Humanoid robot market in Asia Pacific is predicted to grow in a significant manner. It can be accredited to the existence of large number of players followed by the increasing investments in R&D. In addition, increasing number of new players in the industry offering advanced features that is substantially contributing to the regional demand. Furthermore, the increasing deployment of humanoid robots for security and surveillance purpose across various check points is driving the MEA humanoid robot market.
Humanoid Robot Market is expected to grow at over 40% CAGR to reach USD 5 billion by 2024. Surge in demand for robots in the retail sector to provide assistance and improve the overall customer experience is anticipated to drive the humanoid robot market growth over the forecast timeline. Due to the incompetence of traditional promotional & advertisement events managed by brick and mortar outlets, the industry is currently witnessing increasing installation of such devices. The deployment across the industries helps in enhancing the overall customer experience by providing them with customized experience and has huge potential to promote any product or service in an effective manner.
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Incorporation of AI into these systems enable them to identify customers and offer recommendations to customers based on their purchase history. Humanoid robot market combined with smart AI tools offering integrated and seamless customer experiences, enable the industries to enhance their ability of providing experience to customers rather than just selling a product. The increasing penetration of humanoid robots in various sectors enable interactive experience resulting in deepening the engagement with in-store customers, further contributing towards the humanoid robot market growth.
Factors such as increased cost of humanoid robots followed by the rising service costs might limit the industry demand. Considering the nascent stage of the technology followed by high development costs and advanced features, these robots are generally priced high and targeted at individuals or organizations with high purchasing power. The high cost of such robots might act as a barrier to mass adoption even with the availability of right leasing and financing option, limiting the humanoid robot market growth.
Demand for wheel drive robots is on the rise and anticipated to witness significant growth over the forecast timespan. It can be attributed to the increasing utilization of such devices to enhance the customer engagement across various sectors such as education, hospitality, retail and healthcare. Moreover, the devices have the potential to transform various business operations & customer engagement and could be considered as an evolutionary tool for human augmentation instead of viewing as an automated addition. Incorporation of advanced technologies such as AI, facial recognition and emotion recognition is an emerging trend in the industry to improvise the customer interaction providing impetus to the humanoid robot market.
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Growing adoption in applications such as education, security, retail and healthcare are projected to fuel the humanoid robot market growth. The machines are used for animations and interactive demonstrations to entertain the users, guide them through the service & product offerings in a business establishment. Healthcare sector provides lucrative growth opportunities that can be accredited to the escalating adoption of such devices for providing care to elderly persons, thus reducing the burden of nursing care.
Companies operating in the industry include Ubtech Robotics, DST Robot, Engineered Arts, Toshiba, Softbank Robotics, Hanson Robotics, Qihan Technology, Kawada, Hajime Research Institute, Honda and Bluefrog Robotics. The industry is currently witnessing intensive competition with the rising number of players coming up with technologically advanced devices. The players operating in the industry are making huge R&D investments and gradually focusing on technological advancements to gain competitive advantage.
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