Market Snapshot
In the forecast period, the Global Entertainment Robots Market
is expected to reach USD 15.18 billion and account at a CAGR of 24.6% during
the forecast period of 2020 to 2030.
Business highlights
Entertainment robots are integrated with robot vision,
artificial intelligence, machine learning, and cognitive computing, which is
used to learn and interact with people and helps in decision-making, learning,
and problem-solving. Throughout the forecast era, the advancement of artificial
intelligence technology, rising geriatric population and growing demand for
animatronics are expected to fuel the entertainment robots industry. The
entertainment robots market is focused on end-users such as geriatric population
and children. This is expected to drive the entertainment robots market during
the forecast period. On the other hand, the high initial cost is hindering
the market growth in the forthcoming years. This still lacks skilled workers in
this sector and therefore the demand has not expanded exponentially.
Competitive Dynamics
The key players of the global Entertainment
Robots Market Trends are SPHERO (US), Hasbro, INC. (US), Sony
Corporation (Japan), MATTEL, INC (US), BLUE FROG ROBOTICS (France), KUKA
(Germany), Robobuilder (South Korea), Modular Robotics (US), and Lego
(Denmark).
Main approaches traced from the study of the main players'
recent developments include product launch, agreement & collaboration,
procurement and expansion. The Entertainment Robots market is widely recognized
due to the existence of major players, since creative technologies and
solutions are available. The players have the updated development platform and
services and solutions, product selection, and prices to gain a competitive
edge on the entertainment robots market.
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Entertainment robots are widely used in both the elderly and
children. Such robots are used to perform a modern way of educating children,
often used for entertainment purposes as well as to solve the loneliness when
their parent is not at home. The entertainment robots market is heating up
between parents and trainers. The education sector makes good use of this
technology, using this entertainment robot in most schools and universities for
educational purposes where children can learn the basics in a different format.
Educational The robots are used as part of children's interactive learning in
the education sector. Market growth has been driven by the growing demand of
educational robots among trainers, educational institutes and parents for
educational purposes. Such robots aid in creative problem-solving,
critical-thinking , reasoning and imaginative learning for young children or
even the elderly. Senior citizens who need companionship for therapeutic and
wellness purposes and to curb loneliness use the robotic companion pets.
In addition, the R&D costs and the technological
complexities involved in the human-machine interface are expected to present
challenges for the entertainment robot industry.
Market Segmentation
By product, the market is analyzed into robot toys,
educational robots, and robotic companion pets.
By end-user, the market is segmented into retail, education, media,
and others.
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Regional Outlook
The global market for entertainment robots is slated to grow
at a substantial rate over the review period from 2018 to 2023. The
entertainment robots industry geographic research was carried out for North
America, Europe, Asia-Pacific and the rest of the world (RoW). During the
forecast period, Asia-Pacific is expected to dominate the entertainment robots
market with market size of 1.8 billion in 2023 due to camera advances, and
sensor technology is increasing demand for entertainment robots in the Asia-Pacific
Region. In the entertainment robots sector, North America has successfully
counted the second spot. Asia-Pacific is expected to rise at a more rapid pace
over the forecast period. The roW is slated to grow at a slow rate over the
forecast period, however.
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