Humanoids Market - Growth, Trends, and Forecast (2020 - 2025)
The Humanoids Market is Segmented by Application (Education, Research and Space Exploration, Personal Assistance) and Geography.
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The humanoids market was valued at USD 579.11 million in 2019 and is expected to reach USD 4731.54 million by 2025, registering a CAGR of 42.46% during the forecast period 2020-2025. Humanoids have a wide range of applications, for instance, they can act as a teacher for primary school students in the education segment. Furthermore, owing to the popularity of humanoids, they are now being adopted for entertainment purposes as well.
The incremental technological developments and the emergence of players in the market indicate a sign of growth in the field of robotics. The increase in commercial investments, reduction in hardware cost, and popularity of the existing robots among consumers are the signs that indicate the field of robotics is going through major transformation and development.
With a faster rate of technological development, these robots are witnessing adoption across various end-user verticals, varying from education to entertainment, among others.
In the near future, it is expected that the penetration of humanoids in the personal assistance segment would increase as they would be able to act as a driver, housekeeping assistant, chef, and various others roles. Owing to their advanced status, these life-like robots are likely to prove their worth by helping out the elderly, children, or people who need assistance with day-to-day tasks.
However, factors, such as expensive sensors, advanced programming, and rust-free hardware, have made these robots much expensive to afford and has acted as a staunch inhibitor against the widespread adoption.
Scope of the Report
A humanoid is a robot with its body shape built to resemble the human body. The design may be for functional purposes, such as interacting with human tools and environments, for experimental purposes, or for other purposes. They have applications in various end-user industries, like education, personal assistance, and entertainment, among others.
Research and Space Exploration
Rest of the World
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Key Market Trends
Education Sector to Drive the Humanoids Market
Studies have shown that teaching processes incorporating robotic-based engagement methods with the students, can approach the effectiveness of human tutors. These socially-engaging robots have been used in education and also as weight-loss coaches, play partners, and companions.
A humanoid robot is expected to be able to give students a top-notch education. Moreover, the upcoming decade is likely to witness a revolution in education with robots as teachers.
In the case of students with learning difficulties, robots can teach them one-on-one, in such a manner that the instruction is neither too easy nor too difficult, thereby enabling them to enjoy the learning process.
Moreover, robots can be easily updated with a wide range of current knowledge and the latest teaching methods. Apart from an initial investment, they require much electricity to run and is cost-effective in nature. These features also add up to their appeal as teachers.
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Asia-Pacific to Witness the Highest Growth
The presence of the major companies involved in designing humanoids in this region makes it one of the forerunners in the adoption of humanoids.
It is one of the few regions, where the players have made technological advancements in the field of humanoids, such as Softbank(Japan), Robotis (Korea), and Invento Robotics (India), among various other companies.
In 2017, KAIST opened Humanoid Robot Research Center at the KAIST Institute in South Korea. It is supported by the Ministry of Trade, Industry, and Energy and has received a USD 12.8 million funding for five years. The research will be done on advancing humanoid robot technology and fostering research talent in the field.
India's first indigenous humanoid robot, Mitra, was launched at the Global Entrepreneurship summit in 2017. The country is expected to witness further developments in the market.
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The humanoids market is competitive with few players currently dominating the market. The market is moving toward a consolidated stage with few active players. The major players are Toyota Motor Corporation, Softbank Robotics, and Honda Motor Co. Ltd.
November, 2018 - Toyota untethers its T-HR3 humanoid robot with the help of 5G. Teaming up with NTT Docomo, Toyota remotely controlled its T-HR3 humanoid robot over a 5G network from a distance of 10 kilometers (6.2 miles).
January, 2018 - SoftBank Robotics America Inc., the North American arm of SoftBank Robotics Group, announced an enhanced set of features for Pepper, the humanoid robot, including front office capabilities.