Market Research Report
Global Telepresence Robot Market by Value and Volume: Focus on Type, Application, and Component - Analysis and Forecast 2018-2023
|Published by||BIS Research Inc.||Product code||796842|
|Published||Content info||202 Pages
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|Global Telepresence Robot Market by Value and Volume: Focus on Type, Application, and Component - Analysis and Forecast 2018-2023|
|Published: February 25, 2019||Content info: 202 Pages||
The telepresence robot market is expected to witness a high growth rate owing to the increased need for organizational efficiency, proliferation in population of elderly people globally, and rapid technological advancements in artificial intelligence and robotics. The growing demand for telepresence robot for varied applications, such as healthcare, education, enterprise, personal, and manufacturing, is a major factor for the growth of the telepresence robot. Furthermore, the telepresence robot market has been a significant area of focus in the robotics industry so as to deliver remote and virtual meeting, telemedicine, telehealth, tele-monitoring, and tele-education.
According to BIS Research analysis, the telepresence robot market generated $67.4 million in 2018 and is estimated to grow at a CAGR of 26.53% during the forecast period, 2018-2023. Asia-Pacific is expected to showcase the highest growth rate during the forecast period.
Over the last decade, the robotics industry has been witnessing a massive transformation owing to the rise in technologies such as artificial intelligence (AI) and machine learning (MI). In the industry, the need for reliable and secured video telecommunication solutions laid the foundation of telepresence robots. Telepresence robot is a fusion of robotics technology with video collaboration solutions. The telepresence robot technology is still in its growing stage but has an ability to bring wide adoptability for the end-user industries. In the span of three years (2016-2018), the industry has witnessed several product launches and research and development activities from traditional robot manufacturers. In a nutshell, the ongoing developments underline a change undergoing in the robotics industry with telepresence emerging as the next big thing for remote and virtual meeting applications.
The telepresence robot market witnessed a high growth rate owing to the increased need for organizational efficiency, global increase in the population of elderly people, and rapid technological advancements in artificial intelligence and robotics. Recent innovations and initiatives in robotic components and services have enabled the telepresence robotic technology to reach a wider segment of consumers in the industry.
However, security and data breaches in telecommunication and operational failures due to high technical complexities contribute as major challenges for the market. Ongoing advancements in hardware and software technologies and expected advent of 5G communication services are the major factors expected to create lucrative opportunities for the market in the next five years.
Some of the key players in the global telepresence robot market include Amy Robot Co., Ltd, Anybots, Inc., AXYN Robotique, Ava Robotics Inc., Double Robotics, Inc., Inbot Technology Ltd, InTouch Technologies, Inc., Mantaro Networks Inc., OhmniLabs, Inc., Suitable Technologies, Inc., SuperDroid Robots, Inc., Telepresence Robotics Corporation, VGo Communications, Inc. R.Bot, and Xandex Inc. At the same time, a number of startup companies have ventured into the market to provide solutions for varied application areas including healthcare, education, enterprise, personal, manufacturing, and others.
In terms of value, the global telepresence robot market accounted for $67.4 million in the year 2018 and is expected to grow at a significant CAGR during the forecast period 2018-2023. The global telepresence robot market has been segmented into six applications: healthcare, education, enterprise, personal, manufacturing, and others. The enterprises segment acquired the largest share in 2018 owing to increase the organizational efficiency, however, the healthcare section is expected to grow at the highest CAGR during the forecast period 2018-2023.
In addition, the telepresence robot market is also classified on the basis of type and component. The telepresence robot market has been segmented into two types: mobile and stationary. The mobile telepresence robots acquired the largest share in 2017 due to the majority of companies developing mobile telepresence robots.
North America accounted for the highest share of the market in 2018 owing to the maximum number of telepresence robot companies present in the region. However, Asia-Pacific is expected to witness the highest growth during the forecast period, mainly driven by the increasing focus of nations such as Japan, China, India, and South Korea. The robust growth rate in the Asia-Pacific market is mainly due to the increased utilization of telepresence robots for commercial and personal usage.