The industry is experiencing some growing pains, as expected when moving from a mature domain of robotics to new application areas. Many of the non-industrial robot categories are starting to feel the strain, including consumer robots, consumer unmanned aerial vehicles (UAVs), consumer autonomous vehicles (AVs), and customer service robots, according to a new report from Tractica.
Despite the challenges, however, Tractica still expects continued growth in the non-industrial robotics sector. The market intelligence firm forecasts that global robotics revenue, including both the industrial and non-industrial segments, will reach $248.5 billion annually by 2025, up from $48.9 billion in 2018.
“Rather than one key factor, a series of issues has caused a pullback, especially in the consumer-facing robot market,” says research director Aditya Kaul. “These issues include underestimating hardware and production challenges, overpromising on artificial intelligence (AI) and robotics technology capabilities, challenges around pricing for personal assistant robots, and investors ultimately running out of patience with many of the robotics startups.” Still, adds Kaul, robotics industry innovation and growth remain strong, with a positive outlook for market development.
Tractica’s report, “Robotics Market Forecasts”, covers the global market for robotics, including consumer robots, enterprise robots, industrial robots, healthcare robots, military robots, UAVs, and AVs. These categories are further segmented into 23 robot application markets. Market data within the report includes robot shipments and revenue segmented by world region, application market, and enabling technology. Tractica’s attach rate analysis covers the following technologies: machine vision, speech/voice recognition, gesture recognition, and tactile sensors. The forecast period for this report extends from 2018 through 2025. An Executive Summary of the report is available for free download on the firm’s website.