and homecare sector:
Emergence of low-price robotic solutions
Players in the market have come up with physical embodiments that are autonomous, interactive, and communicative owing to the increasing popularity of the robotics market in the personal and homecare sector. The on-set of artificial intelligence has allowed these machines to understand human emotions and interact in a real-time environment. Market players are developing low-cost companion and emotional therapy robots to meet the growing demand and to make the product affordable for more users.
According to a senior analyst at Technavio for robotics, “Robot manufacturers that focus on offering emotional support to elderly people are also focusing on developing solutions at affordable costs so that these robots can be used by a majority of the people. For example, companion pet robots are available in the market starting from USD 100. They provide emotional support and social interaction to users like other robots. It is expected that over the forecast period, players will focus largely on developing low-cost robotic solutions, which will drive the demand for the robotics market in the personal and homecare sector.”
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Global robotics market in personal and homecare sector – segmentation analysis
This market research report segments the global robotics market in the personal and homecare sector into the following products (companion robots and emotional therapy robots) and key regions (the Americas, APAC, and EMEA).
Of the two major products, the companion robots segment held the largest market share in 2017, accounting for nearly 99% of the market. By 2022, the companion robots segment is expected to dominate the market with an impressive market share of 99.73%.
APAC was the leading region for the global robotics market in personal and homecare sector in 2017, accounting for a market share of nearly 40%. By 2022, APAC is expected to continue dominating the market register the highest growth.
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