London, 27 October 2015: Technavio, the independent tech-focused global research firm, has published a report on the global personal/domestic service robots market 2015-2019, which is expected to grow at a CAGR of 22.65% during 2014-2019.
“Many robotic companies are trying to develop and commercialize robots with high artificial intelligence. They are attempting to incorporate more artificial intelligence into robots for better human understanding capability,” says Faisal Ghaus, Vice President of Technavio.
The vendors in the market and research institutes are trying to develop commercially viable robots that will increase the application of personal service robots. Demand for robots in personal assistance, especially for consumers with disabilities, transportation purposes, and surveillance and security purposes have increased over the years.
Key Market Drivers
- Usage of Robots for Special Applications
- Need for personal convenience
- Advancement in technology
Key Market Trends
- High Interest towards Robotics
- Robots with high artificial intelligence
- High focus towards robotic research
Key Market Vendors
- iRobot
- LG Electronics
- Samsung Electronics
- Yujin Robot
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global Personal/Domestic Service Robots market 2015-2019, please send an e-mail to media@TechNavio.com.
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