Consumer Robotics Hardware Revenue to Hit $22 Billion Annually By 2022: Juniper Research
A new study from Juniper Research has found that domestic aide robotics will drive consumer robotics hardware revenues from an estimated $6.4 billion in 2018 to nearly $23 billion by 2022; an increase of over 250 percent.
The study, Consumer Robotics: Sector Analysis, Leading Innovators & Emerging Opportunities 2018-2022, found that domestic-aide robots, such as robotic vacuum cleaners, will account for 73 percent of total revenues by 2022. This will be due to increasing popularity of such devices from iRobot, Dyson and Samsung. These have been joined by lower cost devices, which will broaden the segment’s appeal.
Juniper’s study examined key consumer segments disrupted by robotics; analyzing metrics such as expected user benefits, barriers and ecosystem readiness. Three segments where robotics will have the greatest revenue potential are educational, domestic-aide, and toys.
The Juniper study found that despite the popularity of domestic-aide robots, the biggest growth area of consumer robotics will be in the educational area; representing an average annual growth of 40 percent in hardware revenues. Companies such as Anki and Wonder Workshop are joining established players like LEGO in providing robotics focused on programming.
The analysts predicted that programming will become desirable in toys, as parents focus on educational benefits. “With the disruption that AI and the changing nature of work will bring worldwide, STEM (Science, Technology, Engineering and Mathematics) education will be more important than ever,” Research Author Nick Maynard noted. “Educational robotics is a brilliant way for parents to make these subjects engaging in the home.”
Meanwhile, the research found that healthcare robotics’ success will be more constrained. Long-term, these robots are expected to act as home-care providers; however, issues like cost and dexterity need further innovation before that is achievable.
Telepresence robots, which boast an ability to facilitate remote medical appointments, will remain dominant medium-term. This limited functionality means the segment will grow at a lower CAGR of 24 percent to reach $422 million in revenues by 2022.
(For more information visit https://www.juniperresearch.com).