Personal Service Robotics Market Revenue Analysis, Growth, Opportunities and Forecast 2027

As per Market Research Future (MRFR) analysis, the global personal service robotics market is estimated to reach USD 35 billion, with 38% CAGR from 2016 to 2022 (forecast period). The research report offers a brief overview of the effect of COVID-19 on current / future market situations. The report explains some of the main Personal service robotics market factors that will influence this sector's growth, such as market share, the main region, and major participants.

Personal robots are essentially pre-assembled and pre-programmed robots used for personal and household applications. Personal robots are designed in such a way that customers with less robotic experience can run them easily and conveniently. The big opportunity raised in the field of the personal service robot industry is due to low-cost cleaning robotics.

Market Dynamics

The aging population in developed nations leads to the growth of personal services robotics. Moreover, due to the increasing aging population in developed countries such as Japan, the market for humanoid robots among adults is strong. High disposable income and the need for convenience in developing countries are also driving the Personal Service Robotics Market

The decreasing price of personal robots allows budget-conscious consumers to buy them. Owing to the low price of raw materials, the average cost of personal robots has decreased over the last few years. This fall in raw material prices has had a significant effect on the overall development of personal service robots. However, personal robots are still only supported by a higher economic class that acts as a barrier to the growth of the personal services robotic industry.

The rising demand for mobile robots has increased due to security concerns. These robots are not bound to a single physical location; they are capable of locomotion. For example, these robots can be used for spying to detect theft.

Key Players

The major players of global personal service robotics market report include Ecovacs Robotics Inc (China), Honda Motor Co Ltd. (Japan), Samsung Electronics Co. Ltd. (Korea), Hasbro Inc.(U.S.), Hanool Robotics Corp. (Korea), F&P Robotics AG (Switzerland), ZMP Inc (Japan)., Segway Inc.(U.S.), Neato Robotics Inc (U.S.)., iRobot Corporation (U.S.) and others.

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Market Segmentation

Component and application segmented the global personal service robotics market. The personal-service robotics market was segmented into hardware and software based on component. Due to the rapid technological advancements and constant software upgrades that are being introduced in the market, the software segment is expected to project significant growth in the global personal robotics market.

The personal service robotics market is divided into robot maintenance, entertainment & toy robot, educational robot, handicap robot, companion robot, personal transport robot, protection robot and other applications.

Regional Analysis

Geographically, the global personal service robotics market has been segmented into four major regions such as North America, Europe, Asia Pacific, and the rest of the world. Among these, the Europe region is anticipated to account for the largest share in the global personal service robotics market owing to the high adoption of latest technologies and rapid increase in disposable income in this region.

The North America region is anticipated to project noteworthy growth in the global personal service robotics market due to the high disposable income and increasing popularity of robots for personal assistance in this region. The rapid adoption of advanced technology is driving the personal service robotics market in the rest of the world.

Asia-Pacific area is projected to rise over the 2016-2022 forecast period due to increasing demand for humanoid robots in Japan, rising population and high technological innovation investments. Due to the high export rate of robotic parts as well as assembled robots due to the large pool of producers of personal service robots in countries like China and Japan, the personal service robotics market is predicting significant growth in the Asia Pacific region.

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