LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global multimedia robots market 2018-2022 to grow at a CAGR of close to 23% during the forecast period, according to their latest market research report.
The incorporation of AI technology is one of the major trends being witnessed in the global multimedia robots market. AI is required to make robots completely interactive, autonomous, and more entertaining. With voice recognition, face recognition and tracking, fused sensors, obstacle detection, and expanded functionality already incorporated into robots, AI remains an unexplored technology that can enhance the large-scale adoption of multimedia robots.
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In this report, Technavio analysts highlight increasing spending power of consumers and need for convenience in developed countries as a key factor contributing to the growth of the global multimedia robots market:
Global multimedia robots market: Increasing spending power of consumers and need for convenience in developed countries
The end-customers of the global multimedia robots market include tech-savvy individuals and private companies spending on multimedia projectors or interactive toy robots for customer-engagement activities. the robot can also be used for attracting customers in a shopping complex or any other public mass-gathering locations.
According to a senior market research analyst at Technavio, “The need for convenience in utilitarian operations has been increasing due to disturbed work-life balance and rising stress levels of working class, decline in the nuclear family, rise in the number of working women, growing desire to maximize leisure time, and time-saving tendencies. This, in turn, has increased the adoption of multimedia robots. Many innovations in the capabilities of multimedia robots have been introduced by the manufacturers to attract the customers.”
Global multimedia robots market: Interactive toy robots segment leads the market
This market research report segments the global multimedia robots market into the following products (interactive toy robots and multimedia projectors) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major products, the interactive toy robots segment held the largest market share in 2017, contributing to nearly 98% of the market. The market share occupied by this segment is expected to decrease by 2022.
APAC was the leading region for the global multimedia robots market in 2017. It accounted for a market share of approximately 40%. It was followed by EMEA and the Americas. APAC is expected to project the fastest growth during the period 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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