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Humanoid Robot Market 2018 Top Manufacturers DST Robot, Engineered Arts, Hajime Research Institute, Hanson Robotics, Honda, Kawada, Qihan Technology, Robotis, Softbank Robotics, Toshiba, Trossen Robotics, Ubtech Robotics Inc., Willow Garage
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Wheel drive robots are expected to witness significant growth in the humanoid robot market over the forecast timeline. This growth can be accredited to the growing demand of such robots for enhancing customer engagement across various industrial sectors. The incorporation of robots with advanced technology such as AI is an emerging trend in serving experiences as part of the product offerings. Humanoid robots enable retailers to upgrade the ability to provide experiences to their customers in terms of personalized recommendations. In addition, they utilize emotion recognition technology to enhance the customer interaction.
World Humanoid Robot Market is set to grow from its current market value of $450 million to more than $5 billion by 2024
Industry Growth drivers –
• Increasing demand to enhance the customer experience in China & Japan
• Technological advancements in the China & Japan
• Declining cost of hardware components in China
• Growing demand from retail sector in APAC
• Increasing adoption in education sector across LATAM & Europe
• Rise in demand from healthcare sector in Japan
• Rising investments by government in North America
• Surge in demand for military & defense applications across North America & MEA
• Demand from universities and research institutes in Europe and North America
Factors such as increased cost of humanoid robots followed by the rising service costs might limit the industry demand. Considering the nascent stage of the technology followed by high development costs and advanced features, these robots are generally priced high and targeted at individuals or organizations with high purchasing power. The high cost of such robots might act as a barrier to mass adoption even with the availability of right leasing and financing option, limiting the humanoid robot market growth.
Demand for wheel drive robots is on the rise and anticipated to witness significant growth over the forecast timespan. It can be attributed to the increasing utilization of such devices to enhance the customer engagement across various sectors such as education, hospitality, retail and healthcare. Moreover, the devices have the potential to transform various business operations & customer engagement and could be considered as an evolutionary tool for human augmentation instead of viewing as an automated addition. Incorporation of advanced technologies such as AI, facial recognition and emotion recognition is an emerging trend in the industry to improvise the customer interaction providing impetus to the humanoid robot market.
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Growing adoption in applications such as education, security, retail and healthcare are projected to fuel the humanoid robot market growth. The machines are used for animations and interactive demonstrations to entertain the users, guide them through the service & product offerings in a business establishment. Healthcare sector provides lucrative growth opportunities that can be accredited to the escalating adoption of such devices for providing care to elderly persons, thus reducing the burden of nursing care.
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Companies operating in the Humanoid Robot Market include DST Robot, Engineered Arts, Hajime Research Institute, Hanson Robotics, Honda, Kawada, Qihan Technology, Robotis, Softbank Robotics, Toshiba, Trossen Robotics, Ubtech Robotics Inc., Willow Garage
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