The global Personal Service Robotics Market is expected to reach USD 35 billion by the end of 2022 with 38% CAGR during forecast period 2016-2022
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The factor leading to the growth of the robotics of personal services is aging populations in developed countries. Also, the demand for humanoid robots is high among adults due to the growing ageing population in developed countries such as Japan. The demand for personal service robots is also boosted by high disposable income and the need for convenience in developed countries.
The falling price of personal robots is encouraging customers who are budget conscious to buy them. The general cost of personal robots has declined in recent years due to the sustainable pricing of raw materials. This fall in raw material prices had a substantial impact on the overall manufacture of personal service robots. Yet the personal robots are still only afforded by the higher economic class that acts as a barrier to the growth of the robotics market for personal services.
Due to security concerns the growing demand for mobile robots has increased. These robots aren't fixed to just one physical location that they can locomote. For example, these robots can be used to spy on theft.
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.
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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.
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.
Due to the increased investment in research and development to launch innovative products on the market, the global market for personal service robotics is highly competitive. The rising demand for personal robots in this market attracts a large number of manufacturers, which fuel competition among the players in this market.
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