Artificial Intelligence
Entertainment Robots Global Market Report 2023
New York, June 14, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Entertainment Robots Global Market Report 2023” – https://www.reportlinker.com/p06466609/?utm_source=GNW
, SoftBank Robotics Corp., Abyss Creation LLC, and Robotic Inc.
The global entertainment robots market is expected to grow from $22.88 billion in 2022 to $28.78 billion in 2023 at a compound annual growth rate (CAGR) of 25.8%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, and affecting many every markets across the globe. The entertainment robots market is expected to reach $70.35 billion in 2027 at a CAGR of 25.0%.
The entertainment robots market consists of sales of residential, domestic, and research robots.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Entertainment robots are robots designed and programmed to provide enjoyment and amusement to humans. These robots are often used in entertainment industries such as theme parks, cinemas, and game centers, as well as in personal households.
Asia-Pacific was the largest region in the entertainment robots market in 2022.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the entertainment robots market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main entertainment robots product types are robot toys, educational robots, and robotic companion pets.Robot toys refer to toys that are designed to look and behave like robots and have various features that mimic the appearance and actions of real robots, such as movable limbs, sound effects, and lights.
The various components are software, and hardware used in media, education, retail, and others.
Increasing adoption of robots is expected to propel the growth of the entertainment robots market going forward.The use of robots among children and senior adults refers to educational, therapeutic, and caregiving purposes, including teaching children various subjects such as mathematics, science, and programming and helping adults stay active and engaged.
Robotic assistance for older individuals is being developed to help with daily tasks like housekeeping, going to pick up and/or fetching objects, getting into and out of bed, mealtime, and locomotion. For instance, in December 2021, according to the data published by ‘The Association for Advancing Automation’ a US-based non-profit, automation trade association, only North American businesses placed 9,928 robot orders in Q3 2021, totaling $513 million, an increase of 32% and 35% over the same period in 2020, however, the same period in 2020 saw a 37% increase in units sold (increased from 21,072) and a 35% increase in value (up from $1.09 billion), exceeding the previous high benchmark from 2017 by 5.8% and 0.5%, respectively. Therefore, the increasing adoption of robots is driving the growth of the entertainment robots market going forward.
Advancements in artificial intelligence technology are the key trends gaining popularity in the entertainment robots market.Companies operating in the entertainment robots market are adopting new technologies to sustain their position in the market.
For an instance, in February 2022, Miko, an India-based consumer electronics company engaged in artificial intelligence and machine learning, launched Miko 3, an AI-integrated educational robot.Miko 3 is integrated with a wide-angle HD (high definition) camera, a speed range sensor, and odometric detectors that enable the robot to dynamically map distances and escape surfaces and barriers.
The Mikonnect video calling feature maintains a secure and continuous connection between children and parents.
In February 2021, Verizon, a US-based wireless network operator company, acquired incubed IT, for an undisclosed amount.This acquisition will strengthen Verizon’s robotic technologies and deepen the company’s commitment to creating cutting-edge businesses while using cases that make the most of 5G.
It will also fuel the future of robotic technology for enterprise clients. Inclubed IT is an Australia-based company engaged in the business that developing software and autonomous fleet management servers, which are essential for the development of terrestrial robotics.
The countries covered in the entertainment robots market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The entertainment robots market research report is one of a series of new reports that provides entertainment robots market statistics, including entertainment robots industry global market size, regional shares, competitors with a entertainment robots market share, detailed entertainment robots market segments, market trends and opportunities, and any further data you may need to thrive in the entertainment robots industry. This entertainment robots market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466609/?utm_source=GNW
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