Trends and Growth:
The global market for personal assistant robots is anticipated to grow with a compound annual growth rate of 26% by the end of 2025. Its foundation started years ago and currently the market has managed to hit 100 billion US Dollars by the end of 2020 with a compound annual growth rate of 24.56% Thus, by 2025 the estimated value has been 210 billion US Dollars with nevertheless, amounts like 51.5 billion US Dollars in 2030.
Positive Predictions have been brought forward alongside any challenges to the market’s trend because of several driving forces. They are:
• The rising demand for assistive robots for the elderly people and those who are handicapped as a support system in the developing countries and even for those elderly people who have been isolated at hospitals or elder homes with no one to care take of them.
• the continuously decreasing price of personal robots that is creating demand starting from economically challenged countries to those that are developed.
• The utilization in household to carry out domestic activity and professional use
• To perform tasks like providing security, entertainment, ease of mind, nursing, education, house-keeping and many more thus, driving the demand for this market.
• The increasing consumer demand for luxury, comfort and leisure, rising consumer awareness on the availability and numerous benefits an assistant robot can unfold, booming aging population, meeting productivity through any function performed.
• With the increasing rate of industrialization how shops, hospitals, commercial workplaces prefer the personal robotic assistant market over hiring personal assistants, cashiers, surgical assistants in hospitals, exoskeletons, delivery vehicles, crewless aerial vehicles and many more.
• Rise in need for automation and safety in all sorts of growing organizations
• The availability of affordable, energy-efficient robots around the globe that show how vital it is to have a personal assistant robot.
• The growing increase in paying for labor and energy and resources.
• Having many people to specialize to carry out specific tasks in an office that a personal assistant robot can alone handle.
• Rising energy costs and upsurge in utilization of robotics technology in different industry like the transportation and education industries.
• Rising drive in the adoption of robotics technology in emerging economies and increase in use in diverse applications.
• High necessity for the ongoing shift from manual functioning to automation
• Synchronization of the marketing managements in organizations
• How it assists and solely handles high payload lifting that, otherwise requires a team.
• How it develops sophisticated sensors and other technological trackers that facilitates people working in the IT Sectors of organizations
• Encourages new strategies in the market for upcoming businesses and enhances collaboration in business expansion.
Some factors challenging the personal assistant robot market include:
• The closure of facilities like manufacturing manually while personally monitoring if everything is in control.
• irregularity in the supply chain of raw materials
• The delay in importing and exporting equipment amongst several countries that are more of a threat than a challenge to the market’s economic growth rate as it causes a disruption in the global supply chain.
• Increasing costs in the initial software needed in building robots that proven that manually getting work done is actually the most profitable method.
• The lack of awareness and demand in countries that aren’t well developed because poor developed countries have less organizations requiring more advancements in technology.
• Inefficiencies in software built in.
• The programs used for training the robots can be misused by reprogramming or modifying it that could mislead the robot’s capacity causing it to malfunction.
• Similarly, there is an imposed risk of lack of safety when compared to manual conventions in the day to day life. The data that the robot collects in its life cycle, too, such as videos, images, and location details can be hacked into and used for malicious and fraudulent purposes by facades.
• The robot might start breaking down if too much data is fed in at once than the capacity to tolerate. A lot of data is required to train robots to carry out their delegated tasks. Even then, it is not guaranteed that the robots will work as expected by the end-users, because the robots are usually trained under controlled environments. Real-world environments can sometimes be quite complicated and challenging for robots to understand and take suitable action thus, causing the possibility of delay in processing tasks or lags.
• Most personal assistant robots in the market have been developed on for single-efficiency. These cannot multi-task so getting work performances with or without them manually does not make ample changes after all challenging the robot market that manual methods of working seem to be on the top notch.
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