Personal Robots Market Size

Personal Robots Market Analysis

The personal robots market is expected to register a CAGR of 18.6% during the forecast period. The market growth would occur owing to the growing demand for assistive robots for disabled and older adults and the continually reducing price of personal robots, creating demand in developing countries.

• The aging societies of the Asia-Pacific, like Japan and China, are driving growth in the medical technology sector, thus, creating a massive market for personal assistive robots in the region. According to the Statistics Bureau of Japan, the country's population (65 and over) is forecasted to grow from 36.39 million in 2021 to 39.21 million in 2040. This encourages companies to invest in products for the elderly in the region. One such robot that is already deployed is Paro (baby seal), designed to help patients with diseases like Alzheimer's.
• The technological innovations in various fields, such as cognition, interaction, and manipulation, make personal robots much more appealing. The technology and other component providers have been instrumental in driving the robotics ecosystem forward. 
• Artificial intelligence (AI) technologies, including machine learning, computer vision, natural language processing, and gesture controls, are transforming how personal robots are deployed in homes and hospitals. As personal robots become more intelligent, they will be capable of comprehending their surroundings, avoiding static and dynamic objects, comprehending emotions, and communicating, allowing them to move around in congested and congested spaces like homes.
• Additionally, with the increasing developments in machine vision cameras, companies are using these 2D and 3D machine vision cameras with AI technologies to effectively map the edges of the floor, such as a staircase, and recognize obstacles, such as dustbins and cables, doorsills, and rugs which are expected to pave the way for next-generation robots.
• However, the lack of personal robot technology standardization, technical complexity associated with operating these robots, along with complications in the integration of these systems across various use cases are some of the major factors challenging the growth of the personal robots market.
• The coronavirus pandemic caused havoc in the manufacturing and technology industries. Several global and regional players in the robotics sector witnessed severe component and raw material shortages, which had a direct impact on their offerings. The worldwide supply chain network got disrupted by the nationwide lockdown in most nations, resulting in a drop in product sales. 
• Moreover, due to the growing interest in robotic technologies, companies like ABB and Rockwell Automation have seen their stock values rise during the COVID-19 pandemic. In 2020, ForwardXRobotics recently announced USD 15 million in funding to expand into the North American market, while Brain Corp has experienced increasing demand for its floor-cleaning robots, especially among enterprises under closure orders for the previous few weeks.
• Such trends have had a negative impact on the growth of the studied market; however, with the awareness about advanced technologies growing within a larger section of the audience, especially since the outbreak of the pandemic, the long-term impact on the growth of the studied market is expected to be positive.