New York, US, May 10, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Entertainment Robots Market” information by Product, by End User and Region – Forecast to 2030” market size to reach USD 15.18 billion, growing at a compound annual growth rate of 24.6% by 2030.
The growing adoption of entertainment robots in the entertainment and household sectors will offer robust opportunities for the market over the forecast period. The entertainment business has been progressively adapting entertainment robots for improved efficiency and lesser risk to lives as automation has increased across numerous industrial verticals. Furthermore, the market may benefit from the increased acceptance of these robots in the home sector.
Dominant Key Players in Entertainment Robots Market Covered are:
- KUKA (Germany)
- Hasbro INC. (US)
- Modular Robotics (US)
- MATTEL INC (US)
- SPHERO (US)
- BLUEFROG ROBOTICS (France)
- Robobuilder (South Korea)
- Sony Corporation (Japan)
- Lego (Denmark)
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Market USP Exclusively Encompassed:
Rising Technological Advances to Boost Market Growth
The rising technological advances coupled with the growing investments in research and development will boost market growth over the forecast period. Growing technological advancements, as well as increased investments in the research and development of artificial intelligence technology and its use in children’s toys, as well as increased demand for animatronics in the coming years, are all contributing to the growth of the entertainment robot market. Amazon, for example, released Astro, its first house robot, in 2021. Astro is a three-wheeled robot that can transfer stuff from room to room, video chat, play music, and keep an eye on your home while you’re away, among other things. Astro is a wheeled mash-up of a number of Amazon’s other products. Astro also gives viewers with sports scores and weather information, as well as the ability to watch movies and other entertainment shows.
Dearth of Skilled Labor and High Initial Investments to act as Market Restraints
The lack of skilled labor and high initial investments may act as market restraints over the forecast period.
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Segmentation of Market Covered in the Research:
The entertainment robots market has been bifurcated based on end user and product.
By product, robot toys will lead the entertainment robots market over the forecast period.
By end user, retail will dominate the entertainment robots market over the forecast period.
APAC to Dominate Entertainment Robots Market
Due to significant advancements in camera and sensor technologies, the Asia-Pacific region is likely to lead the entertainment robot market throughout the forecast period. The entertainment robots come with a variety of machine sensors & robotic intelligence that can be used in a residential setting. China has recently engaged in the research and development of entertainment robots, embracing new technology in the process. To make entertainment robots more efficient, various sensors such as vision sensors, audio sensors, and real-world sensing systems, are rapidly being added. Over the next few years, major industry consumers in countries such as China, India, Japan, and Taiwan, to name a few, are projected to drive regional demand. Other economies with substantial adoptions include the United States, Germany, the United Kingdom, and Korea. The intense battle among firms to differentiate their offerings and strengthen their industry foothold characterizes industry presence. Hasbro & Lego, two well-known toy manufacturers, have developed smartphone-controlled automated toys to improve children’s playing experiences. Furthermore, increased interest from large tech players such as Google, Sony, Facebook, and Toshiba is projected to increase industry rivalry.
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North America to Have Admirable Growth in Entertainment Robots Market
North America will have admirable growth in the entertainment robots market over the forecast period. Because artificial intelligence & cognitive computing are becoming more widely used in North America, entertainment robots are in high demand. In the entertainment sector, these robots are employed in a variety of applications. Anki, a US-based firm, debuted Cozmo Robots with emotion sensors, computer vision, and artificial intelligence on October 17, 2016. Using OLED cameras, this robot can distinguish items. The worldwide entertainment robot market is predicted to rise significantly in the United States. The demand for entertainment robots is skyrocketing in the United States, thanks to rising consumer use of infotainment systems. Machine learning & computer vision capabilities are included into these robots, allowing them to support voice recognition, motion detection, and picture applications.
Europe to Have Healthy Growth in Entertainment Robots Market
Europe will have healthy growth in the entertainment robots market over the forecast period. In Europe, the rising use of robots in the home and widespread adoption of cutting-edge technology has spurred market growth. The demand for interactive entertainment robots equipped with omnidirectional sensors & cameras for processing 360-degree photos & movies in real time has increased significantly. In this region, entertainment robots such as humanoids & robotic pets are in high demand. Cloud computing is used by these robots, and they are connected wirelessly via smart devices. The European Commission has launched the CORDIS project, which comprises a Multimodal Mall Entertainment Robot that caters to the needs of consumers. This project creates new consumer robotics business and job prospects in Europe.
COVID-19 Impact on the Global Entertainment Robots Market
Disruptions in supply chain, fluctuations in demand share, economic situations, along with immediate & with long term impact of the novel coronavirus possessed a negative impact on the entertainment robots market growth. Such outbreak has put the economic activity at a halt, thus pushing the worldwide economy in a very steep recession. Besides, with the roots originating in China, supply chains across the globe are facing shutdown and unprecedented disruption. Following the relaxation of lockdowns and restrictions across the globe, the market is likely to get back to usual in the days to come.
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