The consumer robotics market has a promising future, but it also faces significant challenges that will require innovative solutions and robust strategies to maintain its growth and widespread acceptance in society. Keep reading to learn about these challenges and the key factors influencing the development of this sector. We will also address forecasts and opportunities in the robotics market for the current decade, considering technological trends and the impact of social and economic factors.
Current Challenges in the Robotics Market
During the past decades, robotics, a technological branch that involves the construction, design, operation, and application of robots, has been a field in constant evolution. In particular, the consumer robotics market is experiencing significant growth thanks to the incorporation of artificial intelligence into various products and services. This market is characterized by intense competition among regional and international players, driving innovation and diversification of robotic products.
One key advantage of consumer robotics lies in its ability to provide efficient and quick technical solutions across a wide range of tasks, offering convenience and ease to everyday life. These benefits include reducing the human effort needed, optimizing time, and increasing peace of mind for consumers. Additionally, consumer robots are appreciated for their compact size, durability, and relatively low costs. This allows them to fit into tight spaces and adapt to various environments.
Undoubtedly, the COVID-19 pandemic had a significant impact on the consumer robotics market. Consumers, in search of essential products, prioritized the acquisition of food, sanitizers, and medications. As a result, there was a decrease in demand for entertainment and lifestyle products, including robotics. This situation posed new challenges for manufacturers and providers of consumer robots.
Factors Influencing the Development of the Consumer Robotics Market
In this context, some key factors influencing the future of the consumer robotics market include:
- Increased Demand in Developed Countries: The growing need for convenience and the increased purchasing power of consumers in developed countries drive the demand for robotic products for home and entertainment purposes.
- Growth in Developing Countries: On the other hand, the rising affordability in developing countries also contributes to the growth of the consumer robotics market. In such circumstances, people are willing to invest more in products that enhance their quality of life.
- Innovation and Competition: Rapid technological innovation and the growing number of players in the market are driving competitiveness. This translates into a greater variety of products and options for consumers.
- Technological and Price Challenges: Despite market growth, robotic products still face challenges in terms of performance and costs. The significant investment in research and development required for innovation in this field is notable. From this perspective, the high price of robots remains an obstacle to widespread consumer adoption.
- Favorable Trends: Advances in artificial intelligence, navigation systems, and wearable computing devices are propelling the development of more sophisticated and accessible robotic devices for office and consumer applications.
How does the robotics market look for 2030?
As mentioned, robotics has experienced exponential growth in recent decades, and this trend is expected to continue throughout the current decade. According to the analysis by the global consulting firm Boston Consulting Group (BCG), there are several key trends that will shape the robotics market by 2030, presenting interesting opportunities for manufacturers and consumers alike.
Rise of Professional Service Robots to Propel the Robotics Market
One of the most prominent trends is the projected dominance of professional service robots in the industry. While they currently represent only a small part of the market, professional service robots are expected to surpass the sales of conventional and logistics robots. According to BCG estimates, the global robotics market is projected to grow from the current approximately $25 billion to a range between $160 billion and $260 billion by 2030.
In this scenario, professional service robots could capture a market share of around $170 billion. This category includes social robots used in Inrobics as part of our rehabilitation systems for patients. On the other hand, industrial and logistics robot sales would reach around $80 billion.
Consumer Preferences
Additionally, changing consumer preferences and social trends will also drive the need for advanced robotic solutions. The demand for faster deliveries of customized products will lead to a greater focus on robots’ capabilities in manufacturing, logistics applications, and individualization. Similarly, demographic aging will increase the demand for mobile service robots assisting in personal hygiene, exercise, meal delivery, and other caregiving tasks. Furthermore, the growing emphasis on sustainability will require robots to undertake complex disassembly and sorting tasks, contributing to a more environmentally friendly world.
Workforce Replacement
Another factor affecting the robotics market is the increasing replacement of traditionally low-wage and less skill-intensive jobs by robots. Soon, the shortage of manual workers and rising wages in countries that previously offered cheap labor will drive automation across various sectors.
Innovation in Robotics-Related Technologies
Certainly, advancements in artificial intelligence (AI) and other technologies will also play a crucial role in robotics development. Improved interaction between humans and robots will be favored by rapid developments in intelligence, connectivity, and machine control technologies. In this regard, AI will enable robots to handle unexpected situations without supervision. Simultaneously, swarm intelligence will provide greater flexibility for mobile robots to share and modify tasks. On the other hand, imaging systems will enhance inspections, analysis, and autonomous movements of robots.
Increase in Purchases of Advanced and Modular Robots
Customers are expected to lean towards acquiring more advanced and modular robotic systems. These systems will combine central and edge controllers, artificial vision software, and AI for intelligent and autonomous activities. They will be easy to deploy, require little or no programming, and autonomously address specific tasks. The convergence of Information Technology (IT) and Operational Technology (OT) will accelerate the development of intelligent robot systems and simplify their integration into comprehensive production setups.
We are pleased to be part of the robotics market.
At Inrobics, we also believe that robotics faces a promising future full of opportunities, driven by the growing demand for advanced robotic solutions, as well as the improvement of human-robot interaction and the increasing automation in various sectors.
For this reason, we take pride in being a part of the robotics market with our rehabilitation model that combines artificial intelligence and social robots to help individuals with functional or neurological limitations improve their quality of life.
