By 2024, Humanoid Robot Market to Derive Extensive Proceeds from the Wheel Drive Robots Segment

Wheel drive robots are expected to witness significant growth in the humanoid robot market over the forecast timeline. This growth can be accredited to the growing demand of such robots for enhancing customer engagement across various industrial sectors. The incorporation of robots with advanced technology such as AI is an emerging trend in serving experiences as part of the product offerings. Humanoid robots enable retailers to upgrade the ability to provide experiences to their customers in terms of personalized recommendations. In addition, they utilize emotion recognition technology to enhance the customer interaction.

In the recent times, humanoid robot market has gained an exceptional prominence owing to the extensive demand for automation across the globe. Leading companies have been developing computerized machines to cater a diverse end-use arena for decades, however, rapid progression in technological and research space, since last few years, has enabled industry players to manufacture advanced robots that are capable of executing complex tasks.

In consequence, this has led to a dynamic and swift evolution of industry that now boasts of producing robots which are adept in utilizing emotion recognition technology to provide personalized recommendations to the customers of various business verticals. Furthermore, these robots are now being deployed to entertain and guide the customers with futuristic precision, which has indeed proved to be the pivotal driving force for humanoid robot market growth. It would be prudent to mention that the global shipments of humanoid robot stood over 90,000 units in 2016 which further affirm the aforementioned statements.

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Growing adoption in applications such as education, security, retail and healthcare are projected to fuel the humanoid robot market growth. The machines are used for animations and interactive demonstrations to entertain the users, guide them through the service & product offerings in a business establishment. Healthcare sector provides lucrative growth opportunities that can be accredited to the escalating adoption of such devices for providing care to elderly persons, thus reducing the burden of nursing care.

Asia Pacific is forecast to be one of the leading avenues for the growth of humanoid robot market. Many Chinese manufacturing companies are replacing humans with robots for processes involving repetitive movements. Multilingual androids, for example, are being used to greet customers in the Bank of Tokyo-Mitsubishi, while at the Hen-na hotel in Nagasaki, robots are used to check in guests. A humanoid robot called Ri-Man has been developed in Japan to help the elderly as well – Ri-Man apparently can lift the disabled people out of wheelchairs and into beds and help in household work. China and Japan thus, have emerged as the leaders when it comes to deploying humanoids to help the elderly population, thus stimulating APAC humanoid robot market outlook.

Companies operating in the humanoid robot market include Ubtech Robotics, DST Robot, Engineered Arts, Toshiba, Softbank Robotics, Hanson Robotics, Qihan Technology, Kawada, Hajime Research Institute, Honda and Bluefrog Robotics. The industry is currently witnessing intensive competition with the rising number of players coming up with technologically advanced devices. The players operating in the industry are making huge R&D investments and gradually focusing on technological advancements to gain competitive advantage.

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