$34.1 Billion Personal Robots Market, 2022: Latest Factors Hindering and Driving Growth - Research and Markets

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Mar 15, 2017, 08:30 ET

DUBLIN, Mar 15, 2017 /PRNewswire/ --

Research and Markets has announced the addition of the "Global Personal Robots Market Size, Share, Development, Growth and Demand Forecast to 2022" report to their offering.

The global personal robots market is expected to witness a CAGR of 37.8% during the forecast period, to reach $34.1 billion by 2022.

Based on type, cleaning robots have continued to be the largest market and are also expected to generate largest revenue during the forecast period. Geographically, the U.S. has been the largest market for personal robots.

The key trends witnessed in the global personal robots market are open software platform that can be used for personal robotics, emergence of personal robots with artificial intelligence, and new entries of smartphone companies in the global personal robots market.

The drive for open software platform is one of the major trends observed in the global personal robots market. Earlier, software building for personal robots was a major challenge for their manufacturers. However, an approach called core open software platform has come into existence recently, with no license requirement. This approach enables people to customize their low-level components, and is also helpful for engineering students and professors.

Increasing competition in the personal robots market has been encouraging personal robot manufacturers to invest in newer technologies. The emergence of personal robots with artificial intelligence is one such development observed in the industry. Hanson Robotics created a robot Sophia', which combines an AI chatbot with an expressive human like face. The robot can talk and help humans in healthcare, education and customer service. Jibo is another robotics company that created a friendly robot Jibo' using artificial intelligence. This robot can sense, respond and learn as the person engages with it.

The overall intensity of rivalry is low in the global personal robots market. The high industry growth rate elevates the degree of rivalry in the market. The intensity of rivalry is also high because of low differentiation among the products. However, owing to the existence of less number of players in the market, the intensity of rivalry is low.

Some of the key players in the global market include Honda Motor Co. Ltd., Sony Corporation, Samsung Electronics Co. Ltd., F&P Robotics AG, ZMP Inc., Segway Inc., Neato Robotics Inc., Ecovacs Robotics Inc., Hasbro Inc., and iRobot Corporation.

Market Outlook

Trends In The Global Personal Robots Market

Open Software Platform For Personal Robotics
Emergence Of Personal Robots With Artificial Intelligence (Ai)
Entry Of New Companies In Personal Robots Market

Opportunities In The Global Personal Robots Market

Growing Demand For Care-Bot' From Japan
Growing Demand For Low Cost Cleaning Robots In Developing Countries

Factors Driving The Growth Of Market And Its Impact On Market Forecast

Aging Population And Slow Birth Rate In Developed Countries
Declining Price Of Personal Robots
Increasing Demand For Mobile Robots
Impact Analysis Of Drivers On Market Forecast

Factors Hindering The Growth Of Market And Its Impact On Market Forecast

Technical Complexity Associated With Personal Robot
Lack Of Skilled Robot Designers
Impact Analysis Of Restraints On Market Forecast

Key Company Profiles

Honda Motor Co., Ltd.
Sony Corporation
Samsung Electronics Co. Ltd.
F&P Robotics Ag
Zmp Inc.
Segway Inc.
Neato Robotics, Inc.
Ecovacs Robotics, Inc.
Hasbro, Inc.
Irobot Corporation

For more information about this report visit http://www.researchandmarkets.com/research/h2blqt/global_personal

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