ABI Research, a market intelligence company specializing in global connectivity and emerging technology, has released a new market study called ‘Personal Robotics’ which involves an in-depth analysis and quantitative forecasting of the personal robotics sector.
It was reported that the revenue of the personal robotics market will be around $19 billion in 2017, mainly due to the selling of safety and telepresence robots featuring incorporated microphones, processors and high-end cameras, thereby providing effective interaction abilities to the personal robots and making them ideal replacements for humans.
Even though the modern robotics market has thrived for almost 30 years, considerable enhancement in its overall performance, stages of control and cost overheads have been made possible only in the previous decade. Many robotic innovations have been accomplished in industrial and military segments due to the higher allocation of funding and this has paved way for further innovations in business, health care and personal robotics markets.
Larry Fisher, Research Director of NextGen, ABI Research’s Emerging Technologies Research Incubator, has stated that the vendors of robotics have started to sell telepresence robots which offer virtual existence for the user in another place, thereby eliminating cost and time overheads. He added that these robots enable families to communicate effectively with elderly persons who are staying in a different location.
According to Fisher, entertainment and vacuum cleaner markets are the most thriving market segments in personal robotics. It was expected that by the end of the forecast period, healthcare, safety and telepresence robots will significantly dominate the personal robotics market.