Factors such as the declining price of personal robots, increasing demand for mobile robots, surging adoption of security robots and domestic cleaning robots, rising demand for home automation, and growing awareness about different types of such robots among consumers are projected to boost the growth of the personal robots market at a CAGR of 7.8% in the forecast period (2020–2030). At this growth rate, the market size is expected to reach $51.5 billion by 2030 from $21.5 billion in 2019.
The primary factor improving the personal robots market growth prospects is the declining price of such products. A 2–9% decline in the prices of personal robots is being witnessed every year, thereby driving their sales. As the demand increases in developing countries, the production of robots will shift to these countries, which would make them even cheaper in the forecast years. For instance, iRobot Corporation announced in November 2019 that it has begun the production of robots at its Malaysian factory.
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Another key factor driving the demand for personal robots is the surging demand for mobile robots across the globe, owing to the rising security concerns. Such robots are integrated with artificial intelligence (AI) and the internet of things (IoT), which make them capable of autonomous movement, thereby enabling them to cover and secure a significant area. These robots are also known as spying robots, as they are used for spying. They can detect thieves or unidentified people entering a home and alert the owner about the intrusion or other illegal activities.
This market research report provides a comprehensive overview of the market
- Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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