Estimated to grow at a compound annual growth rate (CAGR) of 27 per cent over the next four years, the global consumer service robotics market grew 25 per cent in 2021 from the previous year
The global consumer service robotics market, which grew last year, is expected to extend the trend over the next three years.
Estimated to grow at a compound annual growth rate (CAGR) of 27 per cent over the next four years, the global consumer service robotics market grew 25 per cent in 2021 from the previous year.
The growth has been boosted by the changes in consumer preference, advances in technology, and the availability of a wide variety of affordable products.
“With advances in AI, the prices of components and software are also coming down, making the robots more affordable,” said Anshika Jain, senior research analyst at Counterpoint.
Other factors boosting the growth of the consumer service robotics market include improvements in technologies like speech recognition and computer vision, along with favourable government policies and the required funding support, she added.
The consumer service robots include robots in the house cleaning, personal and education, hospitality, logistics, medicine, and other sectors.
The research firm estimated the market of personal and education category robots to exceed $4.5 billion and take the highest share of 54 per cent by 2025. This is due to the rising need for elderly care, social security, and new ways of learning for children.
Due to further technological advances, logistics or delivery robots is another major area that has good potential for growth of the consumer service robotics market. Medical robots still seem a risky proposition as they need a lot of upfront capital expenditure, and the R&D outcomes are unpredictable, Counterpoint said.
Also read: To become a successful technology leader, one must put people first
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