Oct 01, 2019 (AmericaNewsHour) — The global entertainment robots market is growing due to developments in artificial intelligence technology, increasing demand for animatronic robots, and rapid growth of the aging population. However, high initial costs are expected to hamper market growth in the coming years. Entertainment robots are specifically designed for leisure purposes. These robots can interact with people by singing, dancing, and narrating stories. Aibo, Poo-Chi, Bo-Wow, iDOG, Gupi, Teksta, and i-Cybie are some of the entertainment robots gaining popularity.The global entertainment robots market is expected to reach approximately USD 3.71 billion by 2023 at a CAGR of 23.06% from 2018 to 2023.
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The market has been segmented based on product, end user, and region. By product, the market has been broadly classified as robot toys, educational robots, and robotic companion pets. The robot toys segment is expected to lead the global entertainment robots market owing to the high demand for robot toys for children. The educational robot segment is expected to register the highest CAGR during the forecast period due to the increasing demand for educational robots by trainers, educational institutes, and parents as they aid in creative problem-solving, critical thinking, reasoning, and innovative learning.
The global entertainment robots market has been divided, by end user, into media, education, retail, and others. The media segment is expected to be the largest during the forecast period. The media industry has started using robots such as the Blue Man Group robot and the Walt Disney World robot to entertain people. Furthermore, the adoption of colorful and informative robots to attract crowds at amusement parks, shopping malls, and trade fairs is fueling the growth of the media segment of the entertainment robots market. The education segment is expected to register the highest CAGR during the forecast period due to the rising adoption of entertainment robots in preschools. The robots are used as tools to build real environments for children to interact with, which helps in improving problem-solving skills, teamwork, and creativity.
Key PlayersThe key players in the global entertainment robots market are Kuka AG (Germany), Hasbro, Inc. (US), Microsoft Corporation (US), Mattel, Inc. (US), Sphero (US), Blue Frog Robotics (France), Modular Robotics Inc. (US), Robobuilder Co., Ltd (South Korea), Sony Corporation (Japan), and LEGO (Denmark).
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Global Entertainment Robots Market Analysis and Forecast, 2017-2023 ? To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the entertainment robots market ? To provide insights into factors affecting market growth ? To analyze the entertainment robots market based on Porter’s Five Forces analysis ? To provide historical and forecast revenue of the market segments and sub-segments with respect to four main regions and their countries–North America, Europe, Asia-Pacific, and the rest of the world ? To provide country-level analysis of the market with respect to the current market size and future perspective ? To provide country-level analysis of the market for a segment on the basis of product, and end user. ? To provide strategic profiling of the key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market ? To track and analyze competitive developments such as joint ventures, strategic alliances, mergers & acquisitions, new product developments, and research and development in the entertainment robots market
Target Audience ? Research organizations ? Original equipment manufacturers ? Technology investors ? Software/application providers ? Sensor manufacturers ? Robot manufacturers ? Government organizations ? Research/consultancy firms
Key Findings? The global entertainment robots market is expected to reach USD 3.71 billion by 2023. ? The robot toys product segment led the market in 2017 with a value of USD 784.27 million; it is expected to register a CAGR of 22.47% during the forecast period. The educational robots segment is projected to register the highest CAGR of 25.45% ? By end-user, the media industry is leading the market, generating the highest revenue of USD 635.74 million in 2017 and is expected to register a CAGR of 22.76% during the review period. The education industry segment is projected to be the fastest-growing at the highest CAGR of 25.82% ? The market in Asia-Pacific is projected to be the largest during the assessment period, followed by North America.
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Regional and Country-Level Analysis of the Entertainment Robots Market, Estimation and Forecast Asia-Pacific is expected to be the largest and fastest-growing entertainment robots market at the highest CAGR of 23.78% during the forecast period. This growth can be attributed to advancements in camera and sensor technology. China is a prominent market owing to significant investments in the research and development of entertainment robots expected during the forecast period. The North American is the second-largest market for entertainment robots due to the increasing adoption of artificial intelligence and cognitive computing and a wide range of applications for robots in the entertainment industry. The report on the global entertainment robots market also covers the following country-level analysis:? North America o US o Canada ? Europe o UK o Germany o France o Rest of Europe ? Asia-Pacific o China o Japan o India o Rest of Asia-Pacific ? Rest of the World
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