Entertainment robots are machines designed to interact with people by singing, dancing, and telling stories. The global entertainment robots market report by Market Research Future (MRFR) provides a broad outlook on the industry coupled with technological breakthroughs in robotics. It covers growth engines, challenges, opportunities, and trends for the period of 2017 to 2023 (forecast period). The COVID-19 outbreak and its effects are included in the report.
The global entertainment robots market is expected to grow from USD 981.25 million in 2016 to USD 3715.29 million by 2023 at a CAGR of 23.06% during the forecast period. Launch of robot dogs to serve as companions for old adults can drive the market demand. This is evident by its showcasing at exhibitions and retail outlets. Large geriatric populace, development of artificial intelligence, and increased animatronics can drive the demand for entertainment robots.
But high initial capital investment in R&D and technical complexities in the human-machine interface can challenge the market growth.
On the basis of product, the entertainment robots market is segmented into robot toys, educational robots, and robotic companion pets. Educational robots are used as part of the interactive learning of children in the field of education. The increasing demand of educational robots among trainers, educational institutes, and parents for educating children has impelled the market growth. These robots aid in problem-solving creatively, critical-thinking, and reasoning for small children or even the elderly population. On the other hand, the robotic companion pets are used among senior citizens who need companionship for therapeutic and wellness purposes and to curb loneliness. These companion pets make realistic pet sounds and gestures. On November 2017, Hasbro, Inc. designed smart robotic companions for older adults. These robots come embedded with AI capabilities to provide interactive companionship and to assist patients with medication reminders, find lost objects, and other actions.
By end user, it is targeted at sectors of education, retail, media, and others. The retail segment is expected to drive the demand in the global entertainment robots market owing to the increased income levels of customers and presence of retail chains. The use of welcoming robots such as Pepper for welcoming customers and resolving their queries can drive its demand in the segment. On the other hand, the education segment can contribute revenue to the market owing to the use of robots for educating young minds.
Asia Pacific is expected to dominate the entertainment robots market during the forecast period with the market value of 1821.78 million in 2023 due to advancements in camera, and sensor technology are propelling the demand for entertainment robots market in the region.
North America has successfully counted the second position in entertainment robots market. The use of notable robotic toys for promotion of commercial products coupled with their interactive behavior can drive the regional market demand.
However, RoW is expected to grow at a slow growth rate during the forecast period. In RoW, the Middle East entertainment robots market is expected to show amazing growth owing to utilitarian purposes and home use. The use of robotic toys for enhancing young minds by teaching maths, language, science, and coding can drive the demand for these robots in the region. Investments in robotic process automation, humanoid robots, and artificial intelligence by chief information officers of large companies can be lucrative in expanding the market.
MATTEL, INC, BLUEFROG ROBOTICS, Hasbro, INC., KUKA, Modular Robotics, SPHERO, Lego, Sony Corporation, and Robobuilder are prominent players of the global entertainment robots market.