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 show 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 in 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 could prove their worth through 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 their applications in various end-user industries like education, personal assistance, entertainment among others.
Key Market Trends
Education Sector to Drive the Humanoids Market
- Studies have shown that teaching processes, which incorporate robotic-based engagement methods with the students, can approach the effectiveness of human tutors. Not only these socially-engaging robots have been used in education, but also as weight-loss coaches, play partners, and companions.
- It is expected that a humanoid robot can give students a top-notch education. Moreover, the upcoming decade could witness an education revolution with robots as teachers.
- For the students with learning difficulties, robots can teach them one-on-one, so the instruction is neither too easy nor too difficult, enabling them to enjoy the learning process.
- Moreover, robots can be easily updated with various current knowledge and the latest teaching methods. Apart from an initial investment, they don’t require much more than electricity to run and are cost effective. These features add up to their appeal as teachers
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), Invento Robotics (India), and 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.
The humanoid market is competitive with few of the players currently dominating the market. The market is moving towards the consolidated stage with few players only. The major players are Toyota Motor Corporation, Softbank Robotics, 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.
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