NEW YORK, June 18, 2024 /PRNewswire/ — The global entertainment robots market size is estimated to grow by USD 96.88 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 34.24% during the forecast period. Increasing demand for entertainment robots for leisure purposes is driving market growth, with a trend towards increasing focus on collaboration and launch of new products. However, high initial investment and servicing costs for vendors poses a challenge. Key market players include BLUE FROG ROBOTICS SAS, fischerwerke GmbH and Co. KG, HANSON ROBOTICS Ltd., Hasbro Inc., Intuitive Robots, KUKA AG, LEGO System AS, Mattel Inc., Modular Robotics Inc., Neobotix GmbH, PAL Robotics, RN Chidakashi Technologies Inc., ROBOTIS Co. Ltd., RobotShop Inc., Sarcos Technology and Robotics Corp., SoftBank Robotics Group Corp., Sony Group Corp., Sphero Inc., UBTECH Robotics Inc., and WowWee Group Ltd..
Technavio has announced its latest market research report titled Global entertainment robots market 2024-2028
Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report
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Entertainment Robots Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 – 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 34.24% |
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Market growth 2024-2028 |
USD 96882 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
26.96 |
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Regional analysis |
Europe, APAC, North America, Middle East and Africa, and South America |
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Performing market contribution |
North America at 32% |
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Key countries |
US, Germany, China, UK, and Japan |
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Key companies profiled |
BLUE FROG ROBOTICS SAS, fischerwerke GmbH and Co. KG, HANSON ROBOTICS Ltd., Hasbro Inc., Intuitive Robots, KUKA AG, LEGO System AS, Mattel Inc., Modular Robotics Inc., Neobotix GmbH, PAL Robotics, RN Chidakashi Technologies Inc., ROBOTIS Co. Ltd., RobotShop Inc., Sarcos Technology and Robotics Corp., SoftBank Robotics Group Corp., Sony Group Corp., Sphero Inc., UBTECH Robotics Inc., and WowWee Group Ltd. |
Market Driver
The entertainment robots market is undergoing a notable shift, with a heightened emphasis on partnerships and the introduction of new products. In October 2022, Hanson Robotics collaborated with Playasia to create a merchandise line inspired by SOPHIA the Robot. This collection, consisting of themed clothing, artwork, posters, and collectibles, will be accessible through SOPHIA’s online boutique. In December 2023, Sphero Inc. Launched the Sphero BOLT Power Up Program, offering Title I schools, non-profits, and youth organizations the chance to use a Sphero BOLT Power Pack for six weeks. This initiative aims to reach 1,500 students as part of Sphero’s commitment to the CSForAll initiative. These collaborations and product launches will continue fueling the growth of the global entertainment robots market.
The Entertainment Robots Market is experiencing significant growth with advancements in technology. Animation and marketing industries are utilizing robots for creation and promotion. Robots like Chatbots and Virtual Assistants are popular in this sector. Robots are used for creating content, interacting with audiences, and providing personalized experiences. Programmable robots like Sphero and Animatronics are used for live performances and events. Robots are also used for creating art and music. Companies are investing in research and development to create more advanced and interactive robots. The use of robots in entertainment is a trend that is here to stay. Robots are becoming an essential tool for content creation and audience engagement.
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Market Challenges
• The entertainment robots market experiences consistent growth, despite the high costs associated with development. These expenses include purchasing raw materials, establishing manufacturing facilities, investing in machine learning and artificial intelligence, and ongoing research and development. Robots’ complexity necessitates extensive testing to ensure safety before commercialization. Running a robotics company demands significant technological expertise and continuous innovation. While numerous startups have emerged, some struggle financially and fail. Proper maintenance and servicing are essential to maintain robots’ optimal performance and longevity. Neglecting servicing may result in breakdowns and malfunctions. For instance, the production of Pepper, SoftBank’s humanoid robot, ceased due to its limited functionalities, indicating the importance of continuous improvement to remain competitive in the market.
• The Entertainment Robots Market is experiencing significant growth with various players introducing innovative robotic solutions. However, challenges persist in this sector. One major challenge is the need for advanced technology to create realistic and engaging experiences for users. Another challenge is the high cost of development and production, limiting the accessibility of these robots to a wider audience. Additionally, ensuring the safety and ethical use of these robots is a concern for both manufacturers and consumers. Furthermore, the need for continuous innovation to keep up with consumer demands and preferences adds to the complexity of the market. Despite these challenges, the Entertainment Robots Market continues to show promise, with potential for significant growth in the coming years.
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Segment Overview
This entertainment robots market report extensively covers market segmentation by
Product
1.1 Robotic toys
1.2 Educational robots
1.3 Robotic companion pets
End-user
2.1 Media
2.2 Education
2.3 Retail
Geography
3.1 Europe
3.2 APAC
3.3 North America
3.4 Middle East and Africa
3.5 South America
1.1 Robotic toys- The entertainment robots market encompasses a diverse range of robotic toys, including animal and vehicle models, that provide amusement for both children and adults. Robots mimicking humans with programmed commands, remote control, and sensor signals add to their appeal. Hasbro’s Transformers Optimus Prime, a converting programmable robot, showcases advanced technology with mobile app control and voice commands. The market’s growth is driven by increasing demand from adults and the emergence of humanoid robots. Vendors continue to innovate to stay competitive.
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Research Analysis
The Entertainment Robots Market encompasses a wide range of robotic technologies designed to provide engagement and therapeutic assistance in healthcare settings. These robots, which include toy robots, dancing speakers, and humanoid robots, are powered by advanced electronics and semiconductors, as well as artificial intelligence (AI), robot vision, and cognitive computing. Patients experience care and comfort through multimedia tasks, narrative environments, and cultural entertainment. Entertainment robots are equipped with microphones and voice recognition for interaction, while face recognition enables personalized experiences. Dance routines and singing add to their entertainment value. The Entertainment Robots Market is showcased at trade fairs, highlighting the latest innovations in this field.
Market Research Overview
The Entertainment Robots Market encompasses a variety of robotic systems designed to provide amusement, engagement, and interaction for individuals. These robots utilize advanced technologies such as artificial intelligence, machine learning, and computer vision to deliver unique experiences. They can be found in various sectors including education, healthcare, hospitality, and entertainment industries. Robots used in entertainment can range from humanoid robots performing dance routines to interactive robots engaging in conversation with visitors. The market for these robots is growing rapidly due to increasing demand for personalized and immersive experiences. Additionally, advancements in technology continue to drive innovation in the field, leading to new applications and use cases. Overall, the Entertainment Robots Market presents significant opportunities for growth and development in the coming years.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Robotic Toys
Educational Robots
Robotic Companion Pets
End-user
Media
Education
Retail
Geography
Europe
APAC
North America
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio