Consumer robotics hardware revenues to reach $23bn per annum by 2022, as domestic aide robotics dominate
A new study from Juniper Research has found that domestic aide robotics will drive consumer robotics hardware revenues from an estimated $6.4 billion (€5.21 billion) in 2018 to nearly $23 billion (€18.74 billion) by 2022; an increase of over 250%.
The study, Consumer Robotics: Sector Analysis, Leading Innovators & Emerging Opportunities 2018-2022, found that domestic aide robots, such as robotic vacuum cleaners, will account for 73% of total revenues by 2022. This will be due to increasing popularity of such devices from iRobot, Dyson and Samsung. These have been joined by lower cost devices, which will broaden the segment’s appeal.
Three segments offering the greatest potential
Juniper’s study examined key consumer segments disrupted by robotics; analysing metrics such as expected user benefits, barriers and ecosystem readiness. Identifying three segments where robotics will have the greatest revenue potential:
- Domestic aide
It found that despite popularity of domestic aide robots, the biggest growth area of consumer robotics will be in the educational area; representing an average annual growth of 40% in hardware revenues. Companies such as Anki and Wonder Workshop are joining established players like LEGO in providing robotics focused on programming.
Juniper predicted that programming will become desirable in toys, as parents focus on educational benefits. Research author Nick Maynard explained, “With the disruption that AI and the changing nature of work will bring worldwide, STEM (Science, Technology, Engineering and Mathematics) education will be more important than ever. Educational robotics is a brilliant way for parents to make these subjects engaging in the home.”
Consumer healthcare robots to struggle
Meanwhile, the research found that healthcare robotics’ success will be more constrained. Long-term, these robots are expected to act as home carers; however, issues like cost and dexterity need further innovation before that is achievable.
As such, telepresence robots, with the ability to facilitate remote medical appointments will remain dominant medium-term. This limited functionality means the segment will grow at a lower CAGR of 24% to reach $422 million (€343.77 million) in revenues by 2022.
Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.