Over the last decade the rise of technological advancements, such as artificial intelligence and machine learning has resulted in the massive transformation of the robotics industry. Moreover, the need for enhanced telecommunication solutions has triggered the development of telepresence robot technology. A fusion of video collaboration solutions and robotics technology formed the telepresence robots.
According to the latest market intelligence report by BIS Research titled “Global Telepresence Robot Market by Value and Volume – Analysis and Forecast (2018-2023),” the global telepresence robot market was valued at $61.3 million in 2017 and is projected to grow at a significant CAGR of 26.53% during the forecast period (2018-2023) to reach $218.6 million by 2023. In terms of volume, the telepresence robot market was valued at approximately 8840 units in 2017 and is expected to reach 31,900 units by 2023.
The technology is still in its growing phase but has the ability to bring wide adoptability for the end-user industries such as healthcare, manufacturing, entertainment, household, and others. Among these, the use of telepresence robots in the healthcare sector is expected to grow at the highest CAGR during the forecast period. Telepresence robots are also anticipated to have high growth potential in telemedicine applications.
For instance, the telepresence robots developed by OhmniLabs, a California- based company aims at making the simple video call experience more authentic and natural. In addition to this, the Ohmni telepresence robots can assist physicians to engage patients better and help students who miss school, to get the actual experience of being there.
Another telepresence robot named AVI, also aids ill students to attend classes and be in contact of their school friends, without being physically present there. AVI is an app-controlled robot which streams live classes and also allows the student to ask questions.
The report published by BIS Research highlights the key factors driving the growth of the market. These include increased demand for telepresence robots in commercial enterprises and education sectors to enable virtual meetings and tele-education, technological advancements in AI and robotics, proliferation of the population of elderly people, increased government funding, and recent innovations and initiatives in components and types of telepresence robots.
However, challenges such as security and data breaches in telecommunication and high technical complexities leading to operational failures restrain the growth of the market. The development of autonomous type, cost-effective, and affordable telepresence robots and the launch of 5G services in the near future are expected to further increase the popularity of telepresence, thus creating profitable opportunities for the market.
As per the published report, the telepresence robot market is segmented on the basis of type, application, component, and region. There are two types of telepresence robots, mobile and stationary. In 2017, mobile telepresence robots acquired the largest market share.
Geographically, the study examines four prominent regions, North America, Europe, Asia-Pacific, and Rest-of-the-World, dominating the market. Asia-Pacific is expected to witness the highest growth during the forecast period, owing to the increased utilization of telepresence robots for commercial and personal usage.
Source: The Telegraph
Additionally, detailed company profiles of leading market players such as AXYN Robotique, Inbot Technology, Mantaro Networks Inc., R.BOT, Xandex Inc., Ava Robotics Inc., and Amy Robot Co., Ltd. are analyzed in the report.
The telepresence robot technology is anticipated to bring wide-ranging changes in the robotics industry and significantly affect the growth of its end-user application industries. Owing to the tremendous potential of telepresence robots, the market is expected to undergo strategic developments and register a robust growth rate.