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Interactive Robots Market to Witness Growth Owing to Changing Socio-Demographic Factors | Technavio
[October 11, 2017]

Interactive Robots Market to Witness Growth Owing to Changing Socio-Demographic Factors | Technavio

Technavio market research analysts forecast the global interactive robots market 2017-2021 to grow at a CAGR of close to 75% during the forecast period, according to their latest report.

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Technavio has published a new report on the global interactive robots market from 2017-2021. (Graphi ...

Technavio has published a new report on the global interactive robots market from 2017-2021. (Graphic: Business Wire)

The market study covers the present scenario and growth prospects of the global interactive robots market for 2017-2021. The report also lists companion, humanoid, and assistance robots; multimedia, education, and research robots; guidance and marketing robots; and hotel assistance robots, as the four major application segments.

According to Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for robotics research, "The adoption of these robots is anticipated to increase rapidly as end-users are adopting them to differentiate their services. The aging population and lack of workforce in several countries, such as Japan, has also increased the adoption of robots. In addition, interactive robots are gaining traction in education and research centers."

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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global interactive robot market:

  • Innovation budget by governments for robotics
  • Ease of operating interactive robot
  • Changing socio-demographic factors

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Innovation budget by governments for robotics

Increasing budgets and subsidies are driving established and new players towards developing innovative robotics solutions. This will lead to the deployment of interactive robots in multiple applications. Over the decade, a number of companies have come up with improved robots that can interact more socially and emotionally. Humanoid robots' penetration is increasing among all the end-user segments; thus organizations and governments are infusing money in this field to improve the quality of lives of people and assist them in different chores. The adoption of humanoid robots as receptionists and assistants in offices and other commercial places is a major driving factor for the increasing investment in robots.

Ease of operating interactive robot

The simplicity in the architecture of interactive robots is increasing their adoption in society. Robots are provided with smart sensors and artificial intelligence to carry out the required operations. The ease to upgrade robots with the help of available platforms, such as Google (News - Alert) Play, has increased their demand. Open source architecture of robots has enabled the working of robots in assistance with various platforms such as Android (News - Alert), iOS, and others.

It helps to change the configuration of the robot according to the requirement and updates the recent software as launched by the robot's provider. Over the forecast period, it is anticipated that vendors will develop more simplified solutions, which will further encourage the adoption of interactive robots.

Changing socio-demographic factors

Japan is the early adopter of such robotic solutions due to the rise in aging population, wherein it is estimated that the old age dependency ratio would be more than 50% by 2050. To overcome challenges associated with the scenario, the Japanese government has introduced robotic assistive technologies. Europe and the US are also expected to have high old age dependency by 2050, and these countries are focusing on innovative assistive robotic solutions not only to support people physically but also to help in reducing mental stress and improving well-being.

"Demographic changes, such as aging population and inclination toward automation, have increased the demand for assistive technologies. These technologies allow older adults to live independently in their places. These systems detect abnormal circumstances in health and the related environment and immediately establish contact with the caregiver. Moreover, interactive robots are also used to establish emotional support with elderly people who are living alone and help in easing their stress," says Raghav.

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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