Humanoid Robot Market expected to be worth 3,962.5 Million USD by 2023

(IT-NEWSWIRE.COM, November 02, 2017 ) According to the new market research report on the "Humanoid Robot Market by Component, Motion Type (Biped & Wheel Drive), Application (Education and Entertainment, Research & Space Exploration, Personal Assistance and Caregiving, Search and Rescue, Public Relations), and Geography - Global Forecast to 2023", the humanoid robot market is expected to grow from USD 320.3 Million in 2017 to USD 3,962.5 Million by 2023, at a CAGR of 52.1% between 2017 and 2023. The market is mainly driven by factors such as the introduction of advanced features in humanoid robots, the increasing use of humanoids as educational robots, and growing demand from the retail industry for personal assistance.

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Humanoid robot market for software to grow at higher CAGR during forecast period

The humanoid robot market for software is expected to grow at a higher CAGR during the forecast period. As the technological advancement will lead to the growing complexity in terms of features such as AI and autonomous operations, the value of the software part in the robot will grow faster than hardware as software will assist the complex functionalities to process efficiently and accurately.

Biped motion type held larger share of humanoid robot market in 2016

The biped motion type captured a larger share of the overall humanoid robot market in 2016. The actual human-like appearance can be realized in humanoids only when the robot is capable of walking on feet like humans; owing to this, a majority of the humanoid robot manufacturers are focusing on their designs to make biped robots.

Americas is the major consumer of humanoid robots

The Americas accounted for the largest share of the overall humanoid robot market in 2016. The Americas is the early adopter of humanoids for all the major applications, such as public relations, personal assistance and caregiving, and education and entertainment, resulting in the maximum demand for robots from this region.

The report profiles the most promising players in the market. The competitive landscape of the market is highly dynamic because of the presence of a significant number of big and small players. The key players in the market are SoftBank (Japan), ROBOTIS (South Korea), KAWADA ROBOTICS (Japan), Honda Motor (Japan), UBTECH ROBOTICS (China), Hajime Research Institute (Japan), Hanson Robotics (Hong Kong), DST Robot Co. (South Korea), PAL Robotics (Spain), Toyota Motor (Japan), ROBO GARAGE Co. (Japan), Istituto Italiano di Tecnologia (Italy), Engineered Arts (UK), Robotics Lab (Spain), and National Aeronautics and Space Administration (NASA, US).

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Humanoid Robot Market expected to be worth 3,962.5 Million USD by 2023