Press release
Entertainment Robots Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments
Entertainment Robots Global Market Report 2024
According to The Business Research Company's, The entertainment robots market size has grown exponentially in recent years. It will grow from $28.78 billion in 2023 to $36 billion in 2024 at a compound annual growth rate (CAGR) of 25.1%. The growth in the historic period can be attributed to growing consumer interest in robotics, integration of augmented reality (ar) and virtual reality (vr), global popularity of robotics competitions, rise of ai and machine learning, global expansion of robot-as-a-service (raas).
The entertainment robots market size is expected to see exponential growth in the next few years. It will grow to $89.42 billion in 2028 at a compound annual growth rate (CAGR) of 25.5%. The growth in the forecast period can be attributed to rapid advancements in human-robot interaction, emergence of social robots, expansion of theme parks and entertainment venues, customization and personalization trends, focus on educational and edutainment robots. Major trends in the forecast period include integration of 5g technology, collaboration between entertainment and technology companies, increasing affordability of robotics technology, technological advancements in robotics, human-robot interaction (hri) improvements.
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Market Drivers and Trends:
Increasing adoption of robots is expected to propel the growth of the entertainment robots market going forward. The use of robots among children and senior adults refers to educational, therapeutic, and caregiving purposes, including teaching children various subjects such as mathematics, science, and programming and helping adults stay active and engaged. Robotic assistance for older individuals is being developed to help with daily tasks like housekeeping, going to pick up and/or fetching objects, getting into and out of bed, mealtime, and locomotion. For instance, in December 2021, according to the data published by 'The Association for Advancing Automation' a US-based non-profit, automation trade association, only North American businesses placed 9,928 robot orders in Q3 2021, totalling $513 million, an increase of 32% and 35% over the same period in 2020, however, the same period in 2020 saw a 37% increase in units sold (increased from 21,072) and a 35% increase in value (up from $1.09 billion), exceeding the previous high benchmark from 2017 by 5.8% and 0.5%, respectively. Therefore, the increasing adoption of robots is driving the growth of the entertainment robots market going forward.
Advancements in artificial intelligence technology are the key trends gaining popularity in the entertainment robots market. Companies operating in the entertainment robot market are adopting new technologies to sustain their position in the market. For an instance, in February 2022, Miko, an India-based consumer electronics company engaged in artificial intelligence and machine learning, launched Miko 3, an AI-integrated educational robot. Miko 3 is integrated with a wide-angle HD (high definition) camera, a speed range sensor, and odometric detectors that enable the robot to dynamically map distances and escape surfaces and barriers. The Mikonnect video calling feature maintains a secure and continuous connection between children and parents.
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Major Key Players of the Market:
KUKA AG; Hasbro Inc.; Modular Robotics Inc.; Mattel Inc.; Sphero Inc.; Blue Frog Robotics; Robobuilder Co Ltd.; Sony Corporation; LEGO System A/S; Hanson Robotics Limited; SoftBank Robotics Group; Anybots Inc.; Abyss Creation LLC; WowWee Group Limited; UBTECH Robotics Corp Ltd.; Boston Dynamics Inc.; ABB Group.; FANUC Robotics America Corporation; Yaskawa Electric Corporation; Omron Adept Technologies; Epson America Inc.; Kawasaki Robotics Ltd.; Universal Robots A/s; Rethink Robotics Inc.; GreyOrange Pte. Ltd.; Fetch Robotics Inc.; Locus Robotics Corporation; IAM Robotics; Brain Corp; Savioke Inc.; Knightscope Inc.; Simbe Robotics Inc.
Entertainment Robots Market 2024 Key Insights:
• The entertainment robots market will grow to $89.42 billion in 2028 at a compound annual growth rate (CAGR) of 25.5%.
• Surge In Adoption Of Robots Drives The Growth Of The Entertainment Robots Market
• Industry Leaders Revolutionizing Entertainment Robots Market By Unveiling Artificial Intelligence Technology
• Asia-Pacific was the largest region in the entertainment robots market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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