Global Consumer Service Robotics Market Grew 25 Per Cent In 2021: Report
The growth was driven by the change in the consumer preference, advances in technology and the availability of a wide variety of affordable products
According to the latest Counterpoint's IoT Service, the global consumer service robotics market estimated a 25 per cent year-on-year growth in 2021 and it is expected to grow at a CAGR of 27 per cent over the next four years. The growth was driven by the change in the consumer preference, advances in technology and the availability of a wide variety of affordable products.
"House cleaning robots, which mainly comprise robot vacuums, is the most dominant category in the robotics industry, capturing over two-thirds of the total consumer service robotics market. With advances in AI, the prices of components and software are also coming down, making the robots more affordable. There have also been improvements in technologies like speech recognition and computer vision, which have helped to drive growth. In addition, favorable government policies along with the required funding support are also helping boost the segment," said Anshika Jain, senior research analyst.
In this analysis, the consumer service robots have been broken into house cleaning, personal and education, hospitality, logistics, medical and other segments. The sector-specific data is analyzed through the research and it is as follows. In this analysis, the consumer service robots have been broken into house cleaning, personal and education, hospitality, logistics, medical and other segments. Mainly comprising vacuum robots, the house cleaning segment grew 22 per cent in 2021 and contributed to around 68 per cent of the total consumer service robot shipments. Coming to the personal and education sector, which is a very fragmented market that mainly comprises companion and education-related robots, captured around 31 per cent share of the total consumer service robotics market and registered a 33 per cent year-on-year growth. Hospitality segment that includes robot front desk attendants captured less than 1 per cent share. In the logistics sector, Starship Technologies, Nuro and Piaggio Fast Forward are the key players, whereas medical sector comprises surgical, exoskeleton and hospital delivery robots with 61 per cent, 23 per cent and 11 per cent share respectively.
"The consumer service robotics market's shipments are expected to grow at a CAGR of 27 per cent over the 2021 to 2025 period with the personal and education category taking the highest share of 54 per cent by 2025. We estimate that the market opportunity of personal and education robots will exceed $4.5 billion in 2025 with substantial further growth expected beyond 2025 due to the aging population in many countries and increasing focus on science, technology, engineering and mathematics (STEM) based learning.
Counterpoint Technology Market Research is a global research film, specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analysis of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.