According to a new market report published by Credence Research Inc., “Global Social and Entertainment Robots Market (By Type (Social Robots and Entertainment Robots), By End-use Application (Hospitality, Retail, Healthcare, Arts & Entertainment, Education, Health & Social Care, Information & Communication)) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2017 – 2025”, the global Social and Entertainment Robots market is expected to witness a growth of 9.5% CAGR during the forecast period 2017 - 2025.
Market Insights
Social robots are independent mobile machines that are developed to interact with human beings and demonstrate social behaviors like identifying, assisting following, and engaging in a dialogue with their owners. With increasing innovations in the field of artificial intelligence, sensors, battery technologies, and availability of a common platform for robotics software development, robots have garnered the ability to enter our fields at home, work, and in public sphere.
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Thus, it is believed that the adoption of robots will expand from systems performing household chores to systems interacting with humans in the form of entertainment and social robots. The theme of robots becoming companions, especially among children and elderly population will be supported by advances in computer vision technology and artificial intelligence. This trend is more prevalent among elderly population in Triad countries (Japan, Europe, the U.S.). With the emergence of social and entertainment robots, it is expected that companionship of a man with such social machines will yield potential benefits in the coming years. Although social and entertainment robots are still in very naïve stage of development as compared to human intelligence, these machines posses immense and currently are one of the most popular research topics.
In addition, with declining sensor costs and evolving performance features, the demand for robotic toys is expected to increase among children. Given the advancements in camera and sensor technology, these robots are presumed to make households more inter-connected. Connecting these robots to other connected devices across the premise will enable owners to better monitor the entire premise through a lone interface. Growing awareness regarding the benefits offered by these robots, improving functionalities, and declining costs is expected to accelerate growth of these robots.
This report on global social and entertainment robots market discusses leading industry players and their strategies. The key players in the social and entertainment robots market are Robot Care Systems, Savioke, Blue Frog Robotics, Avatarmind, Jibo, Asus, Future Robot, Vstone, Aldebaran, Fellow Robots, and PAL Robotics among others. The key strategies adopted by these players include product innovation and focus on research and development.
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