The Entertainment Robots Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Entertainment Robots Global Market Report 2024, The entertainment robots market size has grown exponentially in recent years. It will grow from $28.78 billion in 2023 to $36 billion in 2024 at a compound annual growth rate (CAGR) of 25.1%. The growth in the historic period can be attributed to growing consumer interest in robotics, integration of augmented reality (ar) and virtual reality (vr), global popularity of robotics competitions, rise of ai and machine learning, global expansion of robot-as-a-service (raas).
The entertainment robots market size is expected to see exponential growth in the next few years. It will grow to $89.42 billion in 2028 at a compound annual growth rate (CAGR) of 25.5%. The growth in the forecast period can be attributed to rapid advancements in human-robot interaction, emergence of social robots, expansion of theme parks and entertainment venues, customization and personalization trends, focus on educational and edutainment robots. Major trends in the forecast period include integration of 5g technology, collaboration between entertainment and technology companies, increasing affordability of robotics technology, technological advancements in robotics, human-robot interaction (hri) improvements.
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, totalling $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.
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The entertainment robots market covered in this report is segmented –
1) By Product: Robot Toys, Educational Robots, Robotic Companion Pets
2) By Component: Software, Hardware
3) By End-User: Media, Education, Retail, Other End Users
Advancements in artificial intelligence technology are the key trends gaining popularity in the entertainment robots market. Companies operating in the entertainment robot 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.
The entertainment robots market report table of contents includes:
1. Executive Summary
2. Entertainment Robots Market Characteristics
3. Entertainment Robots Market Trends And Strategies
4. Entertainment Robots Market – Macro Economic Scenario
5. Global Entertainment Robots Market Size and Growth
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26. South America Entertainment Robots Market
27. Brazil Entertainment Robots Market
28. Middle East Entertainment Robots Market
29. Africa Entertainment Robots Market
30. Entertainment Robots Market Competitive Landscape And Company Profiles
Top Major Players:
- KUKA AG
- Hasbro Inc
- Modular Robotics Inc
- Mattel Inc
- Sphero Inc
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