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 RD 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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