People from developed and developing countries are adopting personal robots for security and domestic cleaning due to the declining cost of robots, which demonstrates a yearly average slump of 2–9% worldwide. The increasing demand for home automation, along with the easy availability of low-cost personal robots, will increase their popularity in emerging economies in the future. This will help the personal robots market increase its revenue from $21.5 billion in 2019 to $51.5 billion in 2030, at a CAGR of 7.8% during 2020–2030.
Security, companion, educational, entertainment and toy, cleaning, handicap assistance, and personal transportation robots are available around the world. According to P&S Intelligence, the demand for companion robots is expected to surge the fastest in the future, especially in developed countries. A rising number of people in developed countries are leading a solitary life and filling this loneliness with companion robots. According to the Ministry of Health, Labor, and Welfare of Japan, the population of the country is expected to decline to around 86.74 million in 2060, with 40% of the population aged 65 years or above.
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Manufacturers of personal robots are investing huge amounts in technological advancements, one of which is artificial intelligence (AI), which helps robots sense, navigate, and calculate according to the input received. These technological advancements enable the robots to learn to execute their tasks from humans, through machine learning. One such example is Sophia — a robot developed by Hanson Robotics — which is an amalgamation of an AI chatbot and expressive human-like face. Sophia can talk and assist people in education, healthcare, and customer service.
Additionally, owing to the increasing adoption of the internet of things (IoT), robots have become highly mobile, thereby becoming capable of covering and securing large areas. Consumers are increasingly employing these mobile robots to deal with the rising security concerns. Such robots are AI-enabled, which makes them capable of movement. These robots are also termed spying robots because of their application in spying. Mobile security robots can detect unidentified persons or thieves entering a house and alert the owners by making a noise.
The offering segment of the personal robots market is bifurcated into software and hardware, of which the hardware category held the larger share during the historical period (2014–2019), and it is projected to dominate the industry even during the forecast period. This can be owed to the rising awareness about the availability of domestic robots and growing demand for such hardware due to its declining cost. Additionally, a substantial increase in the sale of premium-quality robots with a strong battery backup, artificial intelligence (AI), Wi-Fi, and higher-capacity vacuum cleaner bins will propel the market growth.
During the historical period, the European personal robots market generated the maximum revenue because Europe holds a dominating position in the overall robotics industry and a strong grip on the service and industrial niches. Furthermore, the Asia-Pacific (APAC) region will witness the fastest growth during the forecast period due to the increasing demand for luxury items, such as personal robots. The declining costs of robotic vacuum cleaners and launch of innovative technologies will augment the usage of personal robots in India, South Korea, Japan, and China.
The declining cost of robots, along with technological advancements, will therefore lead to the high adoption of personal robots in the future.
