BOULDER, Colo.--(BUSINESS WIRE)--Consumer robots have been part of popular culture for decades, fueling visions of having robots living alongside humans in our homes to assist with daily tasks, entertain, educate, and socialize. However, the promise of consumer robotics remains largely unfulfilled. Cleaning robots, such as robotic vacuums, dominate the market and we are years away from widespread adoption of the robot types with which people have envisioned sharing their homes.
However, according to a new report from Tractica, there is renewed interest in consumer robotics with companies introducing new innovations and product categories. The market intelligence firm anticipates that this innovation and diversification within the market will drive growth in unit shipments from 15.4 million in 2018 to 65.8 million units annually by 2025. By that time, the global consumer robotics market will reach $19 billion in annual revenue.
“Traditional consumer robotics companies are accelerating the use of AI to make their robots smarter and extend their capabilities. Integration with smart home devices will be a long-term driver of the market,” says research analyst Sherril Hanson. “The toy robot category is exploding, with options for both education and pure entertainment and fun. Toy robots are increasingly being used as educational tools in science, technology, engineering, and math (STEM)-based curriculum.”
Tractica’s report, “Consumer Robotics”, examines the global market trends for consumer robots and provides market sizing and forecasts for shipments and revenue during the period from 2018 through 2025. The report focuses on crucial market drivers and challenges, in addition to assessing the most important technology issues that will influence market development. In total, 37 key industry players are profiled with additional information on more than 70 other companies. Market forecasts are segmented by world region and robot type, in addition to data on technology and connectivity attach rates. An Executive Summary of the report is available for free download on the firm’s website.
Tractica, an Informa business, is a market intelligence firm that focuses on emerging technologies. Tractica’s global market research and consulting services combine qualitative and quantitative research methodologies to provide a comprehensive view of the emerging market opportunities surrounding Artificial Intelligence, Robotics, User Interface Technologies, Advanced Computing, Connected & Autonomous Vehicles, and Wearables & Digital Health. For more information, visit www.tractica.com or call +1.303.248.3000.