Entertainment Robots Market Overview:
Market Research Future (MRFR), in its recently published research report, asserts that the global entertainment robot market is booming and expected to grow exponentially over the review period, recording a substantial market valuation from USD 981.25 million in 2016 to USD 37 billion by 2023, and a healthy CAGR of 23.06% in the forecast period.
Entertainment Robots Market Competitive Analysis:
The leading market players operating in the global Entertainment Robots Market as identified by MRFR are MATTEL, INC (US), SPHERO (US), Hasbro, INC. (US), Sony Corporation (Japan), Robobuilder (South Korea), Modular Robotics (US), KUKA (Germany), BLUEFROG ROBOTICS (France), and Lego (Denmark).
Entertainment Robots Market Segmental Analysis:
- By product, the market is segmented into educational robots,robot toys, and robotic companion pets.
- By end-user, the market is segmented into education, media, retail, and others. Increasing applications of these automated systems for educational purposes is slated to drive the industry growth through the forecast period.
- Entertainment robots are incorporated with artificial intelligence, robot vision, machine learning, and cognitive computing, which is used for education and interacting with people and helps in education, decision making, and solving problems.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/entertainment-robots-market-2925
Entertainment Robots Market Drivers and Restraints:
The global entertainment robot market is slated to be driven by the fact that the entertainment industry continuously looks to employ automation solutions in this industry. For instance, the entertainment industry has also deployed artificial intelligence (AI) in children’s toys. The entertainment robot market is focused on end-users such as the geriatric population and children. This robot to drive the entertainment robot market during the forecast period.
The entertainment robot market is expected to expand due to the lower cost of these robots. On the other hand, the entertainment robotics industry needs high initial investment. Moreover, this industry lacks skilled labor, and therefore the market has not expanded exponentially. These factors are expected to hinder the entertainment robot market.There are numerous applications of entertainment robots such as movies, band performances, dance performances, live performances, video games, and robot competitions. One of the growing trends in the entertainment robot market is the development of humanoid robots.
Emerging artificial intelligence technology, rising geriatric population, and the increasing demand for animatronics are also poised to drive the entertainment robot market over the forecast period. While the high initial cost is hindering the market growth in the coming years. Furthermore, the R&D expenses and technical intricacy involved in the human-machine interface will be challenging for the entertainment robot market.
Entertainment Robots Market Regional Analysis:
The geographical analysis of the global entertainment robot market has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world (Latin America, the Middle East, and Africa).
Asia-Pacific is slated to dominate the entertainment robots market over the forecast period with the market value of USD 18 billion in 2023 due to developments in camera, and sensor technology that are driving the demand for entertainment robots market in the Asia-Pacific region. Significant industry consumers in countries that include Japan, China, India, and Taiwan, among others, are predited to fuel the regional demands through the forecast period.
North America has successfully considered as the second largest region in the entertainment robot market. Asia-Pacific is slated to grow at a faster rate over the forecast period. However, RoW is expected to grow at a gradual growth rate during the forecast period. Industry presence is characterized by severe competition among the players to diversify their products and strengthen their industry foothold. Established players in the toy-making industry that includes Hasbro and Lego have developed smartphone-controlled automated toys to improve children playing experience. Moreover, increasing the interests of significant tech industry participants such as Facebook, Google, Sony and Toshiba are predicted to strengthen the industry competition.
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