Global Personal Robot Market to Witness 37.8% CAGR

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The global personal robot market is expected to grow at a CAGR of 37.8% during 2016-2022. Among the various types, the cleaning robot segment including, robotic vacuum cleaners, robotic pool cleaners, robotic lawn movers and robotic gutter cleaners accounted for largest share in the global personal robot market in 2015. The growing demand of 'care-bot' from aging population, in addition to the growth of artificial intelligence is expected to boost the demand of personal robot during the forecast period.

Cleaning robots accounted for more than half share of the global personal robot market in 2015. The robot companion/assistants are also expected to witness a considerable growth during the forecast period, owing to the rapid growth of mobile robot, along with decreasing average selling price of personal robots. During the forecast period, a significant product innovation is expected in the global personal robot market. The recent technical advancement in multi-tasking robots, such as humanoids is expected to drive the growth of the global market during the forecast period.  

Due to the availability of open software platform for personal robotics, many IC and smart phone vendors, such as Intel Corporation and Xiaomi Inc., have entered in the global market during the recent years. This is expected to drop down the average selling price (ASP) of the personal robot during the forecast period. The affordability of personal robot is expected to be a major factor behind the growth of its market t in the developing countries during the forecast period. 

The lack of appropriately skilled robot designers, along with the technical complexity in human-robot interference is hindering its growth in critical personal applications such as handicap assistance. The life style change in addition to increasing disposable income of people in the developing countries of Asia-Pacific is expected to drive the growth of the personal robot market during the forecast period.

Some of the major companies operating in the global personal robot market include Honda Motor Co. Ltd., Sony Corporation, Samsung Electronics Co. Ltd., F&P Robotics AG, ZMP INC., Segway Inc., Neato Robotics Inc., Ecovacs Robotics Inc., Hasbro Inc., and iRobot Corporation.