Humanoid Robot Market size to surge at a growth rate of 30% to 2024

MEA humanoid robot market is projected to witness a high demand due to increasing utilization of these robots for surveillance in busy areas, as a government initiative to substitute the security staff with humanoid robots.

The size of humanoid robot market is forecast to rise at 30% CAGR to reach USD 5 billion by 2024. An increasing demand to enhance the customer experience and to provide customer assistance in retail stores is projected to propel the humanoid robot market growth. The positioning of such robots in retail stores as shopping interpreters and electronic guides will aid in improving the overall customer shopping experience and relieve their human counterparts so that they can focus on vital matters.

Due to the ineffectiveness of conventional promotional activities and procedures used by brick and mortar stores, these robots are effectively utilized to promote and provide a customized experience to the in-store customers. Moreover, the ability of these robots to identify customers and provide valuable recommendations based on customers’ purchase history adds to the hassle-free customer experience in retail stores.

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The adoption of humanoid robots across research and education sectors is anticipated to rise over the forecast timeline. Increasing use of such robots as a standard educational instrument and research platform is contributing to the increasing demand for these products. Various economies across the globe are utilizing robots in schools for STEM education as many students are facing a decline in their skills associated with these subjects. Students show increased enthusiasm toward these robots offering near human-like interaction in the classroom, further contributing to the humanoid robot market size.

The wheel drive robots are expected to report a high growth owing to the rising usage of products across various industry verticals such as healthcare, retail, hospitality, and education to enhance the complete customer experience. Rising adoption of these robots in the military & defense industry for surveillance and security applications is further driving the humanoid robot market demand. This growth can be credited to rising acts of trespassing and security violations across the world.

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The Japan humanoid robot market size is anticipated to witness growth over the forecast timespan. It can be credited to the rising R&D investments and a large number of market players operating in the region. Furthermore, the MEA humanoid robot market is projected to witness a high demand due to the increasing utilization of these robots for surveillance in busy areas, as a government initiative to substitute the security staff with humanoid robots.

Players operating in the humanoid robot market include Softbank Robotics, Qihan Technology, Robotis, Ubtech Robotics, Inc., Bluefrog Robotics, Engineered Arts, Hanson Robotics, Honda Corporation, DST Robot, and Toshiba Limited. These companies are aiming to launch advanced products on a consistent basis and are making huge investments in the R&D to improve their foothold in the market.

Browse key industry insights spread across 180 pages with 223 market data tables & 11 figures & charts from the report, “Humanoid Robot Market Size By Product (Wheel Drive, Biped), By Application (Retail, Hospitality, Education & Scientific Research, Healthcare, Residential, Military & Defense, Construction, Underwater Systems), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, Japan, South Korea, India, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:

Table of Contents (ToC) of the report:
Chapter 4. Humanoid Robot Market, By Product
4.1. Global market share by product, 2016 & 2024
4.2. Wheel drive
4.2.1. Market estimates and forecast, 2015 - 2024
4.2.2. Market estimates and forecast, by region, 2015 - 2024
4.3. Biped
4.3.1. Market estimates and forecast, 2015 - 2024
4.3.2. Market estimates and forecast, by region, 2015 – 2024
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