Global Entertainment Robots Market Overview to 2026
Global Entertainment Robots Market
Dublin, April 04, 2022 (GLOBE NEWSWIRE) — The report “Entertainment Robot Market – Forecasts from 2021 to 2026” has been added to from ResearchAndMarkets.com offer.
The entertainment robots market is expected to grow at a CAGR of 21.78% to reach US$9.732 billion by 2026, from US$2.450 billion in 2019. Entertainment robots are machines created for the sole purpose of to entertain people rather than for a practical function. Sensors, microphones for voice recognition and cameras for facial recognition are all included in these robots, allowing them to communicate with people.
It can be programmed to perform a dance routine, sing, participate in a trade show or perform multimedia tasks, among others. It is commonly used in the construction of narrative worlds as well as in the sphere of cultural entertainment. The development of entertainment robots with artificial intelligence is an important driver driving the entertainment robot industry forward. Moreover, increasing expenditure on R&D leads to constant technological innovation, which will drive the market growth in the coming years. Other key drivers in the entertainment robot industry are changing consumer lifestyles due to increased urbanization and increased disposable income of people.
The entertainment robot market is expected to expand as artificial intelligence technology advances, the elderly population grows, and the demand for animatronics increases. Robotic vision, machine learning and cognitive computing are all included in entertainment robots, which facilitate learning and communication between them, as well as decision making. It is an excellent element to propel the sector forward. On January 9, 2018, Sony Corporation released an entertainment robot that used artificial intelligence and analytics to control robot movements. The development of humanoid robots is one of the most important developments in the entertainment robotics market. Sarcos Corp., located in the United States, has created intelligent and high-performance humanoid robots as well as virtual reality platforms. The firm creates entertainment robots that are both robust and hypersensitive.
Geographically, the European entertainment robot industry is driven by high disposable income and the presence of a developed market. Moreover, with the arrival of a number of world-famous suppliers, the market in this region will continue to grow steadily. Likewise, the geographic market share of the North American entertainment robot market is influenced by the early acceptance of technology and rapid developments, as well as substantial R&D expenditures in robotics. Due to rising consumer purchasing power, the APAC market is expected to grow at a high CAGR throughout the forecast period. The expansion of the APAC entertainment robot market is aided by the growing number of players in Japan and South Korea.
Increasing technological advances and increasing investments in R&D
One of the major reasons for the growth of the entertainment robots market is the increase in technological advancements associated with the increasing investments in the research and development of artificial intelligence technology and its use in children’s toys, as well as the demand for animatronics increases in the coming years. For example, Amazon launched Astro, its first home robot, in 2021. Astro is a three-wheeled robot that can transport items from room to room, video chat, listen to music, monitor your home for your absence and Suite. Astro is a mix of a number of other wheel-mounted devices from Amazon. Astro also provides information about sports scores or weather and allows users to watch movies or other entertainment shows.
Industry shows promising growth potential
With increasing automation in several industry verticals, the entertainment industry is increasingly adapting entertainment robots for better efficiency and less risk to life. Moreover, the growing adoption of these robots in the home sector is expected to support the market. Data from the International Federation of Robotics shows that the number of entertainment robots in 2019 was 4.6 million units, which increased to about 5 million in 2020. This number is further expected to reach 6.7 million. units by 2023.
High initial investments and lack of skilled labor are hampering market growth
A major impediment to the growth of the entertainment robots market is the high initial investment in the production of entertainment robots and the lack of skilled manpower. Skilled labor requirement for training robot production and high initial investment has deprived new entrants in the entertainment robot market, limiting its market growth over the forecast period.
Impact of COVID-19 on the Entertainment Robots Market
The impact of COVID-19 on the entertainment robots market has been resilient. The shutdown of production by industries due to the temporary lockdown put in place by several governments to break the cycle of the virus has impacted the market. Adverse conditions due to the COVID-19 virus have negatively impacted the entertainment robots market.
Main topics covered:
2. Research methodology
3. Executive Summary
4. Market dynamics
4.1. Market factors
4.2. Market constraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining power of suppliers
4.3.2. The bargaining power of buyers
4.3.3. The threat of new entrants
4.3.4. The threat of substitutes
4.3.5. Competitive rivalry in the industry
4.4. Industry Value Chain Analysis
5. Entertainment Robots Market, By Type
5.2. robotic toys
5.3. robotic pets
6. Entertainment Robots Market, By Component
6.3.2. Control system
7. Entertainment Robots Market, By Geography
7.2. North America
7.2.1. United States
7.3. South America
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. United Arab Emirates
7.6. Asia Pacific
8. Competitive environment and analysis
8.1. Key Players and Strategic Analysis
8.2. Emerging players and market profitability
8.3. Mergers, acquisitions, agreements and collaborations
8.4. Supplier Competitiveness Matrix
9. Company Profiles
9.2. WowWee Group Limited
9.3. Sony Company
9.4. Hasbro, Inc.
9.5. Softbank Robotics
9.6. Mattel, Inc.
9.8. Florida Robotics
9.9. Bluefrog Robotics
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