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Personal Robots Market Technological Advancements, Evolving Industry Trends and Insights

12-23-2021 02:05 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Personal Robots Market Technological Advancements, Evolving

The global personal robots market generated a revenue of $21.5 billion in 2019 and it is predicted to progress at a CAGR of 7.8% between 2020 and 2030. Furthermore, the market will reach a valuation of $51.5 billion by 2030. The main factors driving the advancement of the market are the growing usage of security robots and domestic cleaning robots, the burgeoning requirement for home automation, and the rising public awareness about various types of robots across the world.

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Additionally, the rapidly falling prices of personal robots are propelling the expansion of the personal robots market around the world. As per various reports, the prices of personal robots decline by 2–9% every year, thereby boosting their worldwide sales. Moreover, with the surging requirement for these robots in the developing nations, personal robot manufacturers are increasingly setting up their facilities and plants in the lower-cost regions as this would lead to the production of more affordable personal robots.

Apart from the aforementioned factors, the mushrooming sales of mobile robots are also driving the progress of the market across the globe. In the recent years, the popularity of mobile robots has skyrocketed all over the world, primarily because of the rise in security concerns. As these robots are equipped with automation and artificial intelligence (AI)-based systems, they have the ability to move from one place to another without requiring human assistance.

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Moreover, software makes the incorporation of latest features possible in these robots through various updates. For example, in the iRobot Corporation’s I series robots, the visual simultaneous localization and mapping (vSLAM) technology utilizes an optical sensor for allowing the robot to formulate a detailed map of the surroundings. Across the globe, the personal robots market will exhibit the fastest growth in Asia-Pacific (APAC) in the upcoming years, as per the estimates of the market research company, P&S Intelligence.

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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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