Global Telepresence Robots Market Overview
The key driver impacting the telepresence robots market is the growing adoption and popularity of telepresence robots in healthcare. The government's growing funding across the globe in developing advanced telepresence robots is also positively impacting telepresence robots market growth. For instance, National Robotics Initiative at the National Science Foundation provided the fund of $1 million grant to the team of University of California researchers to advance telepresence robots. Also, to improve the algorithms that drive them to aid disabled children stay connected to their teachers, classmates, and communities. Similarly, the Japanese government has allocated about $23M USD to build up products for its aging population. Toyota, for example, is focusing on home living assistance robots that will offer the opportunity to live at home for people with limited mobility. South Korea is likely to be allocating nearly $ 6B to their robotics research. The Koreans are taking a diverse approach, utilizing robots for ordinary food delivery tasks, allowing humans to provide care. Moreover, an increase in demand for teleconferences, remote management of workforces, expanding consumer demand for personal telepresence robots in healthcare, education, retail, and hospitality sectors contribute to market growth. Whereas with regards to volume the market was calculated XX Units in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global telepresence robots market size was valued at around USD 180 million in 2020 and is projected to grow at a CAGR of about 15% during the forecast period 2021 to 2027.
The rising development of technologically advanced telepresence robots by key players is estimated to augment telepresence robot's demand in the forecast period. For instance, in July 2019 -Toyota Research Institute had developed new telepresence robots for the 2020 Olympics games that are outfitted with a camera atop a large near life-size display. Also, it has numerous 3D sensing systems, together with two depth cameras and a lidar at the base. Similarly, in January 2019, OhmniLabs introduced its newest telepresence robot, Ohmni Supercam. The telepresence robot features the utmost resolution camera accessible in a telepresence robot, offering users the ability to observe printed documents and content on whiteboards more clearly than other systems. However, the increasing technical complexities leading to operational failures may hamper the global telepresence robots market in the long run. Also, a lack of protected communication and standard protocols negatively impacts the market. The current industry trends, such as advancement in robotic technology and extensive adoption from the education and residential sectors, are expected to provide market players with new market opportunities.
The telepresence robots market is vast, with many local and global players. The telepresence robots market is extensive, with many local and international players. The key leaders follow different strategies to advance their market position, such as amalgamation, contracts, extending product portfolio, product upgrades, and acquisitions, to augment their market share across the globe. For instance, In April 2018, InTouch Technologies (US) came into a definitive agreement to attain REACH Health (US), a telemedicine software company. This acquisition provides a foremost position of InTouch Health as a telehealth partner of choice for health systems and hospitals. The significant players studied in the report are Inbot Technology, Double Robotics, Suitable Technologies, Mantaro Networks, InTouch Technologies, VGo Communications,Amy Robotics,Qihan Technology, SuperDroid Robots, Anybots, Ava Robotics, Wicron, Camanio Care,Hease Robotics, Xandex, Swivl, AXYN Robotique, OhmniLabs, and Xaxxon Technologies.
In this research report, the telepresence robots market is segmented by component, type, application, and region.
Analysis by Component:
By component, the report is segmented into the Head (Camera, Speaker, Display,and Microphone) and Body ( Sensor & Control system and Power source). The body dominates the component segment with a 40% share in 2020. It is due to the vast demand for sensor & control systems as it is the core component of telepresence robots. Moreover, the increasing advancement in robotic technology with the massive adoption of telepresence robots drives body components' demands in the forecast period.
Analysis by Type:
By type, the report is segmented into mobile and stationary. The mobile sector dominates the type segment with a 35% share in 2020. It is due to the growing popularity within specific vertical markets as a method of making possible social interaction, cultivating contacts delivering expertise, and maintaining oversight. Moreover, the rising usage of mobile robotic telepresence MRT for hospitalized children's education, driving demand for the mobile telepresence robots in the forecast period.
Analysis by Applications:
By applications, the report is categorized into education, healthcare, enterprises, homecare, and others. The healthcare sector dominates the application segment with a 20% share in 2020. It is due to the massive adoption of telepresence robots in healthcare sectors as in hospital settings. For instance, iRobot spinoff Ava Robotics has deployed telepresence robots in hospitals. It facilitates doctors quarantined at home to stay present in emergency rooms and permitting nurses to observe patients without personal protective equipment. Also, it has various advantages, such as it is cost-effective and makes possible fast and accurate treatment leads to its high adoption in healthcare. Moreover, the growing application scope of telepresence robots in healthcare contributing to the vast market demand from the healthcare sector in the forecast period.
Analysis by Region:
In the regional outlook of the global telepresence robots market, the North America region dominates with over 30% market share during the forecast period. It is due to the high adoption of telepresence robots in medical facilities, the presence of the defined regulations, and the readiness of the end-user industry in North American regions such as Canada, the US, Mexico, and others. Moreover, the higher purchasing power, robust network infrastructure, and acceptance of new technologies contribute to the high demand for telepresence robots across North America.
Market Segmentation covered in the Report:
By Component
- Head
- Camera
- Display
- Speaker
- Microphone
- Body
- Power Source
- Sensors & Control System
- Others
By Type
By Application
- Education
- Healthcare
- Enterprise
- Homecare
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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