The global consumer service robotics market grew last year, and the trend is expected to extend over the next three years, according to a report yesterday by Counterpoint.
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The consumer service robotics market grew 25% in 2021 from the previous year and is estimated to grow at a compound annual growth rate (CAGR) of 27% over the next four years, according to the research firm.
Changes in consumer preference, advances in technology, and the availability of a wide variety of affordable products have boosted the growth, the research firm said.
“With advances in AI, the prices of components and software are also coming down, making the robots more affordable,” said Anshika Jain, senior research analyst at Counterpoint.
Improvements in technologies like speech recognition and computer vision, along with favourable government policies and the required funding support are the other factors boosting the growth, she added.
The consumer service robots include robots in the house cleaning, personal and education, hospitality, logistics, medicine, and other sectors.
The research firm estimated the market of personal and education category robots to exceed $4.5 billion and take the highest share of 54% by 2025. This is due to the rising need for elderly care, social security, and new ways of learning for children.
Logistics or delivery robots is another major area that has good potential for growth due to further technological advances. Medical robots still seem a risky proposition as they need a lot of upfront capital expenditure, and the R&D outcomes are unpredictable, Counterpoint said.