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 industry 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.
China Humanoid Robot Market Size, By Product, 2016 & 2024 (USD Million)
Elaborating further, it is imperative to note that the robotic process automation has been implemented for decades, but the robots which were manufactured mainly deployed in the industrial sector and scarcely resembled the intricacies of human characteristics. This shortcoming is now being fulfilled with the enormous efforts to launch highly efficient and advanced humanoid robots, which would eventually foster industry progression in the ensuing years. Renowned tech companies, it is being observed, have also been striving toward producing smart bots that can learn compassion, empathy, creativity, and other human traits that would assist in comprehending and solving global problems too complex for humans to resolve themselves.
Middle East- a rapidly emerging growth avenue for humanoid robot market
The arrival of new industry players and the prevalence of growing R&D activities would nurture the market in the Middle East. As per estimates, the Middle East market is set to expand at an impressive CAGR of 30% in terms of revenue over the next seven years. Below are a few glimpses of the overall industry trends in this region:
One of the most significant trends of market in recent times is the immense growth in the robotic sector and rapid entry of start-ups in this business vertical, which has intensified the competitive landscape of this industry. With the new entrants attempting to bring in advanced robots and the existing industry giants investing heavily in R&D activities, in a bid to reduce the cost of production, the global market is set to garner considerable remuneration over the forthcoming years. Humanoid robot market size, as per a report of Global Market Insights, Inc, is estimated to surpass USD 5 billion by 2024.