Robotics Market in Personal and Homecare Sector by Product and Geography - Forecast and Analysis 2020-2024

The robotics market share in personal and homecare sector is expected to increase by USD 1.93 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 76.38%.

This robotics market in personal and homecare sector research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers robotics market in personal and homecare sector segmentations by product (companion robots and emotional therapy robots) and geography (APAC, Europe, North America, South America, and MEA). The robotics market in personal and homecare sector report also offers information on several market vendors, including Blue Frog Robotics SAS, F&P Robotics AG, Jibo Inc., LG Electronics Inc., PARO Robots US Inc., Robert Bosch GmbH, Robot Care Systems BV, SoftBank Group Corp., Sony Corp., and UBTECH Robotics Inc. among others.

What will the Robotics Market in Personal and Homecare Sector Size be During the Forecast Period?

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Robotics Market In Personal and Homecare Sector: Key Drivers, Trends, and Challenges

Based on our research output, there has been a neutral impact on the market growth during and after the post-COVID-19 era. The development of smart cities is notably driving the robotics market in personal and homecare sector growth, although factors such as the risk of malfunctioning and hacking in companion robots may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the robotics market in the personal and home care sector. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Robotics Market in Personal and Homecare Sector Drivers

The development of smart cities is one of the key factors driving the global robotics market in the personal and home care sector driver. With the increasing popularity of the robotics market in the personal and home care sector, vendors have come up with physical embodiments that are autonomous, interactive, and communicative. The advent of artificial intelligence has enabled these machines to understand human emotions and interact in a real-time environment. Market vendors are developing low-cost companion and emotional therapy robots to meet the growing demand and to make the product affordable for more users. For instance, Zenbo, a companion robot offered by ASUSTeK Computer, was released in 2016 at the price of $599. The robot is integrated with artificial intelligence and can understand the commands given by users. The robot assists people by reminding users about doctors' appointments, exercise and meditation schedules, and many more. It is anticipated that over the forecast period, vendors will focus largely on developing low-cost robotic solutions, which will drive the demand for the robotics market in the personal and home care sector.

Key Robotics Market in Personal and Homecare Sector Trend

The advancement in robots will fuel the global robotic solutions in the personal and home care sector. The growing popularity of robotic solutions in the personal and home care sector is expected to encourage market vendors to focus on developing advanced and innovative products that enhance flexibility and improve connectivity and integration with the cloud, building automation, and IoT. Facial and voice recognition: The robots are embedded with advanced AI technologies and vision systems to understand the emotions of users and react accordingly. This has enabled robots to offer emotional support and interact easily with the user. Integration with cloud and IoT: These robots can integrate with the cloud and IoT, thus enabling data collection to generate insights and enhance their performance. Personalized display: The display enables interaction by making or receiving video calls and showcasing the embedded features. Self-navigation: These companion robots have a number of smart sensors that enable autonomous movement without collision and prevent them from going in the wrong direction. Auto charging: Robotic solutions can return to the home base charging station for recharging by navigating using infrared sensors and smart navigation. These robots feature automatic charging docks.

Key Robotics Market in Personal and Homecare Sector Challenge

The risk of malfunctioning and hacking in companion robots is a major challenge for the global robotic solutions in the personal and home care sector growth. The malfunctioning of the robot can result in unintentional physical attacks on the user while altering the mechanics of the robot to harm the user can lead to persistent threats. Companion robots are integrated with smart homes, interact with family members and visitors, and have details related to the daily activities of the user. Thus, it makes it easy to spy on users by using the microphone and camera embedded in the robot and using these to access the required information. The mechanics of robotic solutions can be altered by vulnerabilities such as unencrypted storage, hard-coded passwords, and insecure data transfers, which can disable the existing safety protocols. By doing so, people inimical to the user can hamper the privacy of the user and modify the robots to injure the user. This threat is expected to become even more prominent with the growing sophistication of cyberattacks, which allows the functions of robots to be altered remotely. However, we anticipate vendors will leverage the best technology to counter such threats during the forecast period.

This robotics market in the personal and home care sector analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global robotics market in the personal and home care sector as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the robotics market in the personal and homecare sector during the forecast period.

Who are the Major Robotics Market in Personal and Homecare Sector Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• Blue Frog Robotics SAS
• F&P Robotics AG
• Jibo Inc.
• LG Electronics Inc.
• PARO Robots US Inc.
• Robert Bosch GmbH
• Robot Care Systems BV
• SoftBank Group Corp.
• Sony Corp.
• UBTECH Robotics Inc.

This statistical study of the robotics market in the personal and homecare sector encompasses successful business strategies deployed by the key vendors. The robotics market in personal and home care sector is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• Blue Frog Robotics SAS - The company offers a smart advanced personal robot, featuring personal assistant, security, touch control, mobility assistance, remote ready, edutainment, emotional, and multimedia features.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The robotics market in personal and homecare sector forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Robotics Market in Personal and Homecare Sector Value Chain Analysis

Our report provides extensive information on the value chain analysis for the robotics market in personal and homecare sector, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Robotics Market in Personal and Homecare Sector?

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71% of the market's growth will originate from APAC during the forecast period. Japan and South Korea (Republic of Korea) are the key markets for robotics market in personal and homecare sector in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Growing awareness of personal service robots and the expanding aging population base in countries like Japan, China, South Korea, and Australia will facilitate the robotics market in personal and homecare sector growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

Social isolation has become a major problem for people during the COVID-19 crisis, which has led to an increase in the number of people suffering from depression and anxiety, which results in more suicides across countries in the region. For instance, in Japan, more than 2,000 cases of suicides were registered in October 2020, the highest number of suicide deaths recorded in one month since May 2015. As of July 2020, more than 40% of the population in India suffers from depression. Therefore, the growing number of such cases is leading to more technological developments in the field of psychology. Major initiatives, such as the New Robot Strategy in Japan, the Intelligent Robot Development and Supply Promotion Act of South Korea, and Made in China 2025, are supporting the development of robotics in various sectors, including the personal and homecare sector. 

What are the Revenue-generating Product Segments in the Robotics Market in Personal and Homecare Sector?

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The robotics market in personal and homecare sector share growth by the companion robots will be significant during the forecast period. Companion robots are gaining more popularity due to the increasing trend of older people living alone and requiring a companion for social interaction. The major driver for the growing demand for these robots is the aging population in several countries, especially Japan. 

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast-tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the robotics market in personal and homecare sector size and actionable market insights on post COVID-19 impact on each segment.

 

Robotics Market in Personal and Homecare Sector Scope
Report Coverage	Details
Page number	120
Base year	2019
Forecast period	2020-2024
Growth momentum & CAGR	Accelerate at a CAGR of 76.38%
Market growth 2020-2024	$ 1.93 billion
Market structure	Fragmented
YoY growth (%)	57.20
Regional analysis	APAC, Europe, North America, South America, and MEA
Performing market contribution	APAC at 71%
Key consumer countries	Japan, South Korea (Republic of Korea), US, Germany, and UK
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Blue Frog Robotics SAS, F&P Robotics AG, Jibo Inc., LG Electronics Inc., PARO Robots US Inc., Robert Bosch GmbH, Robot Care Systems BV, SoftBank Group Corp., Sony Corp., and UBTECH Robotics Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Robotics Market in Personal and Homecare Sector Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive robotics market in personal and homecare sector growth during the next five years
• Precise estimation of the robotics market in personal and homecare sector size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the robotics market in personal and homecare sector across APAC, Europe, North America, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of robotics market in personal and homecare sector vendors

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